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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SHOW NOTES:

• Hashicorp (Eps.157) - Automating Data Center Scale Infrastructure
• Hashicorp (Eps.173) - Atlas
• Hashicorp (Eps.246) - Quest for 1M containers
• Hashicorp (Eps.309) - Secrets Management
• Hashicorp (Eps.387) - Service Mesh Architectures
• Hashicorp - Benchmarking the S1 Data (Clouded Judgement)

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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