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Intelligent data platform

PRE-IPOmedium risk

Projected revenue in 2020-2021

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Invest in Delphix

Investment Idea Details
About the company

Delphix speeds up the transition of companies to digital technologies. Its Data Platform helps businesses accelerate the journey to the cloud, transform customer experiences and increase the adoption of disruptive AI technologies. It enables modern CI/CD workflows, their security, and confidentiality.

Jedidiah Yueh, a Harvard graduate, founded the company in 2008 in Silicon Valley. Two years earlier he sold his first tech company to Dell EMS for $165 million.

Delphix Corp. has over 300 customers worldwide, including 24 companies on the Fortune 100 list. It has clients in completely different verticals such as Facebook, Fastweb, Vertex, Gain Capital, BECU, Allstate, Vodafone, etc.

Market Opportunities

The global corporate data management market is expected to reach $208.87 billion by 2028, with an average annual growth rate of 13.8% over the projected period. Key drivers of growth are the process of digitalization, accelerated by the pandemic and implementation of the Internet of Things. The company pegs its potential market at $40 billion. Some analysts estimate it at $60 billion.

In 2020, the demand for Delphix solutions increased significantly as many companies migrated to the cloud and Delphix Data Platform provided them with convenient and secure remote access to their data. The Delphix Consumer Loyalty Index (NPS) was 89 out of 100 during the fiscal year ending January 2021. It is a high level that shows loyalty and support of clients.

Company risks

The market for data management solutions is highly competitive. Delphix competes with both major tech giants such as Google, IBM, SAP, Oracle, Microsoft and private companies such as Rubrik, Cohesity, Denodo.

The main risk for these companies is cyberattacks. Enterprise data demands continue to increase, magnifying compliance and security risks. Today, companies need data for a range of digital transformation programs – data for CI/CD test environments, cloud migration trials, and AI/ML model training. In addition to the increase in data volume, the number of endpoints is growing due to the transition of many companies to a remote format of work and the development of the Internet of Things. This makes companies more vulnerable and requires vendors of data management solutions to devote special attention to the safety of data.

Financials and Valuation

In February 2019, the company reported that it had reached over $100 million in annual revenue. According to the 2018 Deloitte North America Technology Fast 500, the company’s revenue increased by 318% between 2014 and 2017. In 2020, thanks to a sharp increase in demand, Delphix’s revenue increased by more than 85%. In February 2021 the company reported that it had achieved profitability. We estimate Delphix’s revenue in 2021 to be $200 million.

In terms of product, it can be compared to Snowflake, Splunk, Rubrik and Cohesity. Delphix's CFO has a long history of IPO divestment: he was the CFO of ArcSight Inc., leading their successful IPO in 2008, and ultimate sale to HP for $1.75 billion in 2010.

Delphix has raised about $120 million from 11 investors, including Greylock Partners (invested in Facebook, Dropbox, Okta), Battery Ventures (invested in Sprinklr, Fastly, JFrog), Icon Ventures (invested in FireEye, Teladoc Health, Coupa Software), and others. After a Series D investment round in July 2015, the company was valued at $1 billion. Delphix raised additional funding within this round in October 2021.

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  • Illiquidity. There is a possibility that early exit from this investment will take more than 1 month.
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  • Time uncertainty. There is no information regarding next financing round or exit strategy timeframe (IPO or M&A).
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