Rubrik claims $600m revenue run-rate

Data management startup Rubrik this week said it achieved a $600m annualised gross bookings run rate for the fiscal 2020 year ended January 31.

The company’s fy17 total bookings run rate approached $100m and the fiscal ’18 amount was around $300m. Rubrik did not provide a run rate for its fiscal ’19 year and declined to do so when we asked. The fy18 number though had more than doubled by the end of fy 2020.

About half of the fiscal ’20 bookings came from customers who spent $1m or more on Rubrik products and services to date. Subscriptions accounted for nearly half of bookings by the end of the year.

Rubrik said it finished fiscal ’20 with more than 2,500 customers. It has previously reported relative customer number growth, saying it was 4x in fiscal ’18 and 7x in fiscal ’17.

Rival Cohesity achieved a $200m run rate in its fiscal 2018. The company trumpeted another good year for FY 2019 ended July 31, 2019. However, Cohesity did not reveal a revenue run-rate for the year, presumably because it was navigating the migration to a software-only business and therefore no longer has hardware revenues to tot up.

Despite the apparent disparity in size between the two companies, Rubrik fared less well than Cohesity in the GigaOm Radar for Hybrid Cloud Protection, published this week. By our reading of this market landscape, report author Enrico Signoretti considers Rubrik as less mature than Cohesity and both are behind Commvault. But Rubrik is making the transition from  feature-led supplier to more of a platform play, according to Signoretti.

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Size does not matter for the GigaOm analyst, who “does not take into account the market share of each vendor, in order to “give a clearer view of the potential of each vendor. It is a forward-looking market landscape representation that leaves more room for innovation and differentiation, instead of weighting established positions”.

Rubrik buys Opas AI

The company last week announced the acquisition of Opas AI, a company specialising in artificial intelligence for root cause analysis. Terms were undisclosed.

Vinod Marur, senior vice president of engineering at Rubrik, said in a blog post announcing the news: “With Opas AI’s technology, we see a near-term opportunity to enhance our product offerings to provide our customers more proactive alerting and shorter problem resolution cycles when faults occur. This will in turn translate into increased availability of data and applications across any cloud or infrastructure.”