This note briefly reviews ETR’s most recent data on Rubrik, the data security and backup company reportedly planning to (finally) proceed with its long-awaited IPO.
Key Takeaways:
- Rubrik, a private company, has raised more than $1 billion in funding and has investors such as Microsoft and Cisco's former Chairman and CEO, John Chambers.
- Rubrik's Net Score, ETR’s measure of customer spending intentions, has declined from around 60% to 39% over the past two years but still remains healthy compared to survey-wide levels.
- Rubrik has a strong adoption rate, with 17% of current respondents intending to newly adopt the vendor,while only 5% plan to replace the vendor in 2024.
- Rubrik performs best among midsize organizations (200-1200 employees) with a Net Score of 52%, while small organizations have a Net Score of zero in the survey period.
- Rubrik's strongest industry verticals are energy/utilities, healthcare, and financials/insurance organizations. The company performs best among VP and management-level respondents with a Net Score of 48%.
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On April 1, 2024, Rubrik confirmed that the company plans to move forward with its long-awaited IPO. This news has been reported before, most recently in February when Reuters reported that Rubrik was likely to file for an IPO in the spring. Last September, there were rumors that the company engaged with investment banks and planned to file for an IPO by the end of 2023.
As a private company, Rubrik has been successful in raising more than $1 billion in funding, with investors such as Microsoft and Cisco's former Chairman and CEO, John Chambers. With the possibility of an IPO on the horizon, ETR wants to remind its readers that it has been collecting end-user data on Rubrik for seven years. The Technology Spending Intentions Survey (TSIS) tracks forward-looking spend intent data on Rubrik going back to July 2018. The complete dataset is available on the ETR Platform, but this article will highlight a few select points.
Rubrik initially offered cloud-based data backup and recovery services but now positions itself as a security vendor. Our historical TSIS data on the vendor is categorized in ETR's storage sector, and we also track Rubrik in our Emerging Technology Survey (ETS), which assesses the evaluation, utilization, and mind share of private companies and also dates back to 2018.
According to our April 2024 TSIS, Rubrik's Net Score has declined from extremely lofty levels of almost 60% over the past two years, but it still remains healthy and elevated compared to survey-wide levels, currently at around 40% (see image above). This drop in Net Score is due to a gradual decrease in Adoptions, although the absolute numbers remain robust, with 17% of the current respondents intending to newly adopt the vendor. This translates into potentially strong logo growth for the company going forward. Conversely, only 4% of the respondents stated plans to replace the vendor in 2024.
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Enterprise Technology Research (ETR) is a technology market research firm that leverages proprietary data from our targeted IT decision maker (ITDM) community to provide actionable insights about spending intentions and industry trends. Since 2010, we have worked diligently at achieving one goal: eliminating the need for opinions in enterprise research, which are often formed from incomplete, biased, and statistically insignificant data. Our community of ITDMs represents $1+ trillion in annual IT spend and is positioned to provide best-in-class customer/evaluator perspectives. ETR’s proprietary data and insights from this community empower institutional investors, technology companies, and ITDMs to navigate the complex enterprise technology landscape amid an expanding marketplace. Discover what ETR can do for you at www.etr.ai