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Invicti Security Reports Record Growth and Profitability

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Invicti Security, a leader in Dynamic Application Security Testing (DAST) and Interactive Application Security Testing (IAST) today announced results for the first quarter of 2020. Invicti is the team behind leading web application security providers Netsparker and Acunetix.

Invicti Security is led by CEO Ferruh Mavituna, the founder of Netsparker. Mavituna changed the automated web application security space when he developed the first proof-based web security scanner with state of the art accurate vulnerability detection and exploitation features.

“Unlike many in the industry who began focused on network security, Invicti has always been ‘Application First,’ and that focus is appreciated by customers who continue to demand our best-of-breed products,” Mavituna said.

“Over the last four quarters, Invicti has achieved Rule of 100 performance through a potent combination of organic growth and profitability, far above the industry gold standard Rule of 40,” said Invicti President and COO Mark Ralls. “We have consistently exceeded 50% year over year growth in Annual Recurring Revenue (ARR), and our run rate ARR now exceeds $40 million,” he said.

“We had another strong quarter of new customer acquisition in Q1 and now serve over 3,000 customers in 115 countries,” said Invicti Chief Revenue Officer Kevin Gallagher. “We are seeing our strongest growth in the Enterprise segment, both adding new logos and expanding targets for our existing customers, as they realize a high return on investment from their initial deployment.”

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Notable Q1 Wins
  • The top medical research agency in the U.S. has leveraged our enterprise cloud solution to scan and communicate results across multiple organizations. Achieving high ROI, they expanded their coverage by 1000% to secure up to 10,000 web applications.
  • A publicly traded leader in cloud-based compliance software upgraded to our enterprise solution to speed remediation of vulnerabilities by leveraging bidirectional integration with their DevOps issue tracking tools.
  • One of the largest hotel brands in the world selected Invicti because of our ability to integrate within their strict security guidelines better than our competitors. The solution is delivering a high ROI by automatically scanning their flagship public site, which previously required manual, time consuming testing.
  • A highly innovative, Asia based, Mobile Virtual Network Operator (MVNO) with a web-first customer sign-up process selected our solution to ensure their most critical applications, including those processing online payments, are kept vulnerability free.
  • One of the European leaders in 5G networking equipment selected our enterprise solution due to our strength in automation, which enables their IT security teams to expand their coverage across the enterprise.

“Our revenue is 100% product generated, providing a strong financial position that enables us to continue hiring through the coronavirus crisis,” said Josef Calleja, Invicti Chief Financial Officer. “The team has grown over 50% in the last year and we have open positions in all offices,” he said. Invicti Security is based in Austin, Texas, and has offices in Malta and Turkey.

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Covid-19 Response

“With IT teams focused on supporting a remote workforce, we saw cybercriminals trying to take advantage and wanted to step up and do our part,” said Ralls. “We have provided complimentary Acunetix and Netsparker licenses to organizations involved in the response to Covid-19 to help them protect critical infrastructure and ensure they can focus on coronavirus response.”

Product Innovation

In Q1, Acunetix V13 was released, featuring an improved user interface and innovations such as the SmartScan engine, malware detection functionality, comprehensive network scanning, proof-of-exploit, incremental scanning, and more.

Recent Netsparker releases have improved integrations with common enterprise tools like Splunk, Microsoft Teams, Github, and Kenna, while continuing to improve product functionality and add new security checks.

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