BOSTON, March 15, 2023 (GLOBE NEWSWIRE) — Rapid7, Inc. (NASDAQ: RPD), a leader in cloud risk and threat detection, today announced it has acquired Minerva Labs, Ltd., a leading provider of anti–evasion and ransomware prevention technology. Today, Rapid7's Managed Detection and Response (MDR) services provide customers elevated detection and response capabilities across their cloud, on–premise and extended attack surfaces. With this acquisition, Rapid7 will further extend its leading managed threat detection capabilities with the ability to orchestrate advanced ransomware prevention. These new capabilities will seamlessly extend MDR across cloud resources, traditional infrastructure, and existing endpoint protection infrastructure, enabling customers to further consolidate their security investments.
With a growing attack landscape and the increasing pervasiveness of ransomware, organizations need to take a holistic and pragmatic approach to detection and response. In order to achieve best–in–class threat detection, security programs will benefit from leveraging seamless access to telemetry across their attack surface and technology consolidation that drives more effective threat response.
"Driving efficiency and maximizing security investments is critical in order for organizations to stay ahead of increasingly evasive and creative attacks," said Jeremiah Dewey, senior vice president, managed services delivery at Rapid7. "Today, our MDR customers benefit from our proprietary detection and response technology, a fully integrated, world–class team of 24×7 security engineers, and leading security data science to detect, assess and respond to emerging threats. With Minerva, we are further extending our MDR capabilities with more advanced anti–evasion and malware prevention and orchestration from the endpoint to the cloud, as well as providing seamless support of existing, leading endpoint protection infrastructure. We are thrilled to welcome Minerva to Rapid7 and continue providing our customers and partners with a world–class MDR service and the opportunity for further technology and security operations consolidation."
"Today is a monumental day for Minerva," said Eddy Bobritsky, co–founder and CEO of Minerva Labs. "We've worked tirelessly to create technology that combats ransomware and puts the power back in the hands of organizations. We are excited to join Rapid7 to continue this journey and integrate our technology into Rapid7's industry–leading managed detection and response capabilities."
Minerva Labs was co–founded in 2014 by Eddy Bobritsky and Erez Breiman to help organizations mitigate the risks associated with ransomware. Minerva's technology provides multi–layer prevention by neutralizing and preventing malicious activity before execution, while also enabling more agility to integrate with third–party endpoint protection solutions.
Transaction Details
Under the terms of the agreement, Rapid7 will pay approximately $38 million in cash and stock to acquire Minerva Labs, Ltd., subject to certain adjustments. The acquisition of Minerva is not expected to have a material financial impact to Rapid7's Annualized Recurring Revenue growth, revenue, non–GAAP operating income, and non–GAAP net income per share for calendar year 2023, as guided on February 8, 2023.
About Rapid7
Rapid7, Inc. (Nasdaq: RPD) is on a mission to create a safer digital world by making cybersecurity simpler and more accessible. We empower security professionals to manage a modern attack surface through our best–in–class technology, leading–edge research, and broad, strategic expertise. Rapid7's comprehensive security solutions help more than 10,000 global customers unite cloud risk management and threat detection to reduce attack surfaces and eliminate threats with speed and precision. For more information, visit our website, check out our blog, or follow us on LinkedIn or Twitter.
Cautionary Language Concerning Forward–Looking Statements
This press release includes forward–looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward–looking statements include, but are not limited to, the statements regarding our expectations for the acquisition of Minerva (the "Acquisition"), anticipated financial impacts of the Acquisition, our future performance, growth and operating leverage, and the ability of our solutions to drive profitable, sustainable growth. Our use of the words "anticipate," "believe," "estimate," "expect," "intend," "may," "will" and similar expressions are intended to identify forward–looking statements. The events described in our forward–looking statements are subject to a number of risks and uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward–looking statements. Risks that could cause or contribute to such differences include, but are not limited to, the ability to recognize the anticipated benefits of the Acquisition, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably and retain its key employees, costs related to the Acquisition, growing macroeconomic uncertainty, unstable market and economic conditions, fluctuations in our quarterly results, risks arising from the ongoing COVID–19 pandemic, failure to meet our publicly announced guidance or other expectations about our business, our ability to sustain our revenue growth rate, the ability of our products and professional services to correctly detect vulnerabilities, our customers renewal of their subscriptions with us, competition in the markets in which we operate, market growth, our ability to innovate and manage our growth, our sales cycles, our ability to integrate acquired companies, and our ability to operate in compliance with applicable laws as well as other risks and uncertainties set forth in the "Risk Factors" section of our most recent Quarterly Report on Form 10–K filed with the Securities and Exchange Commission (the "SEC") on February 24, 2023 and in the subsequent reports that we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from rapid7.com those expressed in any forward–looking statements we may make. Except as required by law, we undertake no obligation to update any forward–looking statements to reflect events or circumstances after the date of such statements. You should, therefore, not rely on these forward–looking statements as representing our views as of any date subsequent to the date of this press release.
Press Contact:
Caitlin O'Connor
Corporate Communications
press@rapid7.com
Investor Contact:
Sunil Shah
Vice President, Investor Relations
investors@rapid7.com
(617) 865–4277
GLOBENEWSWIRE (Distribution ID 8789149)
Euro Exchange Rate