Cybersecurity services and software provider NetSPI LLC today announced that it has received $410 million in growth funding from private equity firm KKR.
NetSPI will use the capital to grow its workforce, develop new technologies and expand its international business operations. The company added that a part of the funding from KKR will go towards recapitalizing its first institutional investor, private equity firm Sunstone Partner. NetSPI previously raised $90 million last May from KKR and Ten Eleven Ventures.
Minneapolis-based NetSPI helps companies find and fix vulnerabilities in their technology infrastructure. NetSPI can launch a simulated cyberattack against an organization’s network to find potential weak points. In addition to uncovering vulnerabilities, such simulated cyberattacks enable companies to measure how quickly they can resolve a network breach and find opportunities for improvement.
NetSPI says that it carries out 250,000 hours of cybersecurity testing every year. To date, the company has discovered more than four million vulnerabilities for customers.
NetSPI uses a set of internally-developed software tools to support its work. The company has built a cloud-based service, Resolve, that customers can use to commission simulated cyberattacks on a self-service basis. Customers can also review a list of the vulnerabilities that NetSPI finds in their infrastructure.
According to NetSPI, Resolve reduces the amount of time required to complete cybersecurity evaluations by up to 40%. Also in the interest of saving time, the service automatically syncs data about newly discovered vulnerabilities to the software that a company’s administrators use to fix technical issues.
Resolve speeds up vulnerability remediation in other ways as well. According to NetSPI, the platform prioritizes security flaws based on their severity, which enables administrators to address the most pressing issues first. To ease the troubleshooting process, Resolve offers a collection of pre-packaged vulnerability remediation guides.
Resolve is one of several internally-developed technologies that NetSPI uses to help enterprises improve their cybersecurity. The company has also developed a specialized software suite, dubbed the Red Team Toolkit, that its cybersecurity professionals use to launch simulated hacking attempts. The software suite increases the likelihood that simulated hacking attempts will evade detection by a company’s network monitoring systems.
NetSPI says that it can uncover a variety of cybersecurity issues in customers’ infrastructure. The company helps customers find vulnerabilities in cloud environments, on-premises hardware and connected devices. Organizations can also have NetSPI scan their internally-developed applications for potentially vulnerable code.
NetSPI says that it has thousands of customers. The company’s customer base includes two of the three largest cloud providers, nine of the ten largest banks in the U.S. and other major enterprises.
“As we look forward to this next chapter, NetSPI will continue to challenge the status quo in offensive security,” said NetSPI Chief Executive Officer Aaron Shilts. “With KKR’s support, we are well positioned to amplify our success building the best teams, developing new technologies, and delivering excellence, so that the world’s most prominent organizations can innovate with confidence.”
NetSPI detailed on occasion of today’s funding announcement that its revenue has grown by 500% over the past five years. The company didn’t share absolute sales numbers. However, NetSPI detailed that it has increased its organic revenue by 61% this year after achieving 50% growth in 2021.