Rapid7 Slashing Workforce By 18% as Part of Restructuring

Rapid7 is joining the long list of major North American tech companies that have announced sweeping layoffs this year.

In a recent filing to the U.S. Securities and Exchange Commission (SEC), the cybersecurity giant announced that it’s eliminating approximately 18 per cent of its workforce as part of its “Restructuring Plan.”

“[The plan] is designed to improve operational efficiencies, reduce operating costs, and better align the company’s workforce with current business needs, top strategic priorities, and key growth opportunities,” the filing reads.

It remains unclear if Canadian employees are affected by the latest round of cuts.

Rapid7 said potential position eliminations in each country “are subject to local law and consultation requirements, which may extend this process beyond the fourth quarter of 2023 in certain countries.”

The company added that it plans to permanently close certain offices, but didn’t disclose which locations will be shuttered.

However, Rapid7 expects the closures to “result in an impairment loss of approximately $4 million that will be recorded during 2023 as the exit activities are finalized in each location.”

According to LinkedIn, the company employs a total workforce of more than 3,000 people. Over 70 workers are located in Canada.

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