Elastic
Market Data Current As Of: September 12, 2026
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Elastic
Compare market positioning with top industry peers
Explore Elastic
Core profile pages, annual revenue records, and related research hubs for this company.
Company History
Founded 2012 in San Francisco, California, United States & Amsterdam, Netherlands
In 2004, Shay Banon, a software engineer living in London with his wife who was attending culinary school in Paris, wanted to build a simple recipe search desktop application for her. Looking for an open-source search library, Banon started tinkering with Apache Lucene. Finding Lucene powerful but extraordinarily difficult to configure for distributed architectures, Banon created Compass, and in February 2010, released **Elasticsearch**—a JSON-over-HTTP distributed, RESTful search engine built on Lucene. Elasticsearch went viral across GitHub, with developers around the world using it to search massive server log files. In 2012, Banon teamed up with Steven Schuurman, Uri Boness, and Simon Willnauer to formally establish **Elastic** in Amsterdam.
Shay Banon is the Co-Founder and Chief Technology Officer of Elastic. In 2010, Banon open-sourced Elasticsearch to make search distributed and accessible to developers. Banon served as CEO from 2017 to 2022, leading Elastic's 2018 NYSE IPO and steering its evolution into a multi-cloud Search AI platform.
Steven Schuurman is the Co-Founder and founding CEO of Elastic, architecting its commercial open-core business model and global venture fundraising.
Open-sourced the first standalone version of Elasticsearch, igniting viral developer adoption.
Shay Banon, Steven Schuurman, Uri Boness, and Simon Willnauer formally established Elastic.
Introduced managed cloud service, transforming Elastic into a recurring SaaS business.
Listed on the New York Stock Exchange, raising $252 million at a $2.5 billion valuation.
Promoted Chief Product Officer Ashutosh Kulkarni to CEO to drive enterprise cloud expansion.
Engineered native vector search and Reciprocal Rank Fusion (RRF) for Generative AI RAG.
Debuted revolutionary query engine executing complex search, analytics, and security queries in memory.
Achieved annual revenue exceeding $1.45 billion USD across 21,000+ enterprise customers.
Acquired leading endpoint security and threat prevention software company.
Acquired application performance monitoring (APM) and machine-learning anomaly detection tech.
Since its establishment in 2012, Elastic expanded from an early-stage venture into a recognized leader in Search Software, Enterprise Log Observability, Cybersecurity SIEM, Vector Search Databases & Generative AI Infrastructure, overcoming key market challenges.
Over its history, Elastic executed decisive strategic pivots toward scalable monetization and digital distribution, securing its current market leadership.
By continually modernizing operations and embracing workflow automation, Elastic maintains resilience through changing technological and economic cycles.