'Our goal is to become a public company, but we have to pick the right time' - Rubrik CEO

Bipul Sinha tells CRN that there is no timeline for an IPO move

Backup vendor Rubrik is still aiming to become a publicly listed company, but it is not yet ready for such a move, according to CEO Bipul Sinha.

Speaking to CRN last week, the CEO said that the company is not ready to go public, after previously indicating a three-year wait before doing an IPO to CRN's sister publication Channelnomics Europe.

"I have a strong belief in the longevity of public companies, and the Rubrik goal is to become a public company," he said.

"Having said that, obviously we will pick the right time to go to the public market based on our own readiness as well as the public market conditions.

"We are continuing to build the company and, at a point in time, take it public; there is no timeline - I gave a rough estimate last year and that estimate has not changed."

Founded in 2013, Rubrik achieved unicorn status following a $180m (£140m) Series D funding round last year - raising its valuation to $1.3bn - which Sinha at the time said would be used to expand its workforce.

It currently has a global headcount of 1,200, according to Sinha.

Earlier this year, the cloud data management vendor added former Microsoft chairman John Thompson to its board of directors, and appointed former Cisco CEO John Chambers as an adviser to its board.

It also acquired Datos IO, a US-based data recovery specialist, in February, but Sinha said that Rubrik is focusing on organic growth to achieve its long-term goal.

"There will be [acquisition] opportunities, but our focus is on our organic growth, and our organic innovation," he said.

"We will continue to build products that continue to think about digital transformation and security, which are two of the core concerns that I hear from our customers and we are making bigger strides in those areas."