Investment Details:
- Investment Date: December 2020
- Acquisition Price: $23.10 per share
- IPO Date: April 2024
- IPO Price: $32.00 per share
- Peak Price (February 2025): $77.55 per share
- Founded: 2015
- Total Funding Raised: $583 million (5 rounds)
- Last Private Valuation: $3.3 billion
Our Thesis:
In December 2020, Acuity identified a significant opportunity in the cloud data management and security sector. With the increasing frequency and sophistication of cyber threats, enterprises were seeking robust solutions to protect their data across hybrid and multi-cloud environments. Rubrik, with its innovative “Zero Trust Data Security” approach, stood out as a leader in this space. The company’s comprehensive platform offered seamless data backup, recovery, and security, addressing critical needs in the market. Recognizing Rubrik’s strong growth trajectory and its potential for substantial returns, we acquired shares at $23.10 per share, anticipating a successful IPO and continued market expansion.
The Industry:
The cloud data management and security industry has experienced rapid growth, driven by the escalating threat landscape and the shift of enterprises to cloud-based infrastructures. Companies are increasingly adopting solutions that provide comprehensive data protection, compliance, and disaster recovery capabilities. The rise of ransomware attacks and data breaches has further intensified the demand for advanced data security solutions.
The Company:
Rubrik, founded in 2015, offers a cloud data management platform that integrates data backup, recovery, and security across on-premises, public, and private cloud environments. Since our investment in 2020, Rubrik has grown significantly. In 2023, its annual recurring revenue (ARR) reached $784 million, reflecting a 47% year-over-year growth. Rubrik’s subscription ARR also grew by 47% that year. The company’s market position was bolstered by strategic partnerships, including a key collaboration with Microsoft to enhance its Microsoft 365 SaaS offerings, which became its fastest-growing product. By 2024, Rubrik had expanded its customer base to over 3,200 organizations. In 2021, Rubrik’s valuation reached $4 billion, up from $3.3 billion in 2020, demonstrating its continued market dominance and growth potential.
Investment Outcome:
Rubrik’s IPO in April 2024 was a major success, pricing at $32.00 per share, and the stock has continued to perform well, reaching a peak of $77.55 per share in February 2025. The company’s strong growth and market position validated our investment thesis and led to significant returns. This investment exemplifies Acuity’s ability to identify high-growth opportunities and capitalize on them at the right time.
