Netsparker seals $40 million in funding
Software security company Netsparker recently raised $40 million in financing in a round led by enterprise software venture capital firm Turn/River Capital.
Netsparker was founded in 2009, providing web application security scanning software for pinpointing security flaws in websites, applications and services. The company leverages what it describes as “Proof-Based Scanning” technology, which it said can verify security flaws automatically without reporting any false positives.
Netsparker’s software comes in two forms: NetSparker Desktop and NetSparker Cloud. The former serves as a Windows application, which uses the Proof-Based Scanning technology with built-in penetration testing and reporting tools. The latter serves as a multi-user online web application security scanning solution, which also uses the Proof-Based Scanning technology along with built-in enterprise workflow tools.
“Netsparker’s solution combines unique Proof-Based Scanning Technology with enterprise workflow tools, making it the only scalable web security solution on the market. With overwhelming market demand for this solution in the face of increasing security and compliance regulations, such as Europe’s GDPR, Netsparker aims to become the de facto solution for enterprises that need to secure thousands of web applications at scale,” said Ferruh Mavituna, CEO, Netsparker, in a statement. “Turn/River Capital’s expertise in growing similar companies, such as website security platform Sucuri, makes them a perfect match for this market expansion.”
The company said that thousands of organizations, including governments and public enterprises, depend on Netsparker daily to detect and manage the mitigation of vulnerabilities. The company has its head office in the U.K. with branch offices in Austin, Texas and Turkey. Its customers include Samsung Electronics National Aeronautics and Space Administration, Microsoft’s Skype, among others. Netsparker said the $40 million will help product development, marketing and sales team expansion, along with acquisitions to support increased enterprise demand for mission-critical security software.
“Netsparker’s industry-leading vulnerability detection rates have won over a rapidly expanding, loyal base of thousands of enterprises that trust Netsparker with a mission-critical part of their security,” said Dominic Ang, Turn/River Capital’s founder and managing partner. “We are excited to provide capital and our own unique operational expertise in SaaS sales and marketing in support of their continued enterprise sales growth and differentiated product innovation.”
