“Rubrik, Cybersecurity Software Startup, Aims for April IPO Amidst U.S. Investigation on Ex-Employee, Insider Reports”

Rubrik, the cybersecurity software startup that Microsoft invested in at a $4 billion valuation in 2021, is planning to go public in New York as early as April. This comes as the company handles a U.S. fraud investigation into one of its former employees. The investigation, conducted by the U.S. Department of Justice, focuses on a person who worked for Rubrik’s sales division. The DOJ is looking into whether the former employee diverted funds paid by the U.S. government for 110 contracts with Rubrik into an operating entity he had created. Rubrik is fully cooperating with the investigation and hopes it will be concluded by the end of March so that it can proceed with its initial public offering (IPO). The company has already confidentially registered the IPO with the U.S. Securities and Exchange Commission and aims to become a publicly traded company by April. Goldman Sachs, Barclays, and Citigroup are expected to lead Rubrik’s IPO as underwriters. Founded in 2014, Rubrik provides cloud-based ransomware protection and data backup software and serves over 5,000 business customers, including Nvidia and Home Depot. The company generates annual recurring revenue of over $600 million and has raised more than $1 billion in equity and debt from investors. The U.S. IPO market has been relatively subdued in recent years, but Rubrik is optimistic about its prospects.