Veracode Secures $30M in Additional Funding and Expands Executive Team

BURLINGTON, Mass., April 12, 2012 /PRNewswire/ -- Veracode, Inc., the leader in application security services, today announced it has secured $30M in additional funding from Meritech Capital Partners and existing investors -- Atlas Venture, .406 Ventures and StarVest Partners.   Veracode is the only company that can provide scalable application security as a service to help commercial enterprises and government agencies address the acute threat posed by hackers.

The recently released 2012 Verizon Data Breach Report[1]  highlights the need for enterprises to secure their applications. The report found the largest proportion of hacking style attacks, 54%, are web application-related for large organizations. 

"The need to secure applications is increasingly obvious, and Veracode's approach to solving the problem allows its customers to achieve instant application security," said Rob Ward, Managing Director at Meritech Capital Partners.  "Our investment demonstrates our confidence in the market and is intended to accelerate Veracode's already impressive growth." Some of Meritech's other portfolio companies include Facebook, Zipcar, Imperva, Good, Vonage and Salesforce.com.

To capitalize on its market momentum, Veracode is recruiting talent around the world and added  47 new hires in the first quarter, including key executive additions Ed Jennings, who joins Veracode as Executive Vice President of Sales, Marketing & Services, and Greg Nicastro who joins as Executive Vice President, Product Strategy and Development.  The company will continue to hire aggressively across engineering, operations, sales, customer service and marketing with plans to double the workforce by December, 2012. 

"Our momentum is significant—we achieved over 150% year-over-year growth, built-out the team by 30% including the addition of key executives, and now have added the backing of an iconic investor to fuel our expansion," said Bob Brennan, CEO of Veracode.  "Veracode has revolutionized application security by providing a service that identifies software vulnerabilities and delivers a pragmatic approach to securing them. We have built an unmatched knowledgebase on software security and leverage that information to benefit each and every customer."

Veracode's plans in 2012 include continued growth of its application security-as-a- service platform, geographic expansion and investments in security research to identify Zero Day vulnerabilities that threaten global enterprises.

About Veracode

Veracode is the only independent provider of cloud-based application intelligence and security verification services.  The Veracode platform provides the fastest, most comprehensive solution to improve the security of internally developed, purchased or outsourced software applications and third-party components.  By combining patented static, dynamic and manual testing, extensive eLearning capabilities, and advanced application analytics, Veracode enables scalable, policy-driven application risk management programs that help identify and eradicate numerous vulnerabilities by leveraging best-in-class technologies from vulnerability scanning to penetration testing and static code analysis.  Veracode delivers unbiased proof of application security to stakeholders across the software supply chain while supporting independent audit and compliance requirements for all applications no matter how they are deployed, via the web, mobile or in the cloud.  Veracode works with customers in more than 80 countries worldwide representing Global 2000 brands.  For more information, visit www.veracode.com, follow on Twitter: @Veracode or read the Veracode Blog.

Copyright © 2012 Veracode, Inc. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.

[1] The Verizon Bata Breach Report is a study conducted by the Verizon RISK Team with cooperation from global agencies such as the U.S. Secret Service, the Dutch High Tech Crime Unit, the Irish Reporting and Information Service, the Australian Federal Police and the London Metropolitan Police.

SOURCE Veracode, Inc.