Lessons from Hashicorp S1

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Hashicorp has been on The Cloudcast more than any other company. As they prepare for their upcoming IPO, we look back at what makes them successful vs. other OSS-centric companies.

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WHAT MADE HASHICORP UNIQUE IN THE INFRASTRUCTURE SPACE?

Hashicorp was not alone in the Infra-as-Code space, or the Security space, but they have been successful in building a commercial business based on OSS projects. Let’s look at what made them unique and successful.

HOW DID HASHICORP GET HERE?

  1. Hashicorp Revenue - $295M | Gross Margin 82% | Revenue Growth (LTM) 55%

Funding - $350M | NRR 124% | Operating Margin 22%

Funding - $350M

GitLab - $179M | Gross Margin 88% | Revenue Growth (LTM) 72% |

Funding $414M | NRR 152% | Operating Margin 50%

Pivotal - $509M | Gross Margin 55% | Revenue Growth (LTM) 22% | $1.7B

Pivotal (Subscription/ARR) $300M

  1. Always a pragmatic approach, from the perspective of users
  2. Abandoned an early approach to building a “stack” (Hashicorp Atlas)
  3. Aligned to the public cloud
  4. Didn’t try to change the world
  5. Didn’t actively fight with their community; weren’t unpleasant
  6. Had a single revenue producing product (Vault), and maybe Terraform
  7. Good timing (hot market)

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