Rapid7 is a cybersecurity software and managed services company serving over 11,500 customers globally. The business is built around two core areas. The first is Detection and Response (D&R), which now represents just over half of ARR and is the primary growth driver. The flagship product here is Managed Detection and Response (MDR), where Rapid7 operates a 24/7 security operations center (SOC) on behalf of customers — monitoring environments, triaging alerts, and responding to incidents. Rapid7 argues it runs MDR more efficiently than competitors by using AI to automate SOC tasks, reducing the labor cost per customer. The second area is Exposure Management, which includes legacy vulnerability management (VM) scanning and the newer Exposure Command platform, which provides a broader view of attack surfaces across cloud, identity, and external environments. Legacy VM is in secular decline, and Rapid7 is actively migrating that installed base to Exposure Command, though the upgrade cycle has been slower than expected. The business is nearly entirely recurring, with roughly 96% of revenue from subscriptions and managed services. Rapid7 sells primarily through direct sales and a growing channel partner network, with about 80-90% of new ARR flowing through the channel. Growth strategy centers on scaling MDR — including a partnership to deliver MDR for Microsoft Defender customers — upgrading legacy VM customers to Exposure Command, and improving go-to-market execution following recent execution challenges. Rapid7 generates about 25% of revenue outside North America.