Posted on Tuesday, Mar 23rd 2021
Rapid7 (NASDAQ:RPD), a leading provider of security analytics and automation, recently announced its long-term plans. The company is targeting an annual revenue run rate of more than $1 billion by 2025. It is looking to acquisitions and partnerships to help drive this significant growth.
Rapid7’s revenues for the fourth quarter grew 23.5% to $113.16 million, ahead of the market’s expectations of $108.79 million. Non GAAP net loss was $3.7 million or $0.07 per share compared with the Street’s forecast of a loss of $0.08 per share. Total ARR grew 28% to $432.9 million.
By segment, revenues from products grew 25.8% to $104.4 million and professional services revenues grew 1.4% to $8.8 million.
By region, revenues from North America grew 23% to $93.8 million and the Rest of the World revenues grew 26% to $19.4 million.
For the full year, revenues grew 26% to $411.5 million and loss was $0.10 per share.
For the first quarter, Rapid7 forecast revenues of $113.2-$114.8 million with a loss of $0.08-$0.06 per share. The Street was looking for revenues of $111.82 million and a loss of $0.04 per share. Rapid7 expects to end the current year with revenues of $488-$496 million and earnings of $(0.03) to $0.04 per share. The market had forecast revenues of $482.87 million with earnings of $0.15 per share.
During the quarter, Rapid7 announced the acquisition of Tel Aviv-based Alcide for an undisclosed amount. Prior to the acquisition, Alcide had raised $12.3 million in four rounds of funding from investors Elron Electronic Industries, Intel Capital, and CE Ventures (CEIIF). Founded in 2016 by Gadi Naor and Ranny Nachmias, Alcide is a Kubernetes network security leader that empowers DevOps and security teams to protect and secure their Kubernetes deployments.
The acquisition will allow Rapid7 to expand and strengthen its cloud security offering. It plans to combine Alcide’s cloud workload protection capabilities with Rapid7’s cloud security posture management and infrastructure entitlements capabilities to provide customers with a unified and holistic experience for controlling the challenges with cloud-native application security.
Besides acquisitions, Rapid7 continues to expand its partner portfolio. It recently announced a strategic partnership with SCADAfence, an industrial cybersecurity leader, that provides deep visibility into Operational Technology (OT) assets in hybrid environments. As part of the partnership, the customers of both companies will be able to assess their infrastructure, inclusive of OT assets, and get advanced prioritization of risks based on both endpoint and network-based exposures.
During the last few quarters, Rapid7 has been
diversifying its presence from core vulnerability management solutions to a broader Security Ops platform that includes Cloud Security, SIEM, Threat Detection, and Response. It is targeting a 2025 ARR of more than $1 billion for its opportunities. For fiscal 2020, 55% of new ARR came from its non-vulnerability management services. Besides investing in product development in the SecOps segment, cross-selling within its existing customer base will also offer it a stronger ground to grow. Its products are being recognized well in the market as well. Recently Rapid7 was named a Strong Performer in the Forrester Wave: Security Analytics, Q4 2020 report.
Its stock is trading at $78.03 with a market capitalization of $4.11 billion. It had peaked at a record of $94.60 in February. It hit a 52-week low of $35.36 in March last year.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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