Artificial Intelligence

Udemy Reports First Quarter 2022 Results

Published

2 years ago

May 4, 2022

SAN FRANCISCO, May 04, 2022 (GLOBE NEWSWIRE) — Udemy (Nasdaq: UDMY), a leading destination for learning and teaching online, today reported results for the first quarter ending March 31, 2022.

“One of our core values at Udemy is to be both mission-inspired and results-obsessed. This quarter’s performance proves we can be both, with revenue exceeding expectations on the back of strong Udemy Business growth,” said Gregg Coccari, Chairman and Chief Executive Officer of Udemy. “Within our strong, symbiotic business model, the continued health of Udemy’s consumer marketplace fuels the growth of Udemy Business with the broadest and most relevant skill-building content in what is a very large and under-penetrated market. We’re just getting started, and I’m excited for the opportunity ahead.”

First Quarter 2022 Financial Results and Key Operating Data:

Revenue totaled $152.2 million, up 22% year over year.
GAAP net loss was $(25.6) million compared to $(18.0) million in the first quarter of fiscal 2021. GAAP net loss per share was $(0.18), compared to $(0.50) in the first quarter of fiscal 2021.
Non-GAAP net loss was $(11.2) million compared to $(7.5) million in the first quarter of fiscal 2021. Non-GAAP net loss per share was $(0.08) compared to $(0.21) in the first quarter of fiscal 2021.
GAAP gross profit was $85.8 million, compared to $66.6 million in the first quarter of fiscal 2021.
Non-GAAP gross profit was $87.3 million, compared to $66.9 million in the first quarter of fiscal 2021.
Adjusted EBITDA was $(7.0) million, compared to $(2.9) million in the first quarter of fiscal 2021.
Udemy Business revenue totaled $64.9 million, up 77% year over year.
Udemy Business segment gross profit was $42.7 million compared to $23.7 million in the first quarter of fiscal 2021.
Udemy Business segment annual recurring revenue was $279.6 million, up 80% year over year.
Udemy Business total customers was 11,605 as of March 31, 2022, up 49% year over year.
Udemy Business net dollar retention rate of 120%.
Consumer revenue totaled $87.3 million, down 1% year over year.
Consumer segment gross profit was $47.5 million compared to $45.4 million in the first quarter of fiscal 2021.
Consumer segment monthly average buyers was 1,383 thousand, down 2% year over year.

First Quarter Highlights:

In the first full quarter of selling Udemy Business in South Korea, generated nearly $500K in ARR through partner, Woongjin ThinkBig, and closed first Udemy Business deals in the People’s Republic of China through partner, Sanjieke.
Added new Udemy Business customers across key verticals, including Baptist Health System, Inc., Crocs, Inc., Medici, and Volta Trucks Ltd.
Udemy Business customer expansions included Abu Dhabi Port, Grupo Falabella, Gympass USA LLC, Indeed, Inc., Klarna AB, and Picsart, Inc. Also expanded work with one of the U.S. military’s branches, and now support several branches with their learning programs.
Launched three new assessments and 19 new labs within Udemy Business Pro, as well as our Learning Paths API that allows learners to bring their curated Udemy Business and Udemy Business Pro Learning Paths directly into their LMS or internal sites.
Built proprietary skills graphs that match courses and skills to professional aspirations on the Udemy Business platform, fueled skills graphs with sophisticated machine learning and artificial intelligence models that personalize learning experiences, and launched career guides within the consumer subscription offering.
Expanded relationship with Randstad N.V., the world’s largest provider of flexible work and human resources services. Since 2019, Randstad has used Udemy Business to increase talent mobility across their client base, and has since doubled the number of Udemy licenses they use to support their efforts.
Partnered with First National Bank, one of South Africa’s largest banks that serves over nine million customers. Through this multi-million dollar partnership agreement, their customers now have access to hundreds of global courses from Udemy.
Certified™ as a Great Place to Work® in the United States, citing company’s strong culture and high employee engagement.
Ranked fifth on Great Place to Work’s list of Best Mid-sized Workplaces in Ireland. Udemy Dublin office recognized as 2022 Best Workplace for Women, citing gender equity in policies, benefits and culture.

2022 Financial Outlook
Udemy provides guidance based on current market conditions and expectations; actual results may differ materially. Please refer to the comments below regarding forward-looking statements.

The table below reflects Udemy’s financial outlook for its second quarter ending June 30, 2022 and fiscal year ending December 31, 2022:

	Q2’22	FY22
Revenue	$147.00 – $151.0 million	$610.0 – $640.0 million
Adjusted EBITDA Margin	(15)% – (12)%	(12)% – (10)%
Weighted Average Share Count	140 million	142 million

Webcast Information
Udemy will host a webcast at 2:00 pm Pacific Time on Wednesday, May 4th, to discuss its first quarter 2022 financial results, as well as its 2022 outlook. The live webcast will be accessible on Udemy’s website at investors.udemy.com. A webcast replay will be available approximately two hours after the conclusion of the live event.

Non-GAAP Financial Measures
To supplement the condensed consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), Udemy’s key non-GAAP performance measures include Adjusted EBITDA, Adjusted EBITDA Margin, and non-GAAP income. We calculate Adjusted EBITDA as net loss (income) determined in accordance with GAAP, excluding by i) interest expense (income), net; ii) provision for (benefit from) income taxes; iii) depreciation and amortization; iv) other expense (income), net, including gains and losses from the remeasurement of foreign currency assets and liabilities into their functional currency and v) non-cash stock-based compensation expense. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue for the same period. We have not reconciled our expectations for Adjusted EBITDA and Adjusted EBITDA Margin to net loss and net loss margin, respectively, the most directly comparable GAAP measures, because certain items are out of our control or cannot be reasonably predicted and a reconciliation for the guidance for Adjusted EBITDA and Adjusted EBITDA Margin is not available without unreasonable effort. As Adjusted EBITDA and Adjusted EBITDA Margin facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning purposes. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. In addition, it provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain non-cash expenses and certain variable charges. We define non-GAAP income as net loss attributable to common stockholders, adjusted to exclude non-cash stock-based compensation expense and the amortization of acquired intangible assets. We believe the presentation of operating results that excludes these non-cash items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods. Udemy’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented herein in conjunction with Udemy’s financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this press release for a reconciliation of these non-GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding Udemy’s expectations relating to future operating results and financial position, including the first quarter of 2022, the full year 2022, and future periods, anticipated future expenses and investments, our business strategy and plans, market growth, our market position and potential market opportunities, and the impact of acquisitions and business alliances. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance.

The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (“SEC”), including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 25, 2021. All information provided in this release is as of the date hereof, and we undertake no duty to update this information unless required by law.

About Udemy
Udemy (Nasdaq: UDMY) provides flexible, effective skill development to empower organizations and individuals. The Udemy marketplace platform, with thousands of up-to-date courses in dozens of languages, offers the tools learners, instructors, and enterprises need to achieve their goals and reach their full potential. Millions of people learn on Udemy from real-world experts in topics ranging from programming and data science to leadership and team building. Udemy Business offers corporate customers an employee training and development platform with subscription access to thousands of courses, learning analytics, and the ability to host and distribute their own content. Udemy Business customers include Fender Instruments, Glassdoor, GoFundMe, On24, The World Bank, and Volkswagen. Udemy is headquartered in San Francisco with hubs in Ankara, Turkey; Austin, Texas; Boston, Massachusetts; Mountain View, California; Denver, Colorado; Dublin, Ireland; Melbourne, Australia; New Delhi, India; and Sao Paulo, Brazil.

Udemy, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)

	Three Months Ended March 31,
		2022			2021

Revenue	$	152,223		$	124,550
Cost of revenue (1)(2)		66,438			57,923
Gross profit		85,785			66,627
Operating expenses (1)(2)
Sales and marketing		66,878			53,239
Research and development		22,570			15,413
General and administrative		21,653			14,413
Total operating expenses		111,101			83,065
Loss from operations		(25,316	)		(16,438	)
Other income (expense)
Interest income (expense), net		243			(218	)
Other expense, net		(244	)		(428	)
Total other expense, net		(1	)		(646	)
Net loss before taxes		(25,317	)		(17,084	)
Income tax provision		(332	)		(905	)
Net loss attributable to common stockholders	$	(25,649	)	$	(17,989	)
Net loss per share attributable to common stockholders
Basic and diluted	$	(0.18	)	$	(0.50	)
Weighted-average shares used in computing net loss per share attributable to common stockholders
Basic and diluted		139,405,294			36,178,304

(1) Includes stock-based compensation expense as follows (in thousands):

	Three Months Ended March 31,
		2022		2021
Cost of revenue	$	840	$	300
Sales and marketing		4,137		1,924
Research and development		3,334		2,090
General and administrative		5,031		6,198
Total stock-based compensation expense	$	13,342	$	10,512

(2) Includes amortization of intangible assets as follows (in thousands):

	Three Months Ended March 31,
		2022		2021
Cost of revenue	$	724	$	—
Sales and marketing		342		—
Total amortization of intangible assets	$	1,066	$	—

Udemy, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(Unaudited)

	March 31,			December 31,
		2022			2021
Assets
Current assets:
Cash and cash equivalents	$	510,965		$	533,868
Accounts receivable, net of allowance for doubtful accounts of $678 and $678 as of March 31, 2022 and December 31, 2021, respectively.		67,699			73,180
Prepaid expenses and other current assets		15,279			15,927
Deferred contract costs, current		23,074			18,898
Total current assets		617,017			641,873
Property and equipment, net		8,937			9,887
Capitalized software, net		21,693			20,054
Operating lease right-of-use assets		15,994			—
Restricted cash, non-current		3,629			2,900
Deferred contract costs, non-current		27,927			25,647
Strategic investments		15,000			10,000
Intangible assets, net		12,531			13,597
Goodwill		12,646			12,646
Other assets		3,516			3,247
Total assets	$	738,890		$	739,851
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	16,275		$	34,627
Accrued expenses and other current liabilities		35,697			40,140
Content costs payable		31,606			35,961
Accrued compensation and benefits		20,909			22,341
Operating lease liabilities, current		7,410			—
Deferred revenue		227,701			208,274
Total current liabilities		339,598			341,343
Long-term obligation under operating leases		11,458			—
Deferred revenue, non-current		2,817			2,280
Other liabilities, non-current		4,509			6,528
Total liabilities		358,382			350,151

Stockholders’ equity:
Preferred stock		—			—
Common stock		1			1
Additional paid-in capital		864,676			848,229
Accumulated other comprehensive income (loss)		9			(1	)
Accumulated deficit		(484,178	)		(458,529	)
Total stockholders’ equity	$	380,508		$	389,700
Total liabilities and stockholders’ equity	$	738,890		$	739,851

Udemy, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

	Three Months Ended March 31,
		2022			2021
Cash flows from operating activities:
Net loss	$	(25,649	)	$	(17,989	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		4,967			3,069
Amortization of deferred sales commissions		6,582			3,481
Stock-based compensation		13,342			10,512
Provision for doubtful accounts		110			3
Non-cash operating lease expense		1,573			—
Other		75			—
Changes in operating assets and liabilities:
Accounts receivable		5,371			2,039
Prepaid expenses and other assets		198			(2,738	)
Deferred contract costs		(13,038	)		(7,956	)
Accounts payable, accrued expenses and other liabilities		(21,964	)		(16,265	)
Content costs payable		(4,355	)		(1,986	)
Operating lease liabilities		(1,151	)		—
Deferred revenue		19,964			14,072
Net cash used in operating activities		(13,975	)		(13,758	)
Cash flows from investing activities:
Purchases of property and equipment		(156	)		(933	)
Capitalized software costs		(3,121	)		(3,289	)
Purchases of strategic investments		(5,000	)		—
Net cash used in investing activities		(8,277	)		(4,222	)
Cash flows from financing activities:
Net proceeds from exercise of Series A-1 redeemable convertible preferred stock warrants		—			2
Net proceeds from exercise of stock options		1,658			4,489
Payment of redeemable convertible preferred stock issuance costs		—			(2,250	)
Payment of deferred offering costs		(1,586	)		—
Net cash provided by financing activities		72			2,241

Effect of foreign exchange rates on cash flows		6			—

Net decrease in cash, cash equivalents and restricted cash		(22,174	)		(15,739	)
Cash, cash equivalents and restricted cash—Beginning of period		536,768			177,931
Cash, cash equivalents and restricted cash—End of period	$	514,594		$	162,192

Udemy, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except share and per share amounts)
(Unaudited)

	Three Months Ended March 31, 2022
	GAAP			Stock-based Compensation			Amortization of Intangible Assets			Non-GAAP
	(in thousands, except share and per share amounts)
Revenue	$	152,223		$	—		$	—		$	152,223
Cost of revenue		66,438			(840	)		(724	)		64,874
Gross profit		85,785			840			724			87,349
Operating expenses
Sales and marketing		66,878			(4,137	)		(342	)		62,399
Research and development		22,570			(3,334	)					19,236
General and administrative		21,653			(5,031	)					16,622
Total operating expenses		111,101			(12,502	)		(342	)		98,257
Loss from operations		(25,316	)		13,342			1,066			(10,908	)
Other income (expense)
Interest income, net		243			—			—			243
Other expense, net		(244	)		—			—			(244	)
Total other expense, net		(1	)		—			—			(1	)
Net loss before taxes		(25,317	)		13,342			1,066			(10,909	)
Income tax provision		(332	)		—			—			(332	)
Net loss attributable to common stockholders	$	(25,649	)	$	13,342		$	1,066		$	(11,241	)
Net loss per share attributable to common stockholders
Basic and diluted	$	(0.18	)							$	(0.08	)
Weighted-average shares used in computing net loss per share attributable to common stockholders		139,405,294									139,405,294

	Three Months Ended March 31, 2021
	GAAP			Stock-based Compensation			Non-GAAP
	(in thousands, except share and per share amounts)
Revenue	$	124,550		$	—		$	124,550
Cost of revenue		57,923			(300	)		57,623
Gross profit		66,627			300			66,927
Operating expenses
Sales and marketing		53,239			(1,924	)		51,315
Research and development		15,413			(2,090	)		13,323
General and administrative		14,413			(6,198	)		8,215
Total operating expenses		83,065			(10,212	)		72,853
Loss from operations		(16,438	)		10,512			(5,926	)
Other income (expense)
Interest expense, net		(218	)		—			(218	)
Other expense, net		(428	)		—			(428	)
Total other expense, net		(646	)		—			(646	)
Net loss before taxes		(17,084	)		10,512			(6,572	)
Income tax provision		(905	)		—			(905	)
Net loss attributable to common stockholders	$	(17,989	)	$	10,512		$	(7,477	)
Net loss per share attributable to common stockholders
Basic and diluted	$	(0.50	)				$	(0.21	)
Weighted-average shares used in computing net loss per share attributable to common stockholders
Basic and diluted		36,178,304						36,178,304

	Three Months Ended March 31,
		2022			2021
Net loss		(25,649	)		(17,989	)
Adjusted to exclude the following:
Interest (income) expense, net		(243	)		218
Provision for income taxes		332			905
Depreciation and amortization		4,967			3,069
Stock-based compensation expense		13,342			10,512
Other expense, net		244			428
Adjusted EBITDA	$	(7,007	)	$	(2,857	)

Contacts

Media:
Abby Welch
Director, Global Communications
[email protected]

Investors:
Willa McManmon
Managing Director, The Blueshirt Group
[email protected]

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The three companies pursue joint UTM development to capitalize on the rapid global progress in electric vertical take-off and landing aircrafts (eVTOLs), set to revolutionize transportation. Morgan Stanley forecasts the Urban Air Mobility (UAM) market to reach $1 trillion by 2040 and $9 trillion by 2050 (1), with eVTOLs gaining global recognition through test flights and prototype showcases.
The companies proudly announce initiatives to enhance their existing UTM platforms in anticipation of the surge in eVTOL aircraft and drone activities. The shared vision for the UTM platform is to enable safe and efficient flight operations for eVTOLs and drones in the foreseeable future.
Recognizing the evolving needs of the AAM industry, they are dedicated to extending their platform by incorporating crucial additional functions. These enhancements, designed with automation at their core, aim to streamline operational efficiencies and pave the way for the integration of their increasingly automated UTM technology into the design and operational framework of AAMs. Through these efforts, they aim to set new standards in UTM and to facilitate the seamless integration of eVTOLs and drones into the national airspace, bolstering the potential for the AAM industry.
Through this initiative, they aim to build a global UTM infrastructure that kickstarts the AAM industry worldwide, creating a cohesive ecosystem that supports AAM growth and addresses broader challenges of urban mobility, sustainability, and air traffic safety.
Notes to Editor:
Research by Morgan Stanley in a report titled “eVTOL/Urban Air Mobility TAM Update: A Slow Take-Off, But Sky’s the Limit” https://advisor.morganstanley.com/the-busot-group/documents/field/b/bu/busot-group/Electric%20Vehicles.pdf]
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Artificial Intelligence

IBM to Acquire HashiCorp, Inc. Creating a Comprehensive End-to-End Hybrid Cloud Platform

Published

6 hours ago

April 24, 2024

CISION (PR Newswire)

ibm-to-acquire-hashicorp,-inc.-creating-a-comprehensive-end-to-end-hybrid-cloud-platform

$6.4 billion acquisition adds suite of leading hybrid and multi-cloud lifecycle management products to help clients grappling with today’s AI-driven application growth and complexity
HashiCorp’s capabilities to drive significant synergies across multiple strategic growth areas for IBM, including Red Hat, watsonx, data security, IT automation and Consulting
As a part of IBM, HashiCorp is expected to accelerate innovation and enhance its go-to-market, growth and monetization initiatives
Transaction expected to be accretive to Adjusted EBITDA within the first full year, post close, and free cash flow in year two
ARMONK, N.Y. and SAN FRANCISCO, April 24, 2024 /PRNewswire/ — IBM (NYSE: IBM) and HashiCorp Inc. (NASDAQ: HCP), a leading multi-cloud infrastructure automation company, today announced they have entered into a definitive agreement under which IBM will acquire HashiCorp for $35 per share in cash, representing an enterprise value of $6.4 billion. HashiCorp’s suite of products provides enterprises with extensive Infrastructure Lifecycle Management and Security Lifecycle Management capabilities to enable organizations to automate their hybrid and multi-cloud environments. Today’s announcement is a continuation of IBM’s deep focus and investment in hybrid cloud and AI, the two most transformational technologies for clients today.

“Enterprise clients are wrestling with an unprecedented expansion in infrastructure and applications across public and private clouds, as well as on-prem environments. The global excitement surrounding generative AI has exacerbated these challenges and CIOs and developers are up against dramatic complexity in their tech strategies,” said Arvind Krishna, IBM chairman and chief executive officer. “HashiCorp has a proven track record of enabling clients to manage the complexity of today’s infrastructure and application sprawl. Combining IBM’s portfolio and expertise with HashiCorp’s capabilities and talent will create a comprehensive hybrid cloud platform designed for the AI era.”
The rise of cloud-native workloads and associated applications is driving a radical expansion in the number of cloud workloads enterprises are managing. In addition, generative AI deployment continues to grow alongside traditional workloads. As a result, developers are working with increasingly heterogeneous, dynamic, and complex infrastructure strategies. This represents a massive challenge for technology professionals.
HashiCorp’s capabilities enable enterprises to use automation to deliver lifecycle management for infrastructure and security, providing a system of record for the critical workflows needed for hybrid and multi-cloud environments. HashiCorp’s Terraform is the industry standard for infrastructure provisioning in these environments. HashiCorp’s offerings help clients take a cloud-agnostic, and highly interoperable approach to multi-cloud management, and complement IBM’s commitment to industry collaboration (including deep and expanding partnerships with hyperscale cloud service providers), developer communities, and open-source hybrid cloud and AI innovation.
“Our strategy at its core is about enabling companies to innovate in the cloud, while providing a consistent approach to managing cloud at scale. The need for effective management and automation is critical with the rise of multi-cloud and hybrid cloud, which is being accelerated by today’s AI revolution,” said Armon Dadgar, HashiCorp co-founder and chief technology officer. “I’m incredibly excited by today’s news and to be joining IBM to accelerate HashiCorp’s mission and expand access to our products to an even broader set of developers and enterprises.”
“Today is an exciting day for our dedicated teams across the world as well as the developer communities we serve,” said Dave McJannet, HashiCorp chief executive officer. “IBM’s leadership in hybrid cloud along with its rich history of innovation, make it the ideal home for HashiCorp as we enter the next phase of our growth journey. I’m proud of the work we’ve done as a standalone company, I am excited to be able to help our customers further, and I look forward to the future of HashiCorp as part of IBM.”
Transaction Rationale
Strong Strategic Fit – The acquisition of HashiCorp by IBM creates a comprehensive end-to-end hybrid cloud platform built for AI-driven complexity. The combination of each company’s portfolio and talent will deliver clients extensive application, infrastructure and security lifecycle management capabilitiesAccelerates growth in key focus areas – Upon close, HashiCorp is expected to drive significant synergies for IBM, including across multiple strategic growth areas like Red Hat, watsonx, data security, IT automation and Consulting. For example, the powerful combination of Red Hat’s Ansible Automation Platform’s configuration management and Terraform’s automation will simplify provisioning and configuration of applications across hybrid cloud environments. The two companies also anticipate an acceleration of HashiCorp’s growth initiatives by leveraging IBM’s world-class go-to-market strategy, scale, and reach, operating in more than 175 countries across the globeExpands Total Addressable Market (TAM) – The acquisition will create the opportunity to deliver more comprehensive hybrid and multi-cloud offerings to enterprise clients. HashiCorp’s offerings, combined with IBM and Red Hat, will give clients a platform to automate the deployment and orchestration of workloads across evolving infrastructure including hyperscale cloud service providers, private clouds and on-prem environments. This will enhance IBM’s ability to address the total cloud opportunity, which according to IDC had a TAM of $1.1 trillion in 2023, with a compound annual growth rate in the high teens through 2027.1Attractive Financial Opportunity – The transaction will accelerate IBM’s growth profile over time driven by go-to-market and product synergies. This growth combined with operating efficiencies, is expected to achieve substantial near-term margin expansion for the acquired business. It is anticipated that the transaction will be accretive to Adjusted EBITDA within the first full year, post close, and free cash flow in year two.HashiCorp boasts a roster of more than 4,400 clients, including Bloomberg, Comcast, Deutsche Bank, GitHub, J.P Morgan Chase, Starbucks and Vodafone. HashiCorp’s offerings have widescale adoption in the developer community and are used by 85% of the Fortune 500. Their community products across infrastructure and security were downloaded more than 500 million times in HashiCorp’s FY2024 and include:
Terraform – provides organizations with a single workflow to provision their cloud, private datacenter, and SaaS infrastructure and continuously manage infrastructure throughout its lifecycleVault – provides organizations with identity-based security to automatically authenticate and authorize access to secrets and other sensitive dataAdditional products – Boundary for secure remote access; Consul for service-based networking; Nomad for workload orchestration; Packer for building and managing images as code; and Waypoint internal developer platformTransaction Details
Under the terms of the agreement, IBM will acquire HashiCorp for $35 per share in cash, or $6.4 billion enterprise value, net of cash. HashiCorp will be acquired with available cash on hand.
The boards of directors of IBM and HashiCorp have both approved the transaction. The acquisition is subject to approval by HashiCorp shareholders, regulatory approvals and other customary closing conditions.
The Company’s largest shareholders and investors, who collectively hold approximately 43% of the voting power of HashiCorp’s outstanding common stock, entered into a voting agreement with IBM pursuant to which each has agreed to vote all of their common shares in favor of the transaction and against any alternative transactions.
The transaction is expected to close by the end of 2024.
____________________1 The total cloud opportunity is the sum of the cloud-directed spends across Hardware, IT services and SW for Private and Public cloud implementation, sourced from IDC’s Worldwide Black Book Live Edition, March 2024 (V1 2024)
Conference Call Details
IBM’s regular quarterly earnings conference call is scheduled to begin at 5:00 p.m. ET, today. The Webcast may be accessed here. Presentation charts will be available shortly before the Webcast.
About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
About HashiCorp
HashiCorp is The Infrastructure Cloud™ company, helping organizations automate multi-cloud and hybrid environments with Infrastructure Lifecycle Management and Security Lifecycle Management. HashiCorp offers The Infrastructure Cloud on the HashiCorp Cloud Platform (HCP) for managed cloud services, as well as self-hosted enterprise offerings and community source-available products. The company is headquartered in San Francisco, California. For more information, visit HashiCorp.com.
Press Contacts:
IBM:Tim Davidson, [email protected]
HashiCorp:Matthew Sherman / Jed Repko / Haley Salas / Joycelyn BarnettJoele Frank, Wilkinson Brimmer Katcher212-355-4449

Additional Information and Where to Find It
HashiCorp, Inc. (“HashiCorp”), the members of HashiCorp’s board of directors and certain of HashiCorp’s executive officers are participants in the solicitation of proxies from stockholders in connection with the pending acquisition of HashiCorp (the “Transaction”). HashiCorp plans to file a proxy statement (the “Transaction Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies to approve the Transaction. David McJannet, Armon Dadgar, Susan St. Ledger, Todd Ford, David Henshall, Glenn Solomon and Sigal Zarmi, all of whom are members of HashiCorp’s board of directors, and Navam Welihinda, HashiCorp’s chief financial officer, are participants in HashiCorp’s solicitation. Information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the Transaction Proxy Statement and other relevant documents to be filed with the SEC in connection with the Transaction. Additional information about such participants is available under the captions “Board of Directors and Corporate Governance,” “Executive Officers” and “Security Ownership of Certain Beneficial Owners and Management” in HashiCorp’s definitive proxy statement in connection with its 2023 Annual Meeting of Stockholders (the “2023 Proxy Statement”), which was filed with the SEC on May 17, 2023 (and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1720671/000114036123025250/ny20008192x1_def14a.htm). To the extent that holdings of HashiCorp’s securities have changed since the amounts printed in the 2023 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC (which are available at https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001720671&type=&dateb=&owner=only&count=40&search_text=). Information regarding HashiCorp’s transactions with related persons is set forth under the caption “Related Person Transactions” in the 2023 Proxy Statement. Certain illustrative information regarding the payments to that may be owed, and the circumstances in which they may be owed, to HashiCorp’s named executive officers in a change of control of HashiCorp is set forth under the caption “Executive Compensation—Potential Payments upon Termination or Change in Control” in the 2023 Proxy Statement. With respect to Ms. St. Ledger, certain of such illustrative information is contained in the Current Report on Form 8-K filed with the SEC on June 7, 2023 (and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1720671/000162828023021270/hcp-20230607.htm). Promptly after filing the definitive Transaction Proxy Statement with the SEC, HashiCorp will mail the definitive Transaction Proxy Statement and a WHITE proxy card to each stockholder entitled to vote at the special meeting to consider the Transaction. STOCKHOLDERS ARE URGED TO READ THE TRANSACTION PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT HASHICORP WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, the preliminary and definitive versions of the Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by HashiCorp with the SEC in connection with the Transaction at the SEC’s website (http://www.sec.gov). Copies of HashiCorp’s definitive Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by HashiCorp with the SEC in connection with the Transaction will also be available, free of charge, at HashiCorp’s investor relations website (https://ir.hashicorp.com/), or by emailing HashiCorp’s investor relations department ([email protected]).
Forward-Looking Statements
Certain statements contained in this communication may be characterized as forward-looking under the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially.
Statements in this communication regarding IBM and HashiCorp that are forward-looking may include statements regarding: (i) the Transaction; (ii) the expected timing of the closing of the Transaction; (iii) considerations taken into account in approving and entering into the Transaction; (iv) the anticipated benefits to, or impact of, the Transaction on IBM’s and HashiCorp’s businesses; and (v) expectations for IBM and HashiCorp following the closing of the Transaction. There can be no assurance that the Transaction will be consummated.
Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, in addition to those identified above, include: (i) the possibility that the conditions to the closing of the Transaction are not satisfied, including the risk that required approvals from HashiCorp’s stockholders for the Transaction or required regulatory approvals to consummate the Transaction are not obtained, on a timely basis or at all; (ii) the occurrence of any event, change or other circumstance that could give rise to a right to terminate the Transaction, including in circumstances requiring HashiCorp to pay a termination fee; (iii) possible disruption related to the Transaction to IBM’s and HashiCorp’s current plans, operations and business relationships, including through the loss of customers and employees; (iv) the amount of the costs, fees, expenses and other charges incurred by IBM and HashiCorp related to the Transaction; (v) the risk that IBM’s or HashiCorp’s stock price may fluctuate during the pendency of the Transaction and may decline if the Transaction is not completed; (vi) the diversion of IBM and HashiCorp management’s time and attention from ongoing business operations and opportunities; (vii) the response of competitors and other market participants to the Transaction; (viii) potential litigation relating to the Transaction; (ix) uncertainty as to timing of completion of the Transaction and the ability of each party to consummate the Transaction; and (x) other risks and uncertainties detailed in the periodic reports that IBM and HashiCorp filed with the SEC, including IBM’s and HashiCorp’s respective Annual Reports on Form 10-K. All forward-looking statements in this communication are based on information available to IBM and HashiCorp as of the date of this communication, and, except as required by law, IBM and HashiCorp do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
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