Highlights:
- NetSPI will use the funds to hire more people, create new technologies, and grow its business operations worldwide.
- NetSPI says that it executes 250,000 hours of cybersecurity testing every year. The company has found more than four million security holes for customers so far.
America-based cybersecurity company NetSPI LLC, which sells cybersecurity services and software, announced today that private equity firm KKR had infused a fresh round of funds worth USD 410 million to help it grow.
NetSPI will use the funds to hire more people, create new technologies, and grow its business operations worldwide. The company also said that a chunk of the capital from KKR will be used to recapitalize Sunstone Partner, which was its first institutional investor. Last year in May, NetSPI raised a sum of USD 90 million from KKR and Ten Eleven Ventures.
The security company is based in Minneapolis and helps businesses find and fix flaws in their IT infrastructure. NetSPI can simulate a cyberattack on an organization’s network to find places where hackers might be able to get in. In addition to finding weaknesses, these simulated cyberattacks let companies see how quickly they can fix a network breach and look for ways for improvement.
NetSPI says that it executes 250,000 hours of cybersecurity testing every year. The company has found more than four million security holes for customers so far.
To provide support to its work, NetSPI uses a set of software tools that are developed in-house. The company has developed Resolve, a cloud-based service that customers can use to commission simulated cyberattacks on a self-service basis. Customers can also look at a list of the weaknesses in their infrastructure as discovered by NetSPI.
NetSPI says that Resolve cuts the time needed to complete cybersecurity evaluations by up to 40%. Also, to save time, the service syncs data about newly found vulnerabilities with the software that a company’s administrators use to fix technical problems.
In other ways, Resolve also makes it faster to fix vulnerabilities. NetSPI says that the platform prioritizes security flaws based on severity, allowing administrators to fix the most important problems first. To simplify the troubleshooting process, Resolve gives you a set of pre-packaged guides to fixing the vulnerabilities.
The service is one of several technologies NetSPI developed in-house and used to help businesses improve their security. The company has also designed a set of specialized software called the Red Team Toolkit, which its cybersecurity experts use to launch simulated hacking attempts. The software suite makes it more likely that simulated hacking attempts will elude detection by a company’s network monitoring systems.
The American company says it can find various cybersecurity problems in its customers’ infrastructure. The company helps customers find weak spots in the cloud, on-premises hardware, and devices connected to the internet. Organizations can also use NetSPI to check their in-house applications for possible vulnerable code.
The company says it has tens of thousands of clients. Two of the three biggest cloud providers, nine of the 10 biggest banks in the U.S., and other large businesses are among its customers.
NetSPI Chief Executive Officer Aaron Shilts said, “As we look forward to this next chapter, NetSPI will continue to challenge the status quo in offensive security.”
During the event of the funding announcement, NetSPI announced that its income has grown by 500% over the past five years. The company didn’t say how much money it made in total. But the American-based company said its organic sales have grown by 61% this year, after growing by 50% in 2021.