Burlington, Mass. – February 18, 2009 – Veracode Inc., the world’s leader for on-demand application security testing solutions, today announced that in the midst of increasingly challenging economic times, Veracode capped 2008 with over 300% growth in bookings and acquired double the number of customers in the second half of 2008 as compared to the first half.
The record growth experienced in the U.S and Europe was further accentuated by prestigious awards, including, The Wall Street Journal’s “Innovation Award” for security and The Bankers “Information Security Project of the Year,” in collaboration with Veracode customer Barclays. Veracode enters 2009 with strong momentum and increased industry awareness as evidenced by the recent release of the SANS-CWE Top 25 Most Dangerous Programming Errors developed by over 30 US and international cyber security organizations including Veracode.
“Customers face challenging economic times, a tightening risk and compliance environment and need to do more with less,” said Matt Moynahan, CEO of Veracode. “Veracode’s automated solutions reduce the burden on security personnel and developers which increases their productivity. Our SaaS delivery model empowers organizations to maximize their budget dollars and reduce risk without the capital expenditures and implementation costs associated with on-premises hardware and software tools.”
“We are pleased with Veracode’s continued strong performance of record bookings and customer acquisitions despite a challenging economic climate” said Maria Cirino, Chairperson, Veracode Board of Directors and Partner, .406 Ventures. “Cybercrime is on the rise and organizations are seeking more effective ways to find and fix vulnerabilities in software applications. Veracode’s patented automated application vulnerability detection services are in high demand across industries where customers are seeking better application security and need to lower their operational costs.”
2008 was also highlighted by a strategic investment and technology advancement agreement with In-Q-Tel, the independent strategic investment firm that identifies innovative technology solutions to support the mission of the broader U.S. Intelligence Community. This partnership has enabled Veracode to accelerate specific research areas for governmental, commercial and open source applications to further enhance its subscription-based application security solutions.
“I am thrilled with the success we’ve experienced to date, which is a tribute to our customers’ trust in our abilities , the power of the on-demand business model and our innovative approach to providing application risk management.” said Matt Moynahan, CEO at Veracode. “Veracode has transformed what once was cost-prohibitive and difficult to use to be broadly accessible, user-friendly and cost-effective. Organizations of all sizes can now take the appropriate steps to secure internally developed code and implement best practices for assessing third party risk. We are proud of the recognition Veracode has achieved to date, and we look forward to expanding our market leadership in 2009.”
About Veracode
Veracode is the world’s leader for on-demand application security testing solutions. Veracode SecurityReview is the industry’s first solution to use patented binary code analysis and dynamic web analysis to uniquely assess any application security threats, including vulnerabilities such as cross-site scripting (XSS), SQL injection, buffer overflows and malicious code. SecurityReview performs the only complete and independent security audit across any internally developed applications, third-party commercial off-the-shelf software and offshore code without exposing a company’s source code. Delivered as an on-demand service, Veracode delivers the simplest and most-cost effective way to implement security best practices, reduce operational cost and achieve regulatory requirements such as PCI compliance without requiring any hardware, software or training.
Veracode has established a position as the market visionary and leader with awards that include recognition as a Gartner “Cool Vendor” 2008, Info Security Product Guide’s “Tomorrow’s Technology Today Award 2008,” Information Security “Readers’ Choice Award 2008,” AlwaysOn Northeast’s “Top 100 Private Company 2008”, NetworkWorld “Top 10 Security Company to Watch 2007,” and Dark Reading’s “Top 10 Hot Security Startups 2007.”
Based in Burlington, Mass., Veracode is backed by .406 Ventures, Atlas Venture and Polaris Venture Partners. For more information, visit www.veracode.com.
Contact:
Beth Cossette
Lois Paul & Partners
781-782-5715 Beth_Cossette@lpp.com