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Rubrik, a cloud data management company, is acquiring Laminar, a specialist in securing data stored across popular public cloud platforms such as AWS, Azure, Google, and Snowflake. The financial terms of the deal have not been disclosed but sources estimate it to be between 0-0 million.

Rubrik will acquire all of Laminar’s assets, including its employees, technology, and customer contracts. Laminar, which is based in Tel Aviv, will be the foundation of Rubrik’s new cybersecurity R&D operation. However, it is unclear how many employees will transition to Rubrik as some workers are reportedly being let go before the deal is finalized.

The acquisition allows Rubrik to expand its offerings to customers and address their growing security needs. In recent years, Rubrik has focused on proactive security rather than just data recovery, following a customer’s ransomware attack. This deal helps Rubrik close the loop on the tools it provides to its customers, which initially covered backup and management.

Rubrik is a privately held company with more than 4,500 customers and investors such as Bain, Greylock, IVP, Khosla, Lightspeed, and Microsoft. The company has been considering an IPO, but Rubrik declined to comment on its IPO plans.

Laminar, founded in 2021, secured million in funding to address the security risks that arose as companies transitioned to public cloud platforms due to the Covid-19 pandemic. The company was approached by multiple potential buyers, and it ultimately chose Rubrik for its shared vision and the opportunity to accelerate growth.

The gaps in the market that Laminar aims to tackle revolve around the visibility and management of data in hybrid cloud environments. As data is spread across multiple silos, tracking its movement and identifying vulnerabilities becomes challenging. Laminar provides posture management and remediation tools to address this issue.

The acquisition allows Rubrik to offer a one-stop shop for its customers, improving its revenue funnel and reducing the number of contracts customers need to manage. Rubrik estimates that by 2025, the cost of cybercrime to businesses will reach trillion, presenting both a threat and an opportunity.

Overall, the acquisition of Laminar strengthens Rubrik’s cloud data security offerings and positions the company for further growth in the cybersecurity market.

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