NetSPI Exceeds 50% Organic Revenue Growth in 2021

NetSPI reports a record-high year for growth and momentum, solidifying its role in the evolving security industry.

Minneapolis, MN — NetSPI, the leader in enterprise penetration testing and attack surface management, today announced the achievement of 51% organic revenue growth in fiscal year 2021. This positions NetSPI as a competitive solution in the Penetration Testing as a Service (PTaaS) industry. Additionally, the company partnered with more than 319 new clients and welcomed 119 new employees. 

To achieve continued success in 2022, NetSPI appointed financial services industry veteran, Travis Hoyt, as Chief Technology Officer to help drive penetration testing, adversary simulation, and attack surface management product strategy. NetSPI also promoted Alex Jones to the company’s first Chief Revenue Officer, where he will continue driving strategic growth.  

“NetSPI’s 100% bookings growth in 2021 was driven by our customer-first approach to implementing meaningful security posture improvements across our client base,” said Aaron Shilts, CEO of NetSPI. “Our talented team of employees has continued to innovate by offering the highest fidelity testing results so clients can easily consume results in real-time and remediate potential threats. As we look to the new year, our team will continue to redefine penetration testing through our platform-driven, human-delivered approach and power clients with services that enable them to be prepared for any vulnerability.” 

 
Achievements that contributed to NetSPI’s success in 2021 include: 

• $90 Million in Growth Funding: Led by KKR, with participation from Ten Eleven Ventures, the investment will be used to further accelerate NetSPI’s rapid growth. The team will prioritize expanding and investing in product innovation and deepening operations across all markets. 
• Introduction of Risk Scoring: NetSPI added risk scoring intelligence to its Penetration Testing as a Service (PTaaS) platform to help its clients prioritize, manage, and remediate the vulnerabilities that present the greatest risk to their business. 
• New Ransomware Attack Simulation Service: The new technology-powered service enables organizations to emulate real world ransomware to help continuously improve their ability to detect ransomware attacks. 
• Discovery of Critical Azure Vulnerability: Practice director Karl Fosaaen discovered a critical misconfiguration in Microsoft Azure which if exploited, would allow malicious actors to escalate up to a Contributor role in the Azure Active Directory subscription. Fosaaen worked closely with the Microsoft Security Response Center (MSRC) to disclose and remediate the issue.
• Apache Log4j Assessment: NetSPI leveraged its PTaaS platform to create a robust, targeted assessment that tests client environments for vulnerable Log4j instances. This service uses the power of NetSPI’s technology and penetration testers to find and help remediate the ubiquitous vulnerability across an organization’s attack surface.
• IoT Penetration Testing: NetSPI added IoT penetration testing services to its existing suite of capabilities. NetSPI’s new IoT testing services focuses on identifying security flaws in ATM, automotive, operational technology, embedded, and medical devices and systems.

About NetSPI 

NetSPI is the leader in enterprise security testing and attack surface management, partnering with nine of the top 10 U.S. banks, three of the world’s five largest healthcare companies, the largest global cloud providers, and many of the Fortune® 500. NetSPI offers Penetration Testing as a Service (PTaaS) through its Resolve™ penetration testing and vulnerability management platform. Its experts perform deep dive manual penetration testing of application, network, and cloud attack surfaces, historically testing over 1 million assets to find 4 million unique vulnerabilities. NetSPI is headquartered in Minneapolis, MN and is a portfolio company of private equity firms Sunstone Partners, KKR, and Ten Eleven Ventures. Follow us on Facebook, Twitter, and LinkedIn.

Media Contacts: 
Tori Norris, NetSPI  
victoria.norris@netspi.com  
(630) 258-0277  

Amanda Echavarri, Inkhouse for NetSPI  
netspi@inkhouse.com
(978) 201-2510