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Rapid7 to ‘lean heavily’ on MSPs as it sheds staff

Managed detection and response vendor latest to pivot to channel

Doug Woodburn by Doug Woodburn
10 August 2023
in News, Vendor
Rapid7 to ‘lean heavily’ on MSPs as it sheds staff

Image by Joe from Pixabay

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Rapid7’s CEO says the security vendor will be “leaning heavily” on its managed services partners amid a restructuring drive.

The NASDAQ-listed managed detection and response specialist yesterday announced plans to cut its global workforce by around 18% and consolidate its global facilities footprint.

The news came as Rapid7 unveiled Q2 2023 results showing revenues rising 14% to $190m.

Echoing recent moves from the likes of Dell, CEO Corey Thomas said the vendor will be investing more in its channel partners as it strives to become a leading provider of integrated security solutions for the modern SOC.

“We think MSPs are great partners,” Thomas added on a Q2 earnings call.

“Part of what we are doing with the efficiencies and streamlining is – it’s not just about internally aligning of our teams, we are actually leaning heavily to a partner strategy.”

Around half of the planned cutbacks are efficiency-related cuts, meaning they will flow “directly to the bottom line”, Thomas said on the call.

In a blog post ahead of the announcement, CEO Corey Thomas said the decision came “from a place of strength”, as he admitted the measures “may be surprising…when we are meeting performance expectations”.

“This restructuring and near-term reduction will set up our teams and customers for long term success,” he added.

Doug Woodburn
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Doug Woodburn is editor of IT Channel Oxygen

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