Rapid7 IPO aims to raise $80m
Boston-based cyber-security company Rapid7, which has raised more than US$90 million (£58 million) in finance since launch a decade ago, has filed to go public in a US$80 million (£51 million) IPO.
Owner of the Metasploit penetration testing kit, Rapid7 is potentially being joined by Veracode, Bit9 + Carbon Black, LogRhythm, Mimecast and Okta, who are also tipped as poised to go public in the near future as the sector seeks to cash in on its investment popularity.
Rapid7's customer base encompasses 3,900 customers in 90 plus countries, including the federal security agencies, the National Security Agency and the U.S. Department of Homeland Security, as well as defence contractors such as Lockheed Martin
Revenues were US$ 77 million (£50 million) last year, up 28 percent from US$60 million (£38.5 million) in 2013 according to the company's SEC filing. CEO and president Corey Thomas commented to the press: “There is a heightened and increasing level of awareness and concern over cyber-security that's being driven by the perfect storm.”