HashiCorp is a software company[3] with a freemium business model based in San Francisco, California. HashiCorp provides tools and products that enable developers, operators and security professionals to provision, secure, run and connect cloud-computing infrastructure.[4] It was founded in 2012 by Mitchell Hashimoto and Armon Dadgar.[5][6]
HashiCorp is headquartered in San Francisco, but their employees are distributed across the United States, Canada, Australia, India, and Europe. HashiCorp offers source-available libraries and other proprietary products.[7][8]
In 2024, HashiCorp was acquired by IBM.
History
HashiCorp was founded in 2012 by two classmates from the University of Washington, Mitchell Hashimoto and Armon Dadgar.[9] Cofounder Hashimoto was previously working on open-source software called Vagrant, which became incorporated into HashiCorp.[10] The cofounders also developed several other open-source projects besides HashiCorp.[11] By 2018, HashiCorp's open-source software tools had been downloaded 45 million times.[12]
HashiCorp raised $349.2 million in venture capital investments over five funding rounds.[13] This included a $100 million investment in 2018 that valued the business at $1.9 billion,[14] and a $175 million 2020 investment in its fifth funding round valuing HashiCorp at $5.1 billion.[13][15] According to the company, it was growing quickly, doubling its sales each year for four years.[15] It grew 75% in 2021 compared to the prior year.[16]
On 29 November 2021, HashiCorp set terms for its IPO at 15.3 million shares at $68-$72 at a valuation of $13 billion.[17] It offered 15.3 million shares.[13] By this time, the company had 2,392 customers, but was not yet profitable.[16][18] HashiCorp considers its workers to be remote workers first rather than coming into an office on a full-time basis.[19]
On April 24, 2024, the company announced it had entered into an agreement to be acquired by IBM, with the transaction expected to close by the end of the same year.[20]
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