HashiCorp

HashiCorp, Inc. is an American software company^[2] 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.^[3] It was founded in 2012 by Mitchell Hashimoto and Armon Dadgar.^[4][5] The company name HashiCorp is a portmanteau of co-founder last name Hashimoto and Corporation.^[6]

HashiCorp, Inc.

Company type	Subsidiary
Traded as	Nasdaq: HCP (2021–2025)
Industry	IT infrastructure
Founded	2012; 13 years ago (2012)
Founders	Mitchell Hashimoto Armon Dadgar
Headquarters	101 Second Street, San Francisco, California , United States
Area served	Global
Key people	David McJannet (CEO)
Revenue	US$583 million (2024)
Operating income	US$−254 million (2024)
Net income	US$−191 million (2024)
Total assets	US$1.69 billion (2024)
Total equity	US$1.21 billion (2024)
Number of employees	c. 2,200 (2024)
Parent	IBM (2025–present)
Website	hashicorp.com
Footnotes / references Financials as of January 31, 2024[update].[1]

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 Armon Dadgar and Mitchell Hashimoto

HashiCorp was founded in 2012 by two classmates from the University of Washington, Mitchell Hashimoto and Armon Dadgar.^[9] Co-founder Hashimoto was previously working on open-source software called Vagrant, which became incorporated into HashiCorp.^[10]

On 29 November 2021, HashiCorp set terms for its IPO at 15.3 million shares at $68-$72 at a valuation of $13 billion.^[11] It offered 15.3 million shares.^[12] HashiCorp considers its workers to be remote workers first rather than coming into an office on a full-time basis.^[13]

Around April 2021, a supply chain attack using code auditing tool codecov allowed hackers limited access to HashiCorp's customers networks.^[14] As a result, private credentials were leaked. HashiCorp revoked a private signing key and asked its customers to use a new rotated key.

Mitchell Hashimoto resigned from the company in December 2023.^[15]

Acquisition by IBM

On April 24, 2024, the company announced it had entered into an agreement to be acquired by IBM for $6.4 billion, with the transaction expected to close by the end of the same year.^[16] This led to the Competition and Markets Authority of the United Kingdom launching an investigation into the acquisition in late 2024.^[17][18] The deal closed on February 27, 2025 for $6.4 billion after receiving the necessary regulatory approvals.^[19][20]

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.^[21] Additional proprietary features for some of these tools are offered commercially and are aimed at enterprise customers.^[22]

The main product line consists of the following tools:^[3][21]

• Vagrant (first released in 2010^[23]): supports the building and maintenance of reproducible software-development environments via virtualization technology.
• Packer [Wikidata] (first released in June 2013^[24][25]): 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^[26][21]): 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^[27]): provides secrets management, identity-based access, encrypting application data and auditing of secrets for applications, systems, and users.^[22]
• Nomad (released in September 2015^[28]): 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.^[29]
• Sentinel (first released in 2017^[30][31]): a policy as code framework for HashiCorp products.^[32]
• Boundary (first released in October 2020^[33]): provides secure remote access to systems based on trusted identity.
• Waypoint (first released in October 2020^[34]): provides a modern workflow to build, deploy, and release across platforms.