Tag: Rapid7

Rapid7 fires 18 per cent of staff

Posted on August 11, 2023 by - News

US cybersecurity vendor Rapid7 is moving to MSPs and firing 18 per cent of its workforce – about 470 employees.

Most of the cuts are in sales and engineering. The company will close some office locations too.

Rapid7 CEO Corey Thomas said that the layoffs were a tough decision.  But “making decisions from a place of strength allows us to restructure intentionally.”

We suspect it would have been tougher for those who were fired rather than the person deciding they have to clean out their desks, but maybe that is just us.

Earlier this year, publicly traded Rapid7 reportedly considered a sale to private equity investors. In March, Rapid7 acquired Minerva Labs for $38 million in cash and stock.

On the vendor’s quarterly earnings, Thomas told listeners that Boston-headquartered Rapid7 sees “massive potential to drive high-margin managed services, both through existing offerings and investing in accelerating our strategic managed service partnerships.”

Rapid7 gets hold of NetFort

Posted on April 3, 2019 by - News

Security player Rapid7 has acquired network traffic visibility and analytics player NetFort.The firm has developed its own cloud platform that provides a range of networking visibility and analytics tools and security features and wants NetFort expertise to add to that.The company said that the mix would improving its ability to detect attacks, investigate incidents and gain increased visibility into areas of risk.

Rapid7 has been working on a product which gives users the chance to look at the threats, risks and performance of a data network through a single platform.

Lee Weiner, chief product officer at Rapid7 said that “NetFort’s technology and the deep network protocol expertise inherent across the team was impressive.

“By bringing NetFort’s network data and analytics to our own platform, we enhance security analysts’ capability to unearth risk, detect attacks, and investigate incidents more effectively,” he added.

Rapid7 indicated that the deal would not have a material impact on its annualised revenue growth, revenue and non-GAAP operating and net income for this year.

John Brosnan, chief executive officer at NetFort, which has been in business since 2002, based in Ireland, said that becoming part of a larger organisation was a result of the hard work the staff and management had done running the firm.

“Rapid7 will help us apply our network data insights across their cloud-based platform to improve the security posture of our customers,” he said.

 

Dell’s SecureWorks should get a $1.42 billion IPO

Posted on April 12, 2016 by - News

michael-dell-2Dell’s cyber security unit, SecureWorks, could be valued at up to $1.42 billion in its initial public offering, the first major US listing of a technology company this year.

SecureWorks said its offering was expected to be priced at $15.50-$17.50 per Class A share, raising as much as $157.5 million.

It is not the greatest time for SecureWorks to launch. IPO values plunged to a seven-year low in the first quarter, more than halving from a year earlier to $106.6 billion, as worries over slowing economic growth kept investors wary.

However as far as shareholders in SecureWorks are concerned, from such a low base, things can only get better.

Several cyber security firms such as FireEye, Rapid7 and Mimecast have gone public to take advantage of growing investor interest in them after a spate of hacking attacks on companies including major banks and retailers.

However, shares of Rapid7 and FireEye are now trading way below their IPO prices. Mimecast, which jumped 20 percent on its listing day, has also slipped below its offering price.

The Wall Street Journal first reported in October that Dell, the third-largest personal computer maker, had filed confidentially for listing SecureWorks, which it bought for $612 million in 2011.

Founded in 1999, SecureWorks has 4,200 clients in 59 countries.