App Security Company Invicti Raises $625M to Fuel International Growth
Invicti Security announced Wednesday that it has raised $625 million in an investment round led by global growth equity investor Summit Partners. The deal means Summit will hold a majority stake in the company going forward.
Invicti’s foundation was established in 2005, when a cybersecurity company known as Acunetix was launched. In 2018, Acunetix combined with Netsparker, a company known for its ability to automatically verify vulnerabilities in web applications, to form Invicti. Netsparker’s founder, Ferruh Mavituna, is the CEO of Invicti.
Invicti’s two products, Acunetix and Netsparker, allow companies and organizations to scan their entire web footprint for security vulnerabilities and facilitate the remediation of security threats by integrating into developer workflows.
The Austin-based company has more than 350 employees globally and expects to grow its headcount to 500 by the end of 2022.
In a statement, Mavituna said the funding will help accelerate product innovation and expand the reach of its products.
“We are absolutely thrilled to welcome Summit for this next chapter in our company’s growth,” Mavituna said. “We’re confident that Summit’s extensive security experience will help accelerate our product innovation, expand our reach and address the urgent problem of web application security faced by organizations around the world.”
The investment comes during a period of significant growth for Invicti. The company said it has added 700 customers in the last year, boosting its client list to more than 3,100 customers across the globe. The company is on track to grow its annual recurring revenue by more than 60 percent in 2021.
Invicti received its initial funding in 2017 from Turn/River Capital. As part of this deal, Turn/River Capital will join forces with Summit and remain a significant shareholder in the company. The terms of the deal were not disclosed.
Scott Collins, the managing director and COO of Summit Partners, will join Invicti’s board of directors.
“Software development cycles have shortened dramatically over the last decade, opening new vulnerabilities every time a web application is released or updated,” Collins said in a statement. “Invicti is working to meet this challenge head on with elegant and seamless solutions designed to bring scale, automation, speed and accuracy to help organizations secure their web attack surface.”