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Continuing its momentum from Q1, Rapid7 experienced a 75 percent increase in revenue in the first half of 2011 compared to the first six months of 2010, supported by key employee additions and notable industry recognition. In addition, the Company accelerated international expansion through 35 new channel partners worldwide and a new local team in the UK.
“This first half of 2011 has been very eventful for the information security industry, with a number of high-profile data breaches highlighting the need for better security risk intelligence in organizations. Rapid7 has been able to grow and report record revenue during this period by establishing itself as a trusted partner that customers can turn to in challenging times,” said Mike Tuchen, president and CEO of Rapid7. “Our customers depend on the accurate and actionable security risk intelligence that our solutions provide, and we are laser-focused on delivering products, services and expertise that help to keep our customers one step ahead of security threats.”
During the second quarter, Rapid7 drove international expansion by building stronger partner relationships and growing channel programs, signing 35 new partners around the globe, including North America, Asia, Europe, Central and South America. As a result, the Company reported record revenue from its channel for Q2 2011, growing 215% over the same period in 2010. In recognition of this success, Rapid7’s channel lead, Glenn Williamson was promoted to regional vice president of international sales.
The company signed 15 new channel partners in EMEA alone and launched its first European office to support the growing international demand for security risk intelligence solutions. The new Rapid7 team in London will support customers and partners across the UK and EMEA, working with recently signed local partners including Okta8, Provangel, CYFOR and Calibre Networks.
“We chose to work with Rapid7 because of its unique offering of a truly integrated vulnerability management and penetration testing platform and have been really pleased with the instant success we’ve seen from the partnership,” said Joss Ings-Chambers, director of Okta8. “Organizations want to understand their risk environment without losing productivity, and Rapid7’s innovative solutions meet our customers’ most critical needs by offering maximum value and ease-of-use for testing, validation, remediation and reporting.”
The Company also expanded into Asia, establishing partnerships with several channel partners in the region, including Thai distributor, ACA Pacific Group and South Korean reseller Softwide Security Inc., a provider of comprehensive IT security solutions and services, with a specific emphasis on vulnerability assessment and penetration testing.
In the Americas, Rapid7 continued to build on its relationships with existing partners such as information security specialists Accuvant. In addition, the company signed new partners across Latin America and strengthened relationships with existing partners such as CW4.
“Accuvant’s partnership with Rapid7 is allowing us to provide our clients with innovative risk intelligence technology that complements the unparalleled skills of our elite security assessment and research team. As a result, we are able to better meet the growing vulnerability and penetration testing needs of companies in various industries and geographic locations,” said Dan Wilson, Accuvant co-founder and vice president of partner alliances. “Rapid7’s strong channel program, flexible solutions and reputable security experience gives us confidence in working with them, and we look forward to doing so for years to come.”
Along with strategic partnerships, Rapid7 received substantial recognition from the industry for its leadership in vulnerability management. Heading this achievement in Q2, the Company’s president and CEO, Mike Tuchen, was named a finalist for the Ernst & Young Entrepreneur of the Year® New England 2011 award, recognized for his innovative business strategy and philanthropic initiatives. The Boston Business Journal also named Rapid7 the fifth fastest-growing privately held company and the fastest growing software company in the region on its 2011 Pacesetters list, as well as one of the best places to work in Massachusetts. This recognition adds to the Company’s achievements in the first half of 2011, including NeXpose® receiving a “Strong Positive” – the highest rating possible – in Gartner’s 2011 “MarketScope for Vulnerability Assessment.”
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