William Blair initiated research coverage of HashiCorp, Inc. (HCP $90.54), which provides infrastructure automation software solutions to enterprises around the world.
Analyst Jason Ader estimated the company would generate revenue of $310.2 million in fiscal 2022 (ending January) and $406.5 million in fiscal 2023.
“HashiCorp has developed a broad portfolio of modern infrastructure automation tools that address key practitioner pain points that have emerged along enterprises’ journey to hybrid/multicloud architectures,” Ader said. “HashiCorp’s solutions enable greater agility, reduce staffing costs and human errors, and ensure greater security. By enabling a highly automated cloud operating model through best-in-class, easy-to-use tools, the company allows customers to focus on building apps rather than operating infrastructure. These solutions also facilitate workload migration to the cloud, which makes HashiCorp a natural partner to CSPs, and makes the company a good proxy for the gradual, but assured, migration to the cloud. HashiCorp’s products are all open source, creating a natural flywheel of users, partners, and integrators, and offering multiple vectors of long-term growth. We expect its unique ‘land, expand, and extend’ strategy will power sustained growth—with HashiCorp management expecting to deliver a revenue CAGR of 30% over the next decade.”
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