Subjects: PER, ACC
Cribl Surpasses $100M in Annual Recurring Revenue in Less Than Four Years
Data company launches Cribl.Cloud in Europe and appoints industry veterans Matthew Kelly and Grigori Melnik to lead security and product to fuel next phase of growth
SAN FRANCISCO, Oct. 25, 2023 /PRNewswire/ -- Cribl, the data engine for IT and Security, announced today that it has surpassed $100 million in annual recurring revenue (ARR), growing from $1 million to $100 million in ARR in less than four years. Cribl becomes the fourth-fastest infrastructure company to reach centaur status, following Wiz (1.5 years), HashiCorp (3 years), and Snowflake (3.5 years), and just ahead of Datadog (4.5 years)1. To fuel its next phase of growth, the data company has launched Cribl.Cloud in Europe, bringing the industry's leading observability pipeline, intelligent agent, and first search-in-place solution to global customers. Cribl also appointed Matthew Kelly as SVP of Legal, Security, and IT, and Dr. Grigori Melnik as SVP of Product to help drive future growth and innovation.
"As a future public company, this is an important milestone for us. Becoming one of the fastest companies to reach $100 million in ARR highlights our unique position in the market as the data engine for IT and Security," said Clint Sharp, Co-Founder and CEO at Cribl. "What's most exciting about reaching this milestone as a data company is that we can continue to build a market specifically for IT and Security, with products purpose-built for our customers' needs. I'm thankful for our customers, partners, investors, and employees for helping us get to this point, and I look forward to what we will accomplish together in the future."
Cribl continues to see growing customer demand for its products, including triple digit ARR and customer growth in its most recent fiscal year. Cribl customers now include one-third of the Fortune 100 companies and its partner ecosystem continues to expand with recent strategic partnerships announced with AWS, CrowdStrike, and Exabeam. Cribl also boasts a total net dollar retention (NDR) of more than 145% over the last 12 months, besting the average NDR of 120% for infrastructure SaaS companies2 and demonstrating the impressive momentum behind a purpose-built data engine for IT and Security.
Cribl now belongs to an elite class of companies that has reached the $100 million in ARR milestone. It's estimated that only 0.02% of companies ever reach $100 million in ARR3??a feat that's around seven times more rare than unicorns4.
"By surpassing the $100 million ARR milestone so quickly, Cribl has shown its strength in the market with growing customer demand and innovative products that are providing massive value to their customers," said Scott Raney, Managing Director at Redpoint Ventures. "Cribl is reshaping what it means to be a data company by building products specifically catered to IT and Security teams, and we're excited to continue to partner with them along this journey."
Cribl's momentum and leadership has been recognized throughout the industry in 2023, including recently being named to the Forbes Cloud 100, InfraRed 100 by Redpoint, Enterprise Tech 30 by Wing Venture Capital, Ecosystem Innovator of the Year by CrowdStrike, and the No. 1 Highest-Rated Private Cloud Company to Work For by Battery Ventures.
Cribl.Cloud Now Available in Europe
Cribl has launched an international cloud region, located in Frankfurt, Germany, which makes Cribl's full suite of products available to customers in Europe. Cribl Stream, the industry's leading observability pipeline, and Cribl Edge, an intelligent vendor-neutral agent, are now available to global customers both on-premises and via Cribl.Cloud. For the first time, the industry's first search-in-place solution, Cribl Search, is available in Europe, allowing customers to search data without having to collect and store it first, which avoids the expense and complexity of having to ingest all raw data.
In addition to bringing the full suite of Cribl products to Europe, this new cloud region supports low latency architecture, saves on data transfer costs, and enhances data security. Cribl has achieved SOC 2 Type II and ISO 27001 certifications, and is fully compliant with the European Union's General Data Protection Regulation. To support customers globally, Cribl continues to make investments throughout the region, including building its team across Europe.
Cribl Adds Industry Veterans to Executive Team
Cribl has added two new leaders to its executive team. Matthew Kelly joins Cribl as SVP of Legal, Security, and IT. In this new role, Kelly will guide the company through its security and compliance roadmap, prioritizing the security of the company and its customers. Kelly has a long history in the industry, beginning his career with a Bay Area law firm, then helping to scale the legal and compliance functions at ServiceNow from IPO to $1 billion in annual revenue, and most recently leading global legal affairs, security, IT, and global real estate functions for ThoughtSpot.
Dr. Grigori Melnik joins Cribl as SVP of Product, where he will oversee the product management, UX, and technical documentation teams. Dr. Melnik brings deep product expertise and market knowledge to Cribl, having spent 25 years in the industry at companies including Microsoft, Splunk, MongoDB, and most recently Tricentis where he was Chief Product Officer.
Read more about how Cribl is building the future of data for IT and Security in CEO Clint Sharp's blog.
About Cribl
Cribl makes open observability a reality for today's tech professionals. The Cribl product suite defies data gravity with radical levels of choice and control. Wherever the data comes from, wherever it needs to go, Cribl delivers the freedom and flexibility to make choices, not compromises. It's enterprise software that doesn't suck, enables tech professionals to do what they need to do, and gives them the ability to say "Yes." With Cribl, companies have the power to control their data, get more out of existing investments, and shape the observability future. Founded in 2018, Cribl is committed to being the data engine for IT and Security with a remote-first workforce and an office in San Francisco, CA. For more information, visit www.cribl.io or our LinkedIn, Twitter, or Slack community.
Media Contacts:
Mike Ferris
[email protected]
Amy McDowell
Offleash PR for Cribl
[email protected]
1 Redpoint InfraRed 100 Report, Redpoint, July 17, 2023, 24.
2 InfraRed 100 Report, 18.
3 Millard, S. Analysing the reality of the $1 to $100m journey in SaaS. Notion Capital.
4 The Centaur Report, Bessemer Venture Partners, August 9, 2022.
SOURCE Cribl
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