Summit Partners, the global growth equity investor, has acquired a majority stake in Invicti Security with a $625 million investment.

The new Summit Partners financing will support Invicti’s continued growth and product development initiatives. Summit Partners will join forces with Turn/River Capital, which first invested in Invicti in 2017.

Summit Partners will remain a significant Invicti shareholder going forward.

Invicti provides application security testing, and owns the Acunetix and Netsparker solutions.

Channel ‘Critically Important’ to Invicti

John Andrews is Invicti‘s vice president of global channel.

Invicti’s John Andrews

“The investment will help us continue to strengthen our product — particularly the accuracy and automation it brings channel partners and ultimately customers,” he said. “The channel is critically important to Invicti’s continued growth. We expect our partner-led business to grow faster than our direct business going forward.”

Invicti has transacted with roughly 800 channel partners over the past year. In the United States, it works with partners such as GuidePoint Security, Insight Enterprises, Optiv, SHI International and TD Synnex.

“Our deep relationships with channel partners enable us to expand our global reach, while providing the flexibility and localization support customers need,” Andrews said. “This is a competitive market and channel is a crucial part of our strategy to stay ahead of the competition. We will bring our partners a differentiated, compelling solution that they will be proud to include in their offering to customers.”

Invicti has added 700 new customers in the last 12 months. Moreover, it’s on track to grow annual recurring revenues (ARR) by more than 60% in 2021.

Invicti now serves more than 3,100 customers worldwide and has scanned more than 800,000 websites to date.

Product Enhancements Coming

“Both channel partners and customers can expect to see enhancements in our product that will further extend its value as organizations tackle their application security challenges, whether via MSSPs or their own internal teams,” Andrews said. “We will continue to improve our platform with additional testing technologies, machine learning (ML) insights, and consolidation of findings from different types of scans, so that channel partners can get away from selling the alphabet soup of AppSec technologies and offer one solution that understands the context of the application under test, runs the right scan at the right time, and delivers the most accurate results.”

Scott Collins is managing director and COO of Summit Partners. He’s joining Invicti‘s board of directors.

“The company has earned a market-leading reputation,” he said. “And we are delighted to partner with the Invicti team and Turn/River to help fuel the next stage of the company’s rapid growth.”