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ISMG Network: Pen Test Firm NetSPI Gets $410M Boost From KKR to Fuel M&A
On October 5, NetSPI CEO Aaron Shilts was featured in the ISMG article called Pen Test Firm NetSPI Gets $410M Boost From KKR to Fuel M&A. Read the preview below or view it online.
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Rising offensive security star NetSPI has received a massive follow-up investment from KKR to pursue acquisitions and expand the offensive cybersecurity vendor’s technological and geographic footprint.
The Minneapolis-based penetration testing and attack surface management vendor says the private equity giant’s $410 million growth investment comes on the heels of 50% organic revenue growth in 2021 and 61% year-over-year sales growth thus far in 2022. The latest investment comes just 18 months after KKR led a $90 million growth round to expand the company’s security and client experience teams (see: Hatem Naguib on Charting Barracuda’s New Course Under KKR).
“We’re really challenging the status quo in our segment of cybersecurity,” NetSPI CEO Aaron Shilts tells Information Security Media Group. “Growth is paramount, especially given the market volatility.”
Automation Takes Center Stage
NetSPI was founded in 2001 and employs 400 people, up roughly 50% from a year earlier, according to Shilts. A chunk of the $410 million will be used to recapitalize Sunstone Partners, which brought Shilts in as CEO in 2017, along with an investment. Sunstone Partners is now exiting its position in NetSPI, and with its latest investment, KKR is now the majority owner of NetSPI, he says.
You can read the full article at ISMG Network!
