AUSTIN, Texas and BOSTON, Nov. 18, 2021 /PRNewswire/ -- Invicti Security™ today announced technology leader Michael George has joined the company as CEO to lead the company's next chapter of growth through global expansion. This news comes on the heels of Invicti's recent $625 millioninvestment led by global growth investor Summit Partners. The new capital will help fuel Invicti's product development and continued growth.
Invicti brings security and development teams together to help organizations secure their web applications and protect customer and company data from breach. Invicti's two products, Netsparker and Acunetix, help security professionals identify web vulnerabilities and send them to developers for remediation. The company is growing rapidly and is on track to deliver annual recurring revenue (ARR) growth of more than 60% in 2021 and expects to increase global headcount by 40% in 2022.
"The cybersecurity risk facing every enterprise today demands modern technology offering coverage at scale," said George. "For more than a decade and a half, Invicti has been at the forefront of addressing this difficult challenge, deeply partnering with their customers on their application security journeys and innovating products designed to deliver powerful coverage, accuracy and automation. It's an honor to join this passionate and extremely talented team."
George succeeds current CEO Ferruh Mavituna, who will take on a focused role as Strategic Advisor, helping to keep Invicti on its steep innovation curve and ahead of the market. Mavituna, who founded the company, personally developed the Proof-Based Scanning technology that today enables more than 3,000 customers to secure thousands of web applications with high confidence.
"I am so proud to be on this journey with Invicti and to see it grow into the company it is today," said Mavituna. "We have always strived to exceed the needs of our customers and those on the front lines of application security, building products that make them more efficient in the critical work they do every day. It's truly a privilege to serve thousands of these customers around the world today. I look forward to continuing to advise Invicti, and am excited to welcome Michael as he brings his keen focus on the customer and strategic vision to our next phase of growth."
George brings more than 25 years' experience starting, building and leading growing technology companies. He previously served as CEO of Continuum, a leading provider of SaaS solutions for Managed Security Services Providers (MSSPs), from 2011 until its acquisition by ConnectWise in 2019. During his tenure, the company grew revenues by more than 500% and expanded from 43 employees to a team of more than 1400 employees serving more than 6800 customers. Prior to Continuum, George served as CEO at OATSystems, application development leaders Bowstreet and Interlynx, and held executive leadership positions at TALX Corporation and DEKA Corporation.
"Michael brings tremendous experience scaling companies, and building teams and cultures designed to support that growth, and we're thrilled to add his perspective to the Invicti management team," said Scott Collins, a Managing Director at Summit Partners and member of the Invicti Board of Directors. "We are pleased to close our investment in Invicti, and we look forward to working with Michael, the Invicti team and our co-investor Turn/River Capital to help accelerate the company's global expansion and drive continued growth."
About Invicti Security
Invicti Security is changing the way web applications are secured. A global leader in web application security for more than 15 years, Invicti provides dynamic and interactive application security products to help organizations in every industry scale their overall security operations, make the best use of their security resources, and engage developers to improve their overall security posture. Invicti's product Netsparker delivers industry-leading enterprise web application security, while Acunetix is designed for small and medium-sized companies. Invicti is headquartered in Austin, Texas and serves organizations all over the world.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 billion in capital dedicated to growth equity, fixed income, and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 550 companies in technology, healthcare and other growth industries. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please visit www.summitpartners.com or follow on LinkedIn.
About Turn/River Capital
Turn/River Capital is a San Francisco-based software investment firm that looks, feels, and acts like a software company. It offers flexible capital and tailored, data-driven operational support for growth capital, founder liquidity, buyouts, spin-outs and recapitalizations. Built by a team of software operators and investors who have scaled sales, marketing, customer success and talent, Turn/River's playbooks reliably and rapidly unlock transformational growth, producing market-leading companies and building lasting value. For more information, please visit www.turnriver.com.
Media Contacts:
Ariel Miller
Invicti Security
ariel.miller@invicti.com
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SOURCE Invicti Security
