Cybersecurity unicorn Rubrik Inc. signed an agreement this week to acquire Laminar Technologies Inc.
Palo Alto-based Rubrik announced the deal Tuesday in Las Vegas, a day before Black Hat, a major computer security conference, got underway. The deal will expand Rubrik’s offerings to include cloud and data security and integrate AI-driven technology, the company said in a release.
The release did not disclose financial terms, but a source familiar with the deal said it was north of $100 million, in a mix of cash and stock. However, TechCrunch reported that its sources said it could be more than $250 million.
"Laminar’s vision and product portfolio is a logical extension into the cloud that will allow us to bring visibility into cloud data that security organizations have traditionally lacked," Mike Tornincasa, Rubrik's chief business officer, said in an email to the Business Journal. "Data is the most critical asset of every organization and securing this data as it rapidly grows across enterprise, cloud and SaaS is a massive challenge facing today’s IT and Security teams."
Rubrik, a company founded in 2014 that PitchBook Data says has a $4 billion valuation, has offered its business customers network and endpoint security through a cloud-based system. The Rubrik system promises to help businesses identity data that was exposed or targeted in a cybersecurity attack, which then allows them to recover that data.
By acquiring Laminar, a company based in Tel Aviv, Israel with an office in San Jose, Rubrik said it could scale the startup's cloud security platform.
The announcement also marks a move by Rubrik to open a research and development center in Tel Aviv. The addition will build upon the company’s existing R&D centers in Bangalore, India and its home in Palo Alto. Globally, Rubrik has about 2,500 employees.
"There is a dark side to digital transformation in the form of shadow data, and more businesses are realizing they can't protect against what they can't see —leaving them vulnerable to cyberattacks," Laminar cofounder and CEO Amit Shaked said in the news release.
The acquisition of Laminar comes amid speculation that Rubrik is plotting a Wall Street debut. In June, Reuters reported Rubrik hired bankers — Goldman Sachs & Co. LLC, Barclays Plc. and Citigroup Inc. — to start the initial public offering process. Among Rubrik's existing investors are Microsoft Corp.
Rubrik declined to say how the Laminar deal would impact its path towards an IPO.
Laminar, founded in 2020, came out of stealth the next year, and has raised $66.5 million to date, according to PitchBook Data. Salesforce, Tiger Global Management, Sentinal One, Insight Ventures and among others are financial backers in the startup.
The deal is expected to close early in 2024, according to TechCrunch.
