Veracode Completes Strong First Year

BURLINGTON, Mass. -- Veracode Inc., provider of the industry's first on-demand application security testing solutions, closed out 2007 with strong customer and partner momentum and firmly established its position as an industry visionary. After having secured $19.5 million in initial funding, Veracode unveiled SecurityReview® at the RSA Security Conference in February 2007. SecurityReview is the industry's first automated, on-demand application security testing solution.

Furthermore, the company announced additional industry-firsts, including a standards-based ratings service for determining security levels in purchased software and outsourced application development, as well as comprehensive support for detecting backdoors and malicious code using Veracode's patented static binary analysis technology launched in December 2007.

Veracode completed 2007 with record bookings and customer signings in the fourth quarter, including top-tier independent software vendors (ISVs), Fortune 500 financial service companies, and mid-market organizations. Veracode's Code Assurance Services Platform currently processes the binary equivalent of approximately 7 million lines of code weekly.

"Although we formally launched less than a year ago, I am thrilled with the customer and partner success we've experienced to date, which is a tribute to our team and the power of the on-demand business model and our innovative approach to conducting security testing on binary code," said Matt Moynahan, CEO at Veracode. "We founded Veracode on the belief that if we could transform what once was cost-prohibitive and difficult to use to be broadly accessible, user-friendly and cost-effective, organizations of all sizes would take 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 as the trusted independent, on-demand application security testing source in 2008."

Veracode