Company Intelligence
HashiCorp provides cloud infrastructure automation software, including Terraform (infrastructure as code), Vault (secrets management), Consul (service networking), Nomad (workload orchestration), and Boundary (identity-based access). The company's tools are widely used by DevOps and platform engineering teams to provision, secure, connect, and run infrastructure across multi-cloud environments. In December 2024, HashiCorp was acquired by IBM for $6.4 billion, becoming part of IBM's Red Hat and Software division.
Cloud Infrastructure
Headquarters
San Francisco, CA
Employees
~2,100
Revenue
~$600M (FY2024)
Fiscal Year End
January 31
Founded
2012
Current leadership team based on public filings and announcements.
Dave McJannet
CEO
Navam Welihinda
CFO
Mitchell Hashimoto
Co-Founder
Armon Dadgar
Co-Founder & CTO
Key events and changes that sales teams should know about.
IBM completed its $6.4 billion acquisition of HashiCorp, integrating it into IBM's Red Hat and Software division to strengthen multi-cloud infrastructure and AI platform capabilities.
2024-12
Continued controversy over the Business Source License (BSL) change for Terraform and other products, which prompted the open-source community to fork Terraform as OpenTofu under the Linux Foundation.
2024-08
Expanded Terraform Cloud and Vault enterprise features, emphasizing policy-as-code, drift detection, and centralized secrets management for enterprise multi-cloud governance.
2024-10
Final quarters as a public company showed revenue of ~$164M (Q2 FY2025), up 15% YoY, with cloud revenue (HCP) growing 42% as customers migrated from self-hosted to managed offerings.
2024-09
HCP Vault Secrets and HCP Terraform adoption accelerated among enterprises seeking managed infrastructure-as-code and secrets management, reducing operational overhead for platform teams.
2024-06
HashiCorp's tools are foundational to how modern enterprises manage cloud infrastructure. Terraform is the de facto standard for infrastructure as code, used by millions of practitioners worldwide to provision and manage resources across AWS, Azure, GCP, and hybrid environments. Vault is the leading secrets management solution in the enterprise. This ubiquity means HashiCorp products are deeply embedded in DevOps workflows at most Fortune 500 companies, creating significant switching costs and a reliable recurring revenue base.
The IBM acquisition fundamentally changes HashiCorp's trajectory. As part of IBM's Red Hat and Software division, HashiCorp gains access to IBM's massive enterprise sales organization, global services capacity, and existing customer relationships. For vendors selling complementary DevOps, security, or infrastructure tools, this means HashiCorp's go-to-market motion will increasingly flow through IBM's channels. IBM partners and ISV ecosystem participants should evaluate integration opportunities with HashiCorp products under the new corporate structure.
The BSL license change and OpenTofu fork created a meaningful split in the infrastructure-as-code market. While the commercial HashiCorp Terraform product retains its dominant market position among enterprises, the open-source community's reaction (forking Terraform as OpenTofu) introduced competitive risk and buyer uncertainty. Vendors building on or integrating with Terraform should track both HashiCorp's commercial direction and OpenTofu's adoption trajectory. HashiCorp's fiscal year ends January 31, and with IBM ownership, procurement will increasingly follow IBM's enterprise purchasing rhythms.
Key competitors based on market analysis and public filings.
HashiCorp generated approximately $600 million in revenue for FY2024 (ending January 2024), with revenue growth of roughly 18% year-over-year. Cloud revenue from HashiCorp Cloud Platform (HCP) was the fastest-growing segment at over 40% growth. As of December 2024, HashiCorp is now part of IBM following the $6.4 billion acquisition.
No. IBM completed its acquisition of HashiCorp for $6.4 billion in December 2024. HashiCorp's stock (ticker: HCP) was delisted from the Nasdaq. HashiCorp now operates within IBM's Red Hat and Software division, though its products (Terraform, Vault, Consul, etc.) continue under the HashiCorp brand.
HashiCorp was co-founded in 2012 by Mitchell Hashimoto and Armon Dadgar while they were students at the University of Washington. Hashimoto originally created Vagrant (a development environment tool) and went on to co-develop Terraform, Vault, Consul, and Nomad. Dave McJannet serves as CEO, having joined in 2016.
In August 2023, HashiCorp changed the license for Terraform and other products from the Mozilla Public License (MPL) to the Business Source License (BSL), restricting commercial use by competitors. This prompted the open-source community to create OpenTofu, a Linux Foundation-managed fork of Terraform. The controversy highlighted tensions between open-source community expectations and commercial software company business models.
HashiCorp's product portfolio includes: Terraform (infrastructure as code for provisioning cloud resources), Vault (secrets management and data encryption), Consul (service networking and service mesh), Nomad (workload orchestration), Boundary (identity-based access management), Packer (machine image creation), and Waypoint (application deployment). These are available as open-source tools, enterprise self-hosted versions, or managed cloud services through HashiCorp Cloud Platform (HCP).
See leadership changes, strategic initiatives, earnings insights, and buying signals for HashiCorp — updated continuously.
