Core Insights - Kroll and CrowdStrike have formed a multi-year strategic partnership to enhance managed detection and response (MDR) services and improve cyber resilience for customers globally [1][2]. Partnership Details - Kroll plans to migrate protection for over 500,000 endpoints to the CrowdStrike Falcon platform, utilizing Falcon Complete Next-Gen MDR through the Falcon Complete for Service Providers program [2]. - The partnership aims to consolidate multiple legacy tools onto CrowdStrike's AI-native platform, enabling faster and more effective detection, investigation, and remediation [2]. Performance Metrics - The Falcon Complete Next-Gen MDR platform achieves a 75% reduction in mean time to respond (MTTR) and resolves over 13 million detections annually, showcasing its capability to combine expert-led operations with AI-driven automation [3]. Industry Impact - The partnership is viewed as a pivotal moment for the MDR market, setting a new standard by integrating world-class expertise with advanced AI technology for enhanced protection [4]. - Kroll emphasizes its commitment to protecting clients against sophisticated global threats using state-of-the-art cyber technology [4]. Company Background - CrowdStrike is recognized as a global cybersecurity leader, offering a cloud-native platform designed to protect critical enterprise risk areas, including endpoints and cloud workloads [5]. - Kroll, with nearly 100 years of experience, provides financial and risk advisory solutions, leveraging insights and technology to help clients navigate complex demands [9].

Financial Data and Key Metrics Changes - Rapid7 ended Q3 2025 with $838 million in ARR, a 2% year-over-year growth, with revenue for the quarter at $218 million, also reflecting a 2% year-over-year increase [5][24] - Operating income was $37 million, exceeding guidance, and free cash flow generated in the quarter was $30 million, bringing year-to-date free cash flow to $98 million [5][25] - Product subscription revenue grew 2% year-over-year to $210 million, while professional services revenue continued to decline [24] Business Line Data and Key Metrics Changes - The Managed Detection and Response (MDR) business, which constitutes over half of ARR, continues to grow at double digits [6][19] - ARR per customer increased by 2%, with an average ARR per customer of over $72,000 [24] - International revenue represented 25% of total revenue and grew 8% year-over-year [24] Market Data and Key Metrics Changes - The customer spending environment remains challenged, particularly in large deals, but there are promising signs for future growth in detection and response [23] - The demand for integrated exposure and detection programs is growing, driven by regulatory pressures for compliance and reporting [15] Company Strategy and Development Direction - Rapid7 is focusing on enhancing its AI-powered security operations platform, integrating exposure management and threat detection to improve customer outcomes [9][18] - The company is making significant organizational changes, including new leadership appointments, to accelerate growth and improve operational alignment [6][20] - The strategy includes expanding partnerships, such as with Microsoft, to enhance managed detection and response capabilities [12][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledges falling short of ARR guidance and is taking actions to rebuild confidence with the investment community [8] - The company is optimistic about its roadmap and strategy, despite longer deal cycles due to platform consolidation opportunities [10][18] - The outlook for Q4 includes a flat ARR quarter-over-quarter, with tightened full-year revenue guidance of $856-$858 million, representing 1%-2% growth [26][27] Other Important Information - The company is transitioning its traditional VM customer base to an integrated exposure management model through Exposure Command [19] - The new Chief Financial Officer, Rafe Brown, is expected to drive operational excellence and scale growth in SaaS businesses [20][48] Q&A Session Summary Question: Economic model of MDR and margin dynamics - Management indicated that MDR operates at higher gross margins than average MDR companies due to investments in automation and AI capabilities [31][32] Question: International vs. domestic growth rates - International revenue is growing faster than the overall business, with a focus on aligning sales processes across regions [33] Question: Pricing pressure in the MDR business - Despite flat ARR per customer growth, management believes they can continue to grow the MDR business profitably and effectively [35][36] Question: Large deal pipeline and Q4 outlook - Management is confident in the large deal pipeline but acknowledges variability in timing and conversion rates [41][42] Question: Leadership changes and priorities for Rafe Brown - Rafe Brown is expected to enhance operational acumen and drive growth through effective pricing and packaging strategies [47][48] Question: Value of traditional VM to SIEM MDR - Management is transitioning from traditional on-premise workloads to more strategic, value-added services, focusing on managed detection and response [51][53] Question: Expectations from Microsoft partnership - The partnership is expected to grow through technology integration and potential go-to-market collaboration [56] Question: Visibility around pipeline and close rates - Management is working on standardizing processes to improve visibility and accuracy in managing larger deal cycles [58] Question: Exposure Command's performance and customer engagement - Exposure Command is showing larger deal sizes and longer deal cycles, with a focus on upgrading existing customers [61][62]

Core Insights - Commvault has appointed Geoff Haydon, a veteran in cybersecurity and managed detection and response (MDR), to its Board of Directors effective October 17, 2025 [1][2] - Haydon brings over 30 years of experience in building and scaling global technology organizations, currently serving as CEO of Ontinue, which specializes in AI-powered managed extended detection and response (MXDR) services [1][3] - Commvault aims to enhance its leadership in cyber resilience, particularly in the AI era, aligning with Haydon's expertise and vision for intelligent security platforms [2][3] Company Overview - Commvault is recognized as a leading provider of cyber resilience and data protection solutions for the hybrid cloud, serving over 100,000 organizations [3] - The company offers a unique cyber resilience platform that integrates data security and rapid recovery capabilities across various workloads, emphasizing low total cost of ownership (TCO) [3]

Core Insights - Zscaler (ZS) is set to finalize the acquisition of Red Canary by August 2025, aiming to enhance its Managed Detection and Response (MDR) capabilities and strengthen its Security Operations (SecOps) portfolio [1][10] - The acquisition will enable Zscaler to provide a fully integrated, AI-powered Security Operations Centre (SOC), leveraging Red Canary's expertise in threat detection and response [2][10] - Zscaler's SecOps annual contract value grew by 120% year-over-year in Q3 of fiscal 2025, indicating strong momentum in this area [4][10] Acquisition Details - The acquisition of Red Canary, announced on May 27, is intended to accelerate Zscaler's entry into the MDR and Threat Intelligence sectors [1][10] - Red Canary boasts over a decade of MDR experience, with a threat detection speed ten times faster than competitors and an accuracy rate of 99.6% [2][10] - The integration of Red Canary's capabilities with Zscaler's extensive data processing, which includes 500 billion daily transactions, aims to enhance threat detection and response quality [3] Competitive Landscape - Zscaler faces competition from industry leaders like Palo Alto Networks (PANW) and CrowdStrike (CRWD), both of which are expanding their capabilities in SecOps [5] - Palo Alto Networks has launched its AI-driven SOC platform, Cortex XSIAM, which has seen a 200% year-over-year growth in annual recurring revenue (ARR) [6] - CrowdStrike introduced Falcon Next-Gen SIEM and Charlotte AI, enhancing its threat detection and response capabilities [7] Financial Performance - Zscaler's stock has increased by 73.2% year-to-date, outperforming the Security industry's growth of 25% [8] - The company trades at a forward price-to-sales ratio of 15.58X, slightly above the industry average of 14.99X [11] - Earnings estimates for fiscal 2025 indicate a slight decline of 0.31%, while fiscal 2026 is projected to grow by 12.01% [14]