Invicti Security has hired former Continuum CEO and MSP software industry veteran Michael George as CEO, and recently raised $625 million from Summit Partners. The moves are designed to drive growth in the Web application security market, and associated Dynamic Application Security Testing (DAST) opportunities, Invicti indicated.
Summit Partners essentially is Invicti's majority owner, though Turn/River Capital also remains an investor in the business.
George has expansive MSP- and MSSP-engagement experience, based on his previous role running Continuum -- a NOC and SOC services provider and RMM software company that ConnectWise acquired in November 2019. Continuum's entire business focused on empowering MSPs to offer small business IT services.
George also has a strong working relationship and track record with Summit Partners. The evidence: The investment firm essentially acquired a struggling MSP technology business and hired George to run it in 2011. George transformed the business into Continuum, and built it from 43 employees to more than 1,400 employees serving more than 6,800 customers. Summit sold Continuum to Thoma Bravo in 2017. Then, ConnectWise (also owned by Thoma Bravo) purchased Continuum in 2019.
Invicti Security and Application Scanning Technology
Now, George turns his attention to running Invicti Security. The company's flagship products, Netsparker and Acunetix, help security professionals identify web vulnerabilities and send them to developers for remediation, the company said. More than 3,000 customers currently leverage the tools to safeguard Web applications.
Invicti expects to grow annual recurring revenue (ARR) more than 60% in 2021, and headcount is targeted to grow 40% in 2022. Still, actual revenue and profit figures were not disclosed.
George succeeds founder and former CEO Ferruh Mavituna, who transitions to a strategic advisor role. Mavituna developed Netsparker's Proof-Based Scanning technology.
Invicti Names Michael George CEO: Executive Perspectives
In a prepared statement about joining Invicti, George said:
“The cybersecurity risk facing every enterprise today demands modern technology offering coverage at scale. For more than a decade and a half, Invicti has been at the forefront of addressing this difficult challenge, deeply partnering with their customers on their application security journeys and innovating products designed to deliver powerful coverage, accuracy and automation. It’s an honor to join this passionate and extremely talented team.”
Added Mavituna:
"I am so proud to be on this journey with Invicti and to see it grow into the company it is today. We have always strived to exceed the needs of our customers and those on the front lines of application security, building products that make them more efficient in the critical work they do every day. It’s truly a privilege to serve thousands of these customers around the world today. I look forward to continuing to advise Invicti, and am excited to welcome Michael as he brings his keen focus on the customer and strategic vision to our next phase of growth.”
Concluded Scott Collins, managing director at Summit Partners:
“Michael brings tremendous experience scaling companies, and building teams and cultures designed to support that growth, and we’re thrilled to add his perspective to the Invicti management team. We are pleased to close our investment in Invicti, and we look forward to working with Michael, the Invicti team and our co-investor Turn/River Capital to help accelerate the company’s global expansion and drive continued growth.”
Invicti Channel Partner Program
Invicti launched a global channel partner portal in August 2021. Also, the company as of 2020 had distribution relationships with:
Still, those relationships appear to mostly involve partners reselling Invicti to end-customers. The question mark: How might George potentially leverage his MSP industry knowledge at Invicti? Stay tuned.
