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KKR ups investment in cybersecurity specialist NetSPI with new $410m funding

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KKR has made a hefty new investment in cybersecurity business NetSPI with $410m of extra funding.

The deal comes almost 18 months after KKR led a $90m growth funding round for the business, which specialises in enterprise penetration testing and attack surface management.

Over the past five years the company has grown its revenue five-fold, exceeding 50% organic revenue growth in 2021 and 61% growth in 2022 to date.

KKR said the investment would support NetSPI’s continued technology innovation, talent acquisition, and global expansion, as well as recapitalizing NetSPI’s first institutional investor Sunstone Partners.

NetSPI supplies penetration testing to financial institutions, cloud providers, healthcare organizations, and many of the Fortune 500, aiming to uncover critical security gaps, minimize risk, and reduce the likelihood of a security incident.

Jake Heller, head of KKR’s technology growth team in the Americas, said, “We are excited to double down on our investment in NetSPI to help build a differentiated leader in offensive cyber security.

“We have been very impressed by the performance of the company and the exceptional execution by [CEO Aaron Shilts] and his team over the past 18 months. We believe this is just the beginning of what we can accomplish together.”

Ben Pederson, a director on KKR’s technology growth team, added, “Penetration testing is an increasingly important and strategic aspect to any enterprise’s security posture and we believe NetSPI is a category defining player in the space through their best-in-class technology and PTaaS delivery model.

“We look forward to supporting NetSPI’s continued growth on a global scale.”

The transaction will close by the end of 2022, subject to regulatory approvals.

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