Summit Partners has agreed to lead a $625 million investment in Invicti Security, a provider of application security testing solutions. When the deal closes, Invicti Security’s previous backer Turn/River Capital will remain a “significant” shareholder.
AUSTIN, Texas and BOSTON, Oct. 20, 2021 /PRNewswire/ — Invicti Security™, a global leader in application security testing, today announced that it has signed a definitive agreement for a $625 million investment led by global growth equity investor Summit Partners. The new financing will support Invicti’s continued growth and product development initiatives. Summit will join forces with Turn/River Capital, which first invested in Invicti in 2017 and will remain a significant shareholder going forward.
Invicti aims to address a critical need among enterprises and public sector organizations: to secure hundreds or even thousands of web applications with constrained teams. With its Acunetix and Netsparker product lines, the company’s software is designed to enable organizations to scan their entire web footprint for vulnerabilities and facilitate remediation through integration into developer workflows. Invicti’s solutions are recognized for their industry-leading accuracy, scalability to the entire web attack surface, and automation that significantly reduces the need for manual work by security and development teams.
“We are absolutely thrilled to welcome Summit for this next chapter in our company’s growth,” said Invicti founder and CEO Ferruh Mavituna. “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.”
“Software development cycles have shortened dramatically over the last decade, opening new vulnerabilities every time a web application is released or updated. 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,” commented Scott Collins, Managing Director and COO of Summit Partners, who will join the company’s Board of Directors. “The company has earned a market-leading reputation – and we are delighted to partner with the Invicti team and Turn/River to help fuel the next stage of the company’s rapid growth.”
This investment comes during a period of significant growth for Invicti. The company has added 700 new customers in the last twelve months and is on track to grow annual recurring revenues (ARR) by more than 60% in 2021. Invicti currently serves more than 3,100 customers worldwide and has scanned more than 800,000 websites to date. Invicti was included in the 2021 Gartner Magic Quadrant for Application Security Testing, recognized by G2 as a Momentum Leader for its Acunetix and Netsparker products, and received a 2021 Globee Award for Cyber Security Global Excellence.
Joanne Yuan, Partner at Turn/River Capital, added, “We are proud to have supported Invicti and its team since 2017 through a tremendous growth journey amid soaring enterprise demand for full application security coverage. We are excited to reinvest into this partnership alongside Summit, reaffirm our conviction in the opportunity ahead and help to further accelerate the company’s growth.
Details of the transaction have not been disclosed. The transaction is expected to close during the fourth quarter, subject to standard closing conditions. Summit Partners was advised by Kirkland & Ellis and Ernst & Young. Turn/River and Invicti were advised by William Blair, Orrick and PwC.
About Invicti Security
Invicti Security is changing the way web applications are secured. A global leader in web application security for more than 15 years, Invicti provides dynamic and interactive application security products to help organizations in every industry scale their overall security operations, make the best use of their security resources, and engage developers to improve their overall security posture. Invicti’s product Netsparker delivers industry-leading enterprise web application security, while Acunetix is designed for small and medium-sized companies. Invicti is headquartered in Austin, Texas and serves organizations all over the world.