Penetration Testing Funding: NetSPI Raises $410 Million
NetSPI, a penetration testing and attack surface management provider, has added $410 million in funding from global investment firm KKR. The company previously secured $90 million in growth funding led by KKR in May 2021.
The new KKR funding supports NetSPI’s technology innovation, talent acquisition and global expansion, the company said. It also will be used to recapitalize Sunstone Partners, NetSPI’s first institutional investor.
NetSPI Looks to Continue Record Growth
KKR’s investment comes after NetSPI has made several moves to accelerate its growth in 2022:
- Launching a channel partner program that allows MSSPs and MSPs to use its technologies to deliver offensive security services
- Releasing two open-source tools to help defense, identity and access management (IAM), and security operations center (SOC) teams identify vulnerable network shares and network threats
- Appointing security industry veterans Steve Bakewell, Steve Armstrong and Eric Graves to lead its EMEA team
- Upgrading its AttackSim breach and attack simulation (BAS) platform
- Launching its Attack Management platform
NetSPI has recorded 61% organic review growth to date in 2022, exceeded 50% organic revenue growth in 2021 and increased its organic revenue growth fivefold since 2017. The company also has more than 400 offensive security professionals globally and continues to explore opportunities to recruit and retain cybersecurity talent.
What the Future Holds for NetSPI
NetSPI will “continue to challenge the status quo in offensive security,” CEO Aaron Shilts said. It will develop new offensive security technologies that help organizations combat current and emerging cyber threats.
In addition, NetSPI looks poised to continue on its “trajectory of strong and accelerating organic growth and profitability,” said Ben Pederson, a director on KKR’s technology growth team. Pederson also noted that KKR will continue to provide NetSPI with investments to support its “technology, people, geographical expansion and strategic acquisitions.”