What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-28 compared with 2024-02-26 · 94 added, 89 removed, 163 unchanged (53% of the section changed)

Rapid7 is a global cybersecurity software and services provider on a mission to offer customers greater clarity and control of their attack surface through our comprehensive and consolidated security offerings.

For more than twenty years, Rapid7 has partnered with customers across the globe representing a diverse range of industries and sizes to improve the efficacy and productivity of their security operations (“SecOps”).

Rapid7 is a global cybersecurity software and service provider on a mission to create a safer digital world by making cybersecurity simpler and more accessible.

For more than twenty years, Rapid7 has partnered with enterprises across the globe representing a diverse range of industries to improve the efficacy and productivity of their security operations (“SecOps”).

In today's rapidly evolving IT environment, customers are encountering escalating challenges due to the widening spectrum of attackers and techniques, including the proliferation of cyberattacks leveraging artificial intelligence (“AI”) and targeted automation.

To fortify their security posture, organizations will require greater visibility, advanced capabilities leveraging increased expertise, and integrated data to effectively anticipate, identify, and respond to threats.

Through our security operations platform, anchored on our cloud security, security information and event management (“SIEM”), advanced detection and response, and vulnerability management offerings, we believe that Rapid7 is poised to expand the capabilities of today's SecOps teams.

Rapid7 extends and expands the expertise of the Security Operations Center (“SOC") across information security, cloud operations, development, and IT teams, enabling them to better understand the attacker and leverage that information to take control of their fragmented attack surface.

We empower security professionals to manage a modern attack surface through our trusted AI infused technology, leading-edge research, and broad, strategic expertise.

Rapid7’s comprehensive security solutions help our global customers unite exposure management with threat detection and response to reduce attack surfaces and eliminate threats with speed and precision.

Our Command Platform is anchored on our cloud security, security information and event management (“SIEM”), advanced detection and response, and vulnerability management offerings.

Rapid7 enables the Security Operations Center (“SOC”) to understand their fragmented attack surface with attacker perspective, allowing them to proactively secure their attack surface and better detect and respond to threats.

Enriched by years of managed services expertise, our integrated security operations platform enables SecOps teams to move away from a reactive approach, reduce their attack surface, and enhance response efficiency with a deep contextual understanding of their environment.

4 unchanged sentences

As the threat landscape continues to grow in complexity, customers are demonstrating demand for integrated expertise to support them in effectively managing their security technologies.

The convergence of these key trends – security consolidation, integrated cloud security, and expertise driven outcomes – are the foundation of what we view as the new extended SOC.

Our focus is to be the leading provider of integrated security solutions for the extended SOC by providing risk and threat management within the context of overall security.

The convergence of these key trends – security consolidation, integrated cloud security, and expertise driven outcomes – are the foundation of what our customers require for the modern SOC.

Our focus is to be the leading provider of integrated security operations solutions by providing exposure and threat management that leverages our ability to give customers command of their attack surface.

As of December 31, 2024, we had more than 11,700 customers that rely on Rapid7 technology, services, and research to improve security outcomes and securely advance their organizations.

We have experienced strong revenue growth with revenue increasing from $326.9 million in 2019 to $777.7 million in 2023, representing a 24% compound annual growth rate.

Revenue has increased from $411.5 million in 2020 to $844.0 million in 2024, representing a 20% compound annual growth rate.

In 2024, 2023 and 2022 recurring revenue, defined as revenue from term software licenses, content subscriptions, managed services, cloud-based subscriptions and maintenance and support, was 96%, 95% and 94%, respectively, of total revenue.

We incurred net losses of $149.3 million, $124.7 million and $146.3 million in 2023, 2022 and 2021, respectively, as we continued to invest for long-term growth.

Our extended SOC platform provides a high level of scalability and combines integrated technology, managed services, threat intelligence, and threat-aware risk context, enabling us to anticipate, detect, and promptly respond to threats once identified.

The platform was built using our extensive experience in collecting and analyzing data from diverse sources, including multi-cloud platforms, applications, endpoints and networks, to enable our customers to create and manage analytics-driven cybersecurity risk management programs.

By utilizing our powerful proprietary analytics to assess and understand the context and relationships related to users, IT assets and cyber threats within a customer’s environment, our solutions make it easier for teams to identify and remediate vulnerabilities, monitor for misconfigurations and malicious behavior, investigate and shutdown attacks, and automate operations.

Ta ble of Contents

We achieved net income of $25.5 million in 2024 and incurred net losses of $152.8 million and $124.7 million in 2023 and 2022, respectively, as we continued to invest for long-term growth.

Rapid7’s Command Platform is a unified threat exposure, detection and response platform that allows SecOps teams to integrate their critical security data by providing a unified view of vulnerabilities, exposures, and threats from endpoint to cloud to close security gaps and prevent attacks.

By integrating native cloud, on premises and security monitoring data and correlating it with an organization’s ecosystem of IT and business data, the Command Platform provides visibility of a customer’s attack surface.

By providing the means to confidently discover, identify, prioritize and remediate risk, detect threats, and respond, the fully-integrated, AI-enabled platform gives SecOps teams greater visibility they can trust.

Our Command Platform is delivered via integrated technology, managed services, threat intelligence, and threat-aware risk context, enabling us to anticipate, detect, and promptly respond to threats once identified.

The platform was built using our extensive experience in collecting and analyzing data from diverse sources, including multi-cloud platforms, applications, endpoints and networks, and thus enables our customers to create and manage analytics-driven cybersecurity risk management programs.

By utilizing our powerful proprietary analytics to assess and understand the context and relationships related to users, IT assets and cyber threats within a customer’s environment, our solutions make it faster and easier for teams to identify and remediate vulnerabilities, monitor for misconfigurations and malicious behavior, investigate and shutdown attacks, and automate operations.

Endpoint to Cloud Data Collection and Sharing

In response to our customers’ expanding digital footprints, we have invested in our capacity to gather, standardize, enrich, and correlate diverse telemetry within our platform.

Our cloud architecture utilizes a combination of native collection technologies and application programming interfaces, and third-party event sources, to scale in alignment with the digital transformation occurring within our customers’ organizations.

Our cloud architecture utilizes a combination of native collection technologies and application programming interfaces as well as third-party event sources to scale in alignment with the digital transformation occurring within our customers’ organizations.

• Rapid7 Insight Agent:

Our universal endpoint agent, the Insight Agent, is a lightweight, software-based agent which can be installed on assets across on-premises and cloud environments to centralize and monitor data on our platform.

This single agent enables a number of impactful use cases across the platform, including next-gen antivirus (“NGAV”), vulnerability scanning, endpoint detections, investigation and forensic search capabilities, and threat containment.

This single agent enables a number of impactful use cases across the platform, including next-generation antivirus (“NGAV”), vulnerability scanning, endpoint detections, investigation and forensic search capabilities, and threat containment.

• Rapid7 Insight Network Sensor:

9 unchanged sentences

Our Offerings

Our consolidation offerings combine our compelling platform technology and lean into vendor consolidation as well as the prioritization of security budgets around critical spending areas.

• Rapid7 Managed Threat Complete (“MTC”) is our flagship offering and unifies the leading detection and response of Rapid7 Managed Detection and Response (“MDR”) and the robust exposure management of Rapid7 Managed Vulnerability Management (“MVM”) to manage customers’ most imminent risks, pinpoint and eliminate threats as early as possible, and build resiliency for their future.

In addition to our MDR solution, customers purchasing MTC receive unlimited vulnerability management to minimize the potential of an attack and unlimited incident response which leverages our deep forensics capabilities.

Customers are also able to add NGAV which delivers high-fidelity prevention against both known static threats and suspicious behavior before they execute, or Managed Digital Risk Protection (“MDRP”), which searches for potential threats from stolen or leaked data and phishing attempts.

Offerings are consumed via our platform and delivered as either Software-as-a-Service (“SaaS”) solutions, managed services or professional services.

Customers can consume consolidated software and/or managed service offerings that combine leading capabilities and lean into vendor consolidation to maximize security budgets.

Detection and Response

• Managed Threat Complete (“MTC”) is our flagship offering that unifies Managed Detection and Response (“MDR”) and the robust exposure management of Managed Vulnerability Management (“MVM”) delivered via a shared agent to prevent attacks across the kill chain, pinpoint advanced threats wherever they are, and respond confidently with unlimited incident response from an always-on MDR.

MDR delivers end-to-end threat detection and response, encompassing 24x7 monitoring to incident containment to breach response.

• MVM offloads day-to-day VM operations to experts and extends coverage across the attack surface.

• Rapid7 Threat Complete unifies Rapid7 InsightIDR (“InsightIDR”) and Rapid7 InsightVM (“InsightVM”) to provide complete risk and threat coverage in a single offering.

Customers are also able to add NGAV which delivers high-fidelity prevention against both known static threats and suspicious behavior, or Managed Digital Risk Protection (“MDRP”), which searches for potential threats from stolen or leaked data and phishing attempts.

• Threat Complete unifies InsightIDR (“InsightIDR”) and InsightVM (“InsightVM”) to provide vulnerability management and threat coverage in a single offering.

Using a shared agent, customers receive clarity and higher-efficacy detection coverage around priority vulnerabilities, enabling them to eliminate risks and threats faster across their environments.

• InsightIDR is a next-generation SIEM and extended detection and response (“XDR”) solution that delivers highly efficient, accelerated detection and response.

• InsightVM is a vulnerability management solution that provides visibility across on-premise and remote endpoints, enabling security teams to evaluate the business risk of vulnerabilities and configurations and share with their IT counterparts for remediation.

• Rapid7 Cloud Risk Complete (“CRC”) combines the power of Rapid7 InsightCloudSec (“InsightCloudSec”), InsightVM, and for CRC advanced customers, Rapid7 InsightAppSec (“InsightAppSec”) to manage risk across hybrid environments.

Our “Executive Risk View” dashboard provides extensive visibility, enabling users to clearly understand, communicate, and prioritize risk.

With a single subscription, organizations can secure hybrid environments

Ta ble of Contents

from development to production;

detect and address risk across endpoints, cloud workloads, and traditional infrastructure;

and perform dynamic application security testing to remediate application risk.

• InsightCloudSec is a cloud risk and compliance management solution that provides cloud native application protection platform capabilities and enables organizations to securely accelerate cloud adoption with continuous security and compliance throughout the entire software development lifecycle.

• InsightAppSec is a dynamic application security testing tool, delivered via the cloud, that combines powerful application crawling and attack capabilities, flexibility in scan and scheduling, and accuracy in results with a modern user interface, intuitive workflows, and sensible data organization.

In addition to our consolidation offerings, we individually offer each of our platform solutions, including InsightIDR, InsightCloudSec, InsightIVM, InsightsAppSec, InsightConnect and Rapid7 Threat Command.

• InsightIDR is a next-generation Security Information and Event Management (“ SIEM”) and Extended Detection and Response (“XDR”) solution with high-fidelity detections that eliminate alert noise to pinpoint incidents and accelerate response with expert recommendations and automation.

• Incident Response Services are proactive and responsive professional services to help customers prepare and respond to potential breaches.

Exposure Management

• Exposure Command is an exposure management offering that provides attack surface visibility with proactive exposure mitigation and remediation prioritization optimized for hybrid environments.

Customers with advanced cloud security use cases can purchase Exposure Command Advanced to provide strong security for workloads leveraging real-time visibility, identity analysis, and automated remediation.

The code-to-cloud protection also includes continuous web-app scanning and expanded risk coverage.

• Surface Command is the most accessible Cyber Asset Attack Service Management (“CAASM”) solution in the market providing customers a 360° attack surface view they can trust to detect and prioritize security issues from endpoint to cloud.

• Vector Command is a continuous red-teaming service that validates the external attack surface exposures and tests defenses with continuous red team operations to provide trusted insights into the exposures that matter.

• InsightCloudSec is a cloud risk and compliance management solution that provides Cloud-Native Application Protection Platform (“CNAPP”) capabilities and enables organizations to securely accelerate cloud adoption with continuous security and compliance throughout the software development lifecycle.

• InsightVM is a Vulnerability Management (“VM”) solution that provides visibility across on-premise and remote endpoints, enabling security teams to evaluate the business risk of vulnerabilities and configurations and share with their IT counterparts for remediation.

• InsightAppSec is a Dynamic Application Security Testing (“DAST”) tool, delivered via the cloud, that combines powerful application crawling and attack capabilities, flexibility in scan and scheduling, and accuracy in results with a modern user interface, intuitive workflows, and sensible data organization.

• Managed VM offloads day-to-day VM operations to experts and extends coverage across the attack surface.

• Managed AppSec provides guidance from a dedicated security advisor and AppSec experts to validate application test results, reduce noise for the AppSec team assessing results, and save time for developers remediating issues.

• Penetration Testing is professional services that assess the modern attack surface for exposures with offerings covering internal and external networks, web applications, mobile applications, Internet of Things, wireless network testing, social engineering and red team attack simulation.

Our platform products are available globally and reduce the need for customers to manage a large, complex, data infrastructure.

To complement our products, we offer a range of standalone managed services, including MDR, MVM, MDRP and Rapid7 Managed Application Security, based on our software solutions, and professional services, including penetration testing services, incident response services, security advisory services, and deployment and training.

Our managed services are delivered out of our SOC’s located in the U.S., Ireland, Australia and the Czech Republic.

Each of these SOC’s consist of security analysts, threat engineers, incident responders and customer advisors that provide full-lifecycle support for our global managed services customers.

Customers can add expertise via our managed services delivered out of our SOCs located in the U.S., Ireland, Australia and the Czech Republic.

Each of these SOCs is staffed with security analysts, threat engineers, incident responders and customer advisors that provide full-lifecycle support for our global managed services customers.

Our Growth Strategy

1 unchanged sentence

The main drivers of our growth strategy are:

• Continued investments in product development:

• Continued investments in product innovation:

We intend to continue to invest in our product development to enhance our platform and deliver additional features to meet customer demand and grow our addressable markets.

• Expanding Strategic Partnerships:

• Expand our partner ecosystem

• Strategic Partnerships:

By expanding our strategic partnerships with system integrators we enable our customers to succeed with our technology and platform in their ecosystem and deliver more value from their security operations program.

Recent technology alliances that drive this experience include ServiceNow, Microsoft, AWS, GCP and Palo Alto Networks.

• Channel Partners:

We maintain a global channel partner network that complements our sales organization, particularly in Europe, the Middle East and Africa (“EMEA”), and Asia Pacific (“APAC”).

We have established strong co-sell relationships with strategic channel partners, who provide additional leverage through customer acquisition, deal execution and providing value in securing renewals.

We are focused on expanding our public cloud marketplace motion to support our customers’ move to those models.

We will continue to invest in partner models that enable us to create long-term customer value.

• Managed Security Service Providers (“MSSPs”):

Our platform products enable MSSPs to expand existing services to include detection and response (XDR/SIEM/MDR), vulnerability management, cloud security, threat intelligence, and application security.

These relationships also allow us to leverage MSSP expertise to further expand our customer outreach.

• Grow our customer base:

3 unchanged sentences

We see significant opportunities to deepen our relationship with our existing customers.

With a strong focus on customer experience, satisfaction, and the value proposition of our platform, we intend to expand customers' usage of products they own (upsell) and help them adopt additional products (cross-sell).

(cross-sell).

Our platform consolidation offerings are helping our customers maximize their budgets and giving them command of their attack surface, becoming our most dominant customer acquisition and expansion motions.

• Further strengthen our customer renewal rate:

• Strengthen our customer renewal rate:

We intend to continue to drive customer satisfaction and renewals by offering professional services, support, and strong investments in customer success functions.

Our customer success teams provide expertise to help our customers realize exceptional value and improve their security outcomes, leading to higher customer satisfaction.

• Managed Security Service Providers (“MSSPs”):

These relationships also allow us to leverage MSSP expertise to further expand our customer outreach.

• Channel partner ecosystem continued investment:

We maintain a global channel partner network that complements our sales organization, particularly in Europe, the Middle East and Africa (“EMEA”);

and Asia Pacific (“APAC”).

We are focused on expanding our public cloud marketplace motion to support our customers’ move to those models.

We will continue to invest in partner models that enable us to create long term customer value.

• International expansion:

1 unchanged sentence

These include investments in infrastructure, sales and marketing, and strategic partnerships.

Ta ble of Contents

• Strategic M&A:

We have and may continue to make acquisitions that enhance the value of our Insight Platform and bolster our ability to solve emerging customer challenges, allowing us to deliver on the vision of becoming the SecOps leader.

We have and may continue to make acquisitions that enhance the value of our Command Platform and bolster our ability to solve emerging customer challenges, allowing us to deliver on the vision of becoming the SecOps leader.

Research & Development

10 unchanged sentences

Belfast, Northern Ireland;

and Tel Aviv, Israel, providing us with exposure to worldwide engineering talent.

We are also establishing a new development and service center in Prague, Czech Republic that we anticipate will continue to grow over the next year.

Tel Aviv, Israel;

and Prague, Czech Republic, providing us with exposure to worldwide engineering talent.

Open Source Community

1 unchanged sentence

Leveraging threat intelligence from our free and open-source projects, we continuously enhance our products and services to improve the customer experience.

Our open source projects that serve the community and enrich our offerings include:

• Metasploit:

1 unchanged sentence

The Metasploit community also provides us with visibility into new cyber attacks as they occur and a deeper understanding of attacker behaviors.

• Velociraptor:

Velociraptor is a unique, advanced open-source endpoint monitoring, digital forensic and cyber response platform.

It provides you with the ability to more effectively respond to a wide range of digital forensic and cyber-incident response investigations and data breaches.

• AttackerKB:

The AttackerKB was created in 2020 as a forum for the security community to discuss, analyze, and prioritize threats.

This community-driven platform empowers security professionals to exchange information about vulnerabilities so they can better understand the impact and likelihood of being exploited.

• Project Lorelei:

2 unchanged sentences

We conduct internet-wide scans across many services and protocols to gain insight into global exposures and vulnerabilities and collect data for platform analytics and preparation of core research reports.

• Velociraptor Open Source Digital Forensic and Incident Response ("DFIR"):

Velociraptor is an open-source endpoint monitoring, digital forensic and cyber response platform.

It was developed by DFIR professionals as an efficient way to hunt for specific artifacts and monitor activities across fleets of endpoints.

Threat Intelligence and Detections Engineering

Rapid7’s threat content library leverages unique raw threat from our open source communities, as well as expertly vetted third- party intelligence, and insights from across our platform, to provide customers with a curated repository of detections and emergent threat coverage.

With a combination of proprietary AI-driven detections and indicators of compromise mapped to the MITRE framework, our detection content spans both known and unknown threats across the threat life cycle.

When analyzed against the diverse telemetry data, this content enables us to pinpoint threats across endpoints, network, users, cloud, and customers’ wider ecosystem.

With a combination of proprietary AI-driven detections and indicators of compromise mapped to the ATT&CK Framework (public resource that maps adversary tactics, techniques and procedures), our detection content spans both known and unknown threats across the threat life cycle.

When analyzed against the diverse telemetry data, this content

enables us to pinpoint threats across endpoints, network, users, cloud, and customers’ wider ecosystem.

This library is leveraged by our Rapid7 MDR services as well as within our InsightIDR technology, meaning alerts are vetted in the field by our security experts, offering a feedback loop and ensuring strong signal-to-noise alerting.

Professional Services

Our professional services offerings include, but are not limited to, Penetration Testing, Cybersecurity Maturity Assessments, Security & Incident Response Program Development Services, Internet of Things & Internet Embedded Device testing as well as Threat Modeling, TableTop Exercises and Incident Response services.

Our professional services offerings include, but are not limited to:

Penetration Testing, Cybersecurity Maturity Assessments, Security & Incident Response Program Development Services, Internet of Things & Internet Embedded Device testing as well as Threat Modeling, TableTop Exercises and Incident Response services.

In addition, we offer deployment and training services related to our platform to further help customers operationalize and customize their platform experience.

By accessing our security talent, we help organizations develop an approach and road map to further mature and strengthen their security programs.

Ta ble of Contents

Our Customers

Our customer base has grown from approximately 10,000 customers at the end of 2021 to more than 11,500 customers as of December 31, 2023, in 151 countries, including 40% of the organizations in the Fortune 100.

We define a customer as any entity that has an active Rapid7 recurring revenue contract as of the specified measurement date, excluding only InsightOps and Logentries customers with a contract value less than $2,400 per year.

Our customers span a wide variety of industries including manufacturing, financial services, healthcare and life sciences, retail, technology, government, media and entertainment, energy, education, transportation, real estate, and other professional services, with customers in the manufacturing industry representing our largest industry in 2023 at 15% of our revenue.

As of December 31, 2024, we had more than 11,700 customers in 147 countries, including 43% of the organizations in the Fortune 100.

We define a customer as any entity that has an active Rapid7 recurring revenue contract as of the specified measurement date, excluding customers of only InsightOps or Logentries that have a contract value of less than $2,400 per year.

Our customers span a wide variety of industries including technology, energy, financial services, healthcare and life sciences, manufacturing, media and entertainment, retail, education, real estate, transportation, government and professional services, with customers in the manufacturing industry representing our largest industry in 2024 at 15% of our revenue.

In 2024, 43% of our revenue was generated from enterprises, which we define as organizations that have either annual revenue greater than $1.0 billion or more than 2,500 employees, and the balance was generated from middle-market and small organizations.

Our revenue is not concentrated with any individual customer, with no customers representing more than 1% of our revenue in 2023, 2022 or 2021.

Our revenue is not concentrated with any individual customer, and no customer represented more than 1% of our revenue in 2024, 2023 or 2022.

Our Competition

1 unchanged sentence

We primarily compete with established and emerging security product vendors, including the following:

• large companies that incorporate security features into their products;

• large companies that incorporate security products into their products;

• XDR and SIEM vendors;

15 unchanged sentences

We may face future competition in our markets from other large, established companies, as well as from emerging companies.

In addition, we expect that there is likely to be continued consolidation in our industry that could lead to increased price competition and other forms of competition.

In addition, we expect that there is likely to be continued consolidation in our industry that could

lead to increased price competition and other forms of competition.

With the introduction of new technologies, the evolution of our offerings and new market entrants, we expect competition to intensify in the future.

4 unchanged sentences

We are subject to various federal, state and international laws and regulations that affect our business, including those relating to the privacy and security of customer and employee personal information and export or import of our products to certain countries, governments or entities.

Additional laws in all of these areas are likely to be passed in the future, which could result

Ta ble of Contents

in significant limitations on or changes to the ways in which we can collect, use, host, store or transmit the personal information and data of our customers or employees, communicate with our customers, and deliver products and services, which may significantly increase our compliance costs.

Additional laws in all of these areas are likely to be passed in the future, which could result in significant limitations on or changes to the ways in which we can collect, use, host, store or transmit the personal information and data of our customers or employees, communicate with our customers, and deliver products and services, which may significantly increase our compliance costs.

Intellectual Property

1 unchanged sentence

To safeguard these rights, we rely on a combination of patents, trademarks, copyrights, trade secrets, employee and third-party nondisclosure agreements, licensing arrangements and other contractual protections to protect our intellectual property in the United States and other jurisdictions.

We have over two hundred issued patents and a number of registered and unregistered trademarks.

We have over two hundred and fifty issued patents and a numb er of registered and unregistered trademarks.

The standard length of our patents is 20 years and while the grant dates of our patents vary, we believe that the duration of our issued patents is sufficient when considering the expected lives of our products.

18 unchanged sentences

We believe that a compensation program with both short-term and long-term awards provides fair and competitive compensation and aligns employee and stockholder interests, including by incentivizing business and individual performance (pay for performance), motivating based on long-term company performance and integrating compensation with our business plans.

In addition to cash and equity compensation, we also offer employees a wide array of benefits such as life and health (medical, dental and vision) insurance, travel benefits, paid time off and retirement benefits for all eligible full-time employees, We also provide emotional well-being services through our Employee Assistance Program.

We also provide emotional well-being services through our Employee Assistance Program.

All high performing employees globally are eligible to receive equity under our 2015 Equity Incentive Plan (the “2015 Plan”).

4 unchanged sentences

We have evolved to a hybrid-first model, in which our employees who are assigned to an office can divide their time between the office and home.

We are often iterating our approach to ensure we are balancing the needs of the business with the desires of our people, but remain committed to our view that offices remain a vital environment for fostering mentorship, career

Ta ble of Contents

development and collaboration.

Additionally, we believe gathering in person allows our people to foster stronger relationships and trust, and helps to contribute to our great work culture.

Additionally, we believe gathering in person allows our people to foster stronger relationships and trust, and helps to contribute to our great work culture, evidenced by Rapid7’s thirteen consecutive years of recognition as a Best Place to Work in Boston and achieving similar recognition in other locations where we operate.

We build this culture, in part, through the feedback we receive from our employees through surveys, as well as informal feedback channels throughout the year.

Talent Development

We believe in investing in the growth and development of all of our employees.

“Never Done” is one of our core values, and our employees take advantage of a myriad of opportunities for continuous learning, both through internal training and development experiences, on-demand learning modules, and access to content-specific curriculum based on need and interest.

“Never Done” is one of our core values, and our employees take advantage of a myriad of opportunities for continuous learning, both through internal training and development experiences, on-demand learning modules, and access to a content-specific curriculum based on need and interest.

We have designed and implemented learning experiences for our employees at every stage of their careers.

including personalized leadership development experiences that build capabilities for both non-technical and technical leaders and managers at each stage of the leadership journey.

These experiences align to our core values and promote the leadership skills and behaviors we believe are critical to the success of our mission, customers, and development of our people.

These experiences align with our core values and promote the leadership skills and behaviors we believe are critical to the success of our mission, customers, and the development of our people.

As a supporter of internal career growth, we actively mentor and invest in the pipeline of our future leaders.

1 unchanged sentence

To supplement our internal learning experiences, as well as provide opportunities for independent study, employees have access to online education tools, including a digital library, to build the necessary skills to pursue additional certifications related to one’s role.

To further invest in the future of cybersecurity and to deliver on our company mission, we created a platform that includes the most recent product training materials, as well as makes certification exams available at zero cost.

Electronic certificates can be published to an employee’s LinkedIn professional profile, and the CPEs associated with the exam and learning materials help cybersecurity professionals maintain their minimum “continuing development” points for their professional certifications such as Certified Information Systems Security Professional, Global Information Assurance Certification and Certified Professional Hacker.

To further invest in the future of cybersecurity and to deliver on our company mission, we created a platform that includes the most recent product training materials and makes certification exams available at zero cost.

Electronic certificates can be published to an employee’s LinkedIn professional profile, and the Continuing Professional Education (“CPEs”) associated with the exam and learning materials help cybersecurity professionals maintain their minimum “continuing development” points for their professional certifications such as Certified Information Systems Security Professional, Global Information Assurance Certification and Certified Professional Hacker.

We believe our investment in these resources, along with flexible working environments, will support our employees in their pursuit of lifelong learning.

5 unchanged sentences

Our commitment extends beyond just words - it is an ongoing investment that is visible in our partnerships, yearly programming, internal events, training and development and available resources.

Over the past year we have made significant progress on internal programming and support, which in turn allowed us for the first time to be featured on the Human Rights Campaign Equality Index.

Our employee resource groups offered roundtables and educational sessions focused on embracing identity, navigating difficult conversations, building a personal brand and reputation, advocating for yourself, celebrating and supporting those who are neurodivergent and more.

We welcomed the launch of our newest employee resource group established to create intentional space for those identifying as LatinX and/or Hispanic.

We continue to offer our comprehensive e-learning program on diversity, equity, and inclusion, for all new hires.

Our efforts also extended to our global talent acquisition teams, holding in-person and virtual training, focused on leveraging the key tenets of cultural competency to support our ongoing efforts to build multidimensional talent pipelines.

In addition, all our employees now have access to education geared toward collaborating with supporting neurodivergent team members.

Over the past year, we have made significant strides in fostering cultural agility, competency, and inclusive programming that nurtures a sense of belonging for all employees.

Our continued efforts include comprehensive e-learning on the fundamentals of inclusion for all new hires, ensuring that every team member begins their journey equipped with foundational knowledge.

We continue to invest in expanding education and training initiatives focused on the principles of inclusive leadership and effectively managing global teams, providing leaders with the tools to navigate complexity and foster collaboration.

Complementing these efforts, our Employee Resource Groups have hosted sessions aimed at leadership development, deepening understanding of different lived experiences, broadening cultural awareness, and creating opportunities for employees to connect, learn, and grow.

We remain committed to investing in partnerships that align with our corporate values and advance our mission of building multidimensional teams reflective of the global population we support.

Community Involvement & The Rapid7 Cybersecurity Foundation

4 unchanged sentences

The Foundation’s mission, which aligns closely to that of Rapid7, is to promote a more diverse and inclusive cyber workforce and advance security by supporting cybersecurity programs and solutions that are free and open.

These include, among others, Hack.Diversity, the Cyber Peace Institute and its program Cyber Peace Builders and Cyversity.

After seeding the Foundation with an initial contribution of $1.0 million in 2021, Rapid7 continued its support of the Foundation with an additional investment of $0.5 million in 2022.

These include, among others, Hack.Diversity, Mass Cyber Center and Cyversity.

After seeding the Foundation with an initial contribution of $1.0 million in 2021, Rapid7 continued its support of the Foundation with an aggregate additional investment of $1.0 million between 2022 and 2024.

In February 2023, Rapid7 and its Foundation announced a multi-year partnership and a $1.5 million dollar commitment to create the Rapid7 Cyber Threat Intelligence Lab at the University of South Florida (“USF”).

The goal of the interdisciplinary lab at USF is to catalyze new collaborative research efforts in cyber threat detection, track malicious threat actors through an extensive sensor network, support an inclusive approach to diverse talent development in cybersecurity, and serve as a hub for thought leadership and community-engaged programming both locally and within the global cybersecurity industry.

Ta ble of Contents

Corporate Information

9 unchanged sentences

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to these reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, are made available free of charge on or through our website at investors.rapid7.com as soon as reasonably practicable after such reports are filed with, or furnished to, the SEC.

Ta ble of Contents

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business