Welcome to our dedicated page for Rapid7 news (Ticker: RPD), a resource for investors and traders seeking the latest updates and insights on Rapid7 stock.
Rapid7, Inc. develops AI-powered managed cybersecurity operations software and services centered on the Rapid7 Command Platform. Company news commonly covers managed detection and response, exposure management, security information and event management, cloud security capabilities, threat intelligence research from Rapid7 Labs, and updates to products such as Exposure Command.
Recurring developments also include quarterly financial results, annualized recurring revenue and subscription revenue trends, investor conference participation, equity compensation grants, and completed acquisitions that extend Rapid7’s security operations technology, including the acquisition of Kenzo Security.
Rapid7 (NASDAQ: RPD) has released its Ransomware Radar Report, analyzing over 70 active ransomware groups, including 21 new ones in 2024. The report reveals that ransomware groups are refining their techniques, operating like legitimate enterprises with marketing strategies and bug bounty programs. Key findings include:
1. A 23% increase in leak site posts, totaling 2,611 in H1 2024.
2. Smaller organizations with ~$5 million annual revenue are targeted more frequently.
3. Three major clusters of ransomware families with similar source code were identified.
4. The number of groups posting to leak sites increased from 24 per month in H1 2023 to 40 per month in H1 2024.
This research aims to inform cybersecurity strategies and improve ransomware prevention, detection, and response technologies.
Rapid7 (NASDAQ: RPD) has launched the Command Platform, a unified threat exposure, detection, and response platform. The AI-powered platform integrates critical security data to provide a comprehensive view of vulnerabilities and threats from endpoint to cloud. Two key solutions introduced are:
1. Exposure Command: Helps detect and prioritize exposures across the attack surface.
2. Surface Command: Discovers and provides visibility into assets across internal and external attack surfaces.
The platform aims to help organizations take command of their attack surface, offering greater visibility and trust in security operations. It integrates native cloud and on-prem assessment with data from various IT, security, and business tools to enable efficient risk management.
Commercetools announced the appointment of Andrew Burton as its new CEO, effective July 8, 2024. Burton succeeds co-founder Dirk Hoerig, who will transition to Chief Innovation Officer. Burton brings over 25 years of experience, having significantly grown Rapid7's ARR from ~$150M to over $800M. Hoerig will now focus on product innovation and customer relationships.
Recent milestones for commercetools include being named a Leader in the IDC MarketScape report, launching a HIPAA-compliant solution, and introducing commercetools Foundry. The company saw +65% ARR growth in the Americas and a +45% YoY increase in GMV to over $30 billion in 2023. Burton is the third significant hire in the last 18 months, aiming to drive further growth and innovation.
Rapid7 (NASDAQ: RPD) will announce its second quarter 2024 financial results on August 6, 2024, after market close. The company, recognized for its expertise in extended risk and threat detection, will host a conference call at 4:30 p.m. ET on the same day to discuss the results and provide a business outlook. Interested parties can access the call via telephone or a live webcast, with details available on the company’s investor relations website.
Rapid7 (Nasdaq: RPD) has promoted three experienced sales leaders to General Manager positions in a new regional model aimed at enhancing customer engagement and driving sales efficiency. David Boffa will manage the Americas, David Howorth will lead EMEA, and Rob Dooley will be responsible for APAC. Each will oversee customer retention, expansion, and acquisition in their regions, reporting directly to CEO Corey Thomas. Additionally, Chief Customer Officer Larry D’Angelo will step down on July 12, 2024, and his role will not be replaced. Rapid7 anticipates second quarter 2024 Annualized Recurring Revenue (ARR) of $814 - $816 million, reflecting an 8-9% year-over-year increase, in line with expectations. Full results will be announced on August 6, 2024.
Rapid7, a leader in risk and threat detection, announced plans to acquire Noetic Cyber, a company specializing in Cyber Asset Attack Surface Management (CAASM). The acquisition aims to enhance Rapid7's security operations platform by providing better visibility of both internal and external assets, thus improving risk anticipation and management.
This strategic move is expected to aid security teams by offering a more comprehensive and searchable risk context, enhancing asset inventory management, and automating remediation. The transaction is anticipated to close in Rapid7's fiscal third quarter and will not significantly impact the company's 2024 Annualized Recurring Revenue (ARR).
8x8 (NASDAQ: EGHT), a leading provider of cloud contact center and unified communications platforms, has appointed Andrew Burton to its board of directors, effective June 17, 2024. Burton, currently President and COO at Rapid7 (NASDAQ: RPD), brings extensive experience in SaaS and technology, having led global teams in high-growth environments. His leadership spans go-to-market strategies, engineering, and operations. 8x8's CEO, Samuel Wilson, expressed enthusiasm for Burton's appointment, highlighting his expertise in innovative technology and product development. Following this appointment, 8x8's board now comprises seven members.
Rapid7 (NASDAQ: RPD) has upgraded its AI Engine with generative AI capabilities, enhancing its Managed Detection and Response (MDR) services. This AI Engine now integrates large language models to improve threat detection, alert triage, and incident response. The new capabilities help Rapid7's security operations center (SOC) quickly identify and mitigate threats, reducing false positives and enabling faster resolution. The SOC assistant, powered by this AI Engine, significantly increases the efficiency of Rapid7 analysts. The AI Engine processes over 4.8 trillion security events weekly, providing actionable insights and accelerating incident reporting. This technological advancement aims to deliver superior security services and maintain Rapid7's position as a leader in AI-driven cybersecurity solutions.
Rapid7's SIEM solution, InsightIDR, has been awarded Best SIEM Solution at the SC Awards Europe 2024, marking the second time it has received this honor, with the previous win in 2022.
InsightIDR is praised for its ability to manage hybrid attack surfaces with embedded intelligence, AI-powered detections, and automated responses. It is noted for its high fidelity threat library and its role in enhancing operational efficiency and reducing the need for multiple security products.
The SC Awards Europe evaluates products based on their ability to exceed customer expectations, with a panel of 29 judges from various industries.
Rapid7 (NASDAQ: RPD) has announced a collaboration with Comcast Business to support the new Comcast Business Managed Detection and Response (MDR) solution. This initiative leverages Rapid7’s security analytics and expertise to help enterprises of all sizes manage cyber threats. The MDR service combines technology and human expertise for threat hunting, monitoring, and incident response, allowing rapid threat identification and response without additional staffing. Rapid7's platform includes Next-Generation Antivirus (NGAV) and Ransomware Prevention, aimed at stopping malware and ransomware attacks early to minimize impact. Jeremiah Dewey, SVP at Rapid7, highlighted the combination of a 24/7 Security Operations Center and advanced SecOps technology in delivering superior threat detection and prevention.