Coverity™, Inc., the leader in improving software quality and security automatically, today announced the company successfully grew its European customer base by 300% in 2007. Coverity also announced the company has accepted its first round of outside funding from Foundation Capital and Benchmark Capital. This $22 Million round of financing follows 5 consecutive years of cash flow positive growth for Coverity, during which time the company was successfully bootstrapped by global product sales.
Coverity will use this round of investment for acquisitions, internal product development, and further expansion into international markets to help meet demand for Coverity™ Prevent, the company’s industry-leading static analysis solution. Prevent is now used by hundreds of thousands of developers, as adoption of the product has more than tripled globally over the past 2 years.
The company’s expanded product portfolio will allow Coverity to establish a new presence in targeted segments of the market for Application Lifecycle Management tools. According to a 2007 Gartner report on Application Development and Project and Portfolio Management Software, the European market for these tools is forecast to grow to more than $2.9 billion in 2011.1
“Europe is an increasingly important market for Coverity, and while our sales grew 300% during 2007, we expect that this rate of growth will continue to accelerate in the coming years, said Steve Machernis, European managing director at Coverity. “To help meet this demand, Coverity is hiring aggressively throughout Europe while cultivating our network of partners.”
Coverity’s top five senior executives possess a combined 22 years of experience with the company, which was incorporated in 2002. In conjunction with this investment, the leadership team will now benefit from the counsel of five new board appointees, all of whom have achieved success with software development and testing companies, including:
Tony Zingale – Formerly President and CEO of Mercury Interactive
· Aki Fujimura – Currently Chairman/CEO of D2S, formerly CTO of Cadence Design Systems
· Bruce Dunlevie, Benchmark Capital – Previously invested in software quality companies including Pure Software, Rational Software, and Catapulse Inc.
Paul Holland, Foundation Capital – Formerly of Pure Software, where Mr. Holland managed all European business for Pure
Mike Schuh, Foundation Capital – Formerly CEO at Intrinsa, and vice president of sales at successful software vendors including Clarify and Cadence Design Systems.
Coverity (coverity.com), the leader in improving software quality and security, is a privately held company headquartered in San Francisco. Coverity’s groundbreaking technology enables developers to control complexity in the development process by automatically finding and helping to repair critical software defects and security vulnerabilities early in the application lifecycle. More than 400 leading companies choose Coverity because it scales to tens of millions of lines of code, provides 100 percent path and value coverage, and has the lowest false positive rate in the industry. Companies including Juniper Networks, Symantec, McAfee, Synopsys, NASA, Palm and Wind River rely on Coverity's tools to identify and eliminate critical defects from their mission-critical code.
1) Gartner, Inc. "Forecast: Application Development and Project and Portfolio Management Software, Worldwide, 2006-2011, Update" by Laurie F. Wurster, Fabrizio Biscotti and Asheesh Raina, June 14, 2007
Coverity is a registered trademark, and Coverity Extend and Coverity Prevent are trademarks of Coverity, Inc. All other company and product names are the property of their respective owners.
Germany and Nordics
Agentur Lorenzoni GmbH
T: +49 (0)8122 / 55917 -22
M: +49 (0)171 - 54 74 600