Minneapolis cybersecurity firm NetSPI has acquired a Washington, D.C.-area startup that will add capabilities to its product line.
NetSPI, whose clients include leading banks, health care companies, retailers and cloud service providers, said the deal for 4-year-old Hubble Technology Inc. will strengthen its ability to detect cybersecurity threats across an organization’s entire IT infrastructure. The companies did not disclose an acquisition price.
Hubble's founder Tom Parker, who previously led Accenture Security’s mergers and acquisitions strategy, has joined NetSPI as its chief technology officer.
“We are thrilled to welcome Tom and Hubble to team NetSPI and look forward to the expertise he will bring as our new CTO driving innovation across our products,” NetSPI CEO Aaron Shilts said as part of the Thursday announcement.
Reston, Virginia-based Hubble’s backers include D.C. investment firm Paladin Capital Group, Palo Alto, California, venture capital firm Accel, the Falcon Fund of Austin, Texas, and cyber firm Crowdstrike. It raised $9 million in a seed round in early 2022.
For NetSPI, the acquisition is its second — and second of a Northern Virginia startup — since it landed a $410 million investment from New York private equity giant KKR in 2022. In late 2022, it bought Falls Church-based cybersecurity company nVisium for $410 million in what was one of that year’s largest private equity deals in Greater Washington, according to Washington Business Journal research.
NetSPI, founded in 2001, says its clients include nine of the nation’s 10 largest banks, four of the top five leading cloud providers, three of the five largest health care companies, and seven of the top 10 U.S. retailers & e-commerce companies.
