HashiCorp

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, Inc.
Company typePublic
Traded as
  • Nasdaq: HCP (Class A)
IndustryIT infrastructure
Founded2012
Founders
  • Mitchell Hashimoto
  • Armon Dadgar
Headquarters
San Francisco, California
,
United States
Area served
Global
Key people
David McJannet (CEO)
Revenue$475.9 million[1]: 23  (2023)
Net income
$274 million[1]: 40  (2023)
Number of employees
2,400+[2] (2023)
Websitehashicorp.com/

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]

History
Founders Mitchell Hashimoto and Armon Dadgar

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]

Products

HashiCorp provides a suite of tools intended to support the development and deployment of large-scale service-oriented software installations. Each tool is aimed at specific stages in the life cycle of a software application, with a focus on automation. Many have a plugin-oriented architecture in order to provide integration with third-party technologies and services.[20] Additional proprietary features for some of these tools are offered commercially and are aimed at enterprise customers.[21]

The main product line consists of the following tools:[4][20]

  • Vagrant (first released in 2010[22]): supports the building and maintenance of reproducible software-development environments via virtualization technology.
  • Packer (first released in June 2013[23][24]): a tool for building virtual-machine images for later deployment.
  • Terraform (first released in July 2014): infrastructure as code software which enables provisioning and adapting virtual infrastructure across all major cloud providers.
  • Consul (first released in April 2014[25][20]): provides service mesh, DNS-based service discovery, distributed KV storage, RPC, and event propagation. The underlying event, membership, and failure-detection mechanisms are provided by Serf, an open-source library also published by HashiCorp.
  • Vault (first released in April 2015[26]): provides secrets management, identity-based access, encrypting application data and auditing of secrets for applications, systems, and users.[21]
  • Nomad (released in September 2015[27]): supports scheduling and deployment of tasks across worker nodes in a cluster.
  • Serf (first released in 2013): a decentralized cluster membership, failure detection, and orchestration software product.[28]
  • Sentinel (first released in 2017[29][30]): a policy as code framework for HashiCorp products.[31]
  • Boundary (first released in October 2020[32]): provides secure remote access to systems based on trusted identity.
  • Waypoint (first released in October 2020[33]): provides a modern workflow to build, deploy, and release across platforms.

Security issue

Around April 2021, a supply chain attack using code auditing tool codecov allowed hackers limited access to HashiCorp's customers networks.[34] As a result, private credentials were leaked. HashiCorp revoked a private signing key and asked its customers to use a new rotated key.

References
  1. "2023 Proxy Statement & Annual Report". HashiCorp. May 17, 2023.
  2. "Annual 10k". HashiCorp. 2023.
  3. Warren, Justin (23 February 2017). "Jay Fry Leaves New Relic To Head HashiCorp Marketing". Forbes.
  4. Lardinois, Frederic (7 September 2016). "HashiCorp raises $24M for its DevOps infrastructure software". TechCrunch.
  5. Williams, Alex (28 November 2012). "Vagrant Founder Launches HashiCorp To Support His Open Developer Management Tool". TechCrunch. AOL.
  6. Handy, Alex (21 November 2016). "The future of HashiCorp". SD Times.
  7. Fay, Joe (8 September 2016). "HashiCorp pulls in $24m to build out DevOps infrastructure portfolio". The Register.
  8. Dadgar, Armon. "HashiCorp adopts Business Source License". HashiCorp. Retrieved August 10, 2023.
  9. Wang, Echo (December 8, 2021). "Software maker HashiCorp raises $1.2 billion in U.S. IPO - source". Reuters. Retrieved May 23, 2023.
  10. Braunton, A. (2018). Hands-On DevOps with Vagrant: Implement end-to-end DevOps and infrastructure management using Vagrant. Packt Publishing. p. 8. ISBN 978-1-78913-678-4. Retrieved May 23, 2023.
  11. Marvin, Rob (February 26, 2015). "Mitchell Hashimoto is automating the world". SD Times. Retrieved May 23, 2023.
  12. Miller, Ron (November 1, 2018). "HashiCorp scores $100M investment on $1.9 billion valuation". TechCrunch. Retrieved May 23, 2023.
  13. Donovan, Kevin (November 30, 2021). "HashiCorp (HCP) launches IPO at $68-$72 to raise $1.10bn". Capital.com. Retrieved May 23, 2023.
  14. Schlosser, Kurt (May 1, 2019). "Young founder of cloud unicorn HashiCorp giving back to Univ. of Washington with millions in scholarship aid". GeekWire. Retrieved May 23, 2023.
  15. Crichton, Danny (March 17, 2020). "HashiCorp soars above $5B valuation in new $175M venture round". Yahoo Finance. Retrieved May 23, 2023.
  16. "HashiCorp IPO Could Value Startup at $13B". CFO. November 30, 2021. Retrieved May 23, 2023.
  17. Beltran, Luisa. "Cloud Software Provider HashiCorp Targets $13 Billion Valuation With IPO". Barrons. Barrons. Retrieved 30 November 2021.
  18. Beltran, Luisa (November 30, 2021). "Software Provider HashiCorp Aims for $13 Billion IPO Valuation". Barron's. Retrieved May 23, 2023.
  19. Novet, Jordan (2021-12-09). "HashiCorp shares rise after one of top software IPOs of 2021 values company at over $14 billion". CNBC. Retrieved 2021-12-21.
  20. Ward, Chris (20 June 2017). "HashiCorp Tools Useful for Continuous Integration". Codeship Blog.
  21. "HashiCorp Announces the General Availability of Vault Enterprise for DevOps Security Across Dynamic Infrastructure". 7 September 2016.
  22. "Release v0.1.0 · hashicorp/Vagrant". GitHub.
  23. "Release v0.1.0 · hashicorp/Packer". GitHub.
  24. "HashiCorp Packer 1.0".
  25. "HashiCorp Consul".
  26. "Vault/CHANGELOG.md at master · hashicorp/Vault". GitHub. April 2022.
  27. "HashiCorp Nomad".
  28. "Home". serf.io.
  29. "Announcing Sentinel, HashiCorp's Policy as Code Framework".
  30. "HashiCorp Sentinel - wikieduonline".
  31. "HashiCorp Sentinel framework".
  32. "Announcing HashiCorp Boundary".
  33. "Announcing HashiCorp Waypoint".
  34. "HashiCorp revoked private key exposed in Codecov security breach". VentureBeat. 2021-04-26. Retrieved 2021-08-03.
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