NetSPI Announces 50% Year-Over-Year Revenue Growth And Rapid Expansion
March 26, 2019
MINNEAPOLIS, March 26 2019 – NetSPI LLC, the leading provider of application and network security testing solutions, announced today it achieved a 50% year-over-year revenue increase in 2018 as it continued to expand its product line up, staff, clients and office locations.
“In 2018, NetSPI evolved into a high performance, high growth security company,” said President and Chief Operating Officer Aaron Shilts. “We achieved significant growth driven from our top accounts, adding new clients and taking market share from competitors in the penetration testing space.” In a mature market that is growing less than 10% per year, NetSPI is growing at more than five times that rate due to the increased efficiency and accuracy of its Resolve™ platform.
To manage this rapid growth, NetSPI strengthened its senior management team with the addition of two industry veterans, Chief Financial Officer Jeni Bahr and Chief Information Security Officer Bill Carver. The company also added more staff, bringing the total to over 100 employees in Q418. To accommodate a larger workforce the company completed significant renovations to its Minneapolis corporate headquarters and opened its first office in the Pacific Northwest, a region that delivered significant revenue in 2018.
Last year also marked the first full year of operation for the company’s Dallas office, ground zero for new product development. Due to the efforts of the development team, NetSPI rolled out a number of new offerings in 2018. These included a complete rebuild of the company’s flagship Resolve™ software platform as well as new offerings spanning test and vulnerability management, cloud security and mainframe testing.
“With the launch of these new capabilities we were able to move beyond tactical penetration testing and vulnerability assessments to offer more strategic services,” said Shilts. “Looking forward, I expect us to increasingly help leading companies define and then build their security programs.”
Last year NetSPI also increased its thought leadership activities and ramped up customer communication with the launch of the Our Thinking blog and hosted its first customer advisory board at The Biltmore in Asheville, NC. This new annual event brings together some of NetSPI’s largest customers to help set current and future product direction, prioritize new product capabilities and gain insights into current challenges and markets.
The company also hosted its largest class size ever at NetSPI University, more than doubling the number of students compared to 2017. “Attracting and retaining qualified talent is the number one challenge for cybersecurity leaders today, so NetSPI doubled-down on our rigorous training program, helping develop the next generation of penetration testing experts,” said Shilts.
Looking forward, NetSPI expects another strong year of growth in 2019 with increasing revenue as a result of bringing the new Resolve™ 7 platform to market as well as continued account and geographic expansion.
NetSPI LLC is the leading provider of application and network security testing solutions that supports organizations in scaling and operationalizing their threat and vulnerability management programs. The solution portfolio includes security testing services, vulnerability orchestration software platform, and advisory services. Trusted by seven of the top ten United States banks, the largest global cloud providers, and many of the Fortune® 500, NetSPI has deep expertise in financial institutions, healthcare providers, retailers, and technology companies. To learn why the world’s top brands trust NetSPI, visit https://www.netspi.com or follow us on Facebook, Twitter and Linkedin