NetSPI Celebrates 35% Organic Revenue Growth in 2020

Following a successful year, NetSPI promotes Aaron Shilts to CEO while co-founder Deke George assumes a new role on the Board of Directors

MINNEAPOLIS, MINNESOTA – JANUARY 26, 2020 –  NetSPI, the leader in enterprise security testing and vulnerability management, achieved 35% organic revenue growth in fiscal year 2020, added over 150 new clients, and expanded its team to more than 200 employees. NetSPI’s Penetration Testing as a Service (PTaaS) delivery model, core service expansion, and Silent Break Security acquisition all contributed to its strong growth. Since 2017, NetSPI has tripled its topline revenue while remaining profitable.

As NetSPI looks forward to 2021, the company has promoted Aaron Shilts to President and CEO and Charles Horton to COO. NetSPI co-founder Deke George will assume a new role as Chairman on the Board of Directors and remain actively involved in the company.

“2020 was full of challenges, not only for our team, but also for our clients. I’m proud of the rapid growth this team has achieved and how we’ve adapted and scaled to support our clients at a time when people and organizations are more vulnerable,” said Shilts. “More businesses recognize the foundational importance of secure software. As such, I anticipate that NetSPI’s core business in application security, vulnerability management, and cloud testing will experience even higher demand in 2021.”

Achievements that contributed to NetSPI’s 2020 success include,

  • Penetration Testing as a Service (PTaaS) Powered by Resolve™: PTaaS enables customers to simplify the scoping of new engagements, view their testing results in real-time, orchestrate faster remediation, perform always-on continuous testing, and more – all through the Resolve vulnerability management and orchestration platform.
  • Cloud Security Testing Expansion: NetSPI expanded its industry-leading cloud penetration testing services to include the AWS, Azure, Google, and Oracle cloud environments, for both point-in-time and continuous testing. 
  • Strategic Advisory Services: This new consulting service builds and improves application security programs. The core functions of Strategic Advisory Services include program benchmarking, roadmap development, and security metrics.
  • Static Application Security Testing (SAST) and Secure Code Review (SCR): NetSPI enhanced its SAST and SCR services to help development teams establish a more strategic approach to building secure applications and identifying vulnerabilities earlier in the software development lifecycle (SDLC).
  • Silent Break Security Acquisition: NetSPI acquired Silent Break Security to complete its offensive cybersecurity and attack surface management offerings. Silent Break Security’s manual testing team, proprietary Adversary Simulation and Red Team Toolkit software, and enterprise clients improve NetSPI’s ability to scale up vulnerability management programs to meet client needs.
  • NetSPI Thought Leadership: In 2020, NetSPI spotlighted its roster of technology and management experts, creating a breadth of thought leadership content across several platforms including the executive and technical blogs, webinars, downloadable resources and the Agent of Influence podcast.
  • Philanthropic Activities: NetSPI became a sponsor for Change Starts With Me, a grassroots movement working to rebuild communities impacted by social, health, and economic crises. The company also continues to work closely with the University of Minnesota Masonic Children’s Hospital and raised funds to support World Central Kitchen,, and Northside Funders Group.

“Technology innovation is what we do best. It’s the foundation on which we built NetSPI,” said Deke George. “This was evident over the past 12 months, and I believe NetSPI is leading a revolutionary shift in the way penetration testing and vulnerability management is performed.”

“We come into the new year with incredible momentum and continued focus on delivering an exceptional client experience,” Shilts said. “In 2021 we will extend the intelligence and automation features of our Resolve platform. With data from over 80 million vulnerabilities, we give our customers access to the most robust risk scoring system on the market, the power to predict the likelihood of vulnerabilities in their environment, and the ability to automatically run adversary simulations across their entire attack surface.”

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About NetSPI
NetSPI is the leader in enterprise security testing and vulnerability management. We are proud to partner with eight of the top 10 U.S. banks, three of the world’s five largest health care companies, the largest global cloud providers, and many of the Fortune® 500. Our experts perform deep dive manual penetration testing of application, network, and cloud attack surfaces. We uniquely deliver Penetration Testing as a Service (PTaaS) through our Resolve platform. Clients love PTaaS for the simplicity of scoping new engagements, viewing their testing results in real-time, orchestrating remediation, and the ability to perform always-on continuous testing. We find vulnerabilities that others miss and deliver clear, actionable recommendations allowing our customers to find, track, and fix their vulnerabilities faster. NetSPI is headquartered in Minneapolis, MN and is a portfolio company of growth equity firm Sunstone Partners. Follow us on Facebook, Twitter, and LinkedIn.

Media Contacts:
Jean Hill, Maccabee PR for NetSPI
(612) 294-3154

Tori Norris, NetSPI
(630) 258-0277