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Veracode Nearly Triples Revenue Growth in 2009

Cloud-Based Application Risk Management Services Platform Leader Secures $12M in Expansion Capital Led by StarVest Partners

BURLINGTON, MA -- (Marketwire) -- 02/09/10 -- Veracode Inc., provider of the world's leading cloud-based application risk management services platform, today announced its revenues grew almost 300% from 2008 to 2009 and that it secured new capital for additional expansion in a round led by New York-based StarVest Partners. The unprecedented growth comes at the same time as other company achievements such as surpassing the 100 customer milestone, being the first cloud-based security company to reach the 50 billion lines of code scanned milestone, expanding its executive team and board of directors to include Dr. James Cash, Emeritus James E. Robison Professor of Business Administration at Harvard University Business School , and being recognized as a finalist in SC Magazine's "Best Security Software Development Solution" category.

StarVest, an early investor in NetSuite and other innovative technology businesses, joins current investors, Atlas Venture and .406 Ventures in the expansion funding.

"We couldn't be more impressed or supportive of Veracode's 2009 performance and market opportunity going forward," said Laura Sachar, General Partner at StarVest Partners. "As investors we have a reputation for thorough due diligence. Our research shows that Veracode is well-poised to serve the large and rapidly emerging market for cloud-based application security with the scalability, patented quality and delivery experience that, in our opinion, are unmatched."

Recent headlines, including attacks on US Government sites and Google, continue to illustrate the endemic problem of insecure software. Veracode allows customers to analyze the application they deploy or acquire in its entirety, including 3rd party software, to indentify vulnerabilities and malware that may be exploited. In addition, the Veracode VerAfied seal helps organizations who have scanned and remediated their applications for known vulnerabilities easily demonstrate their commitment to more secure code to their customers and partners.

"Last year Veracode firmly established itself as the market leader in cloud-based application risk management services including static, dynamic and manual application security testing and eLearning certification for software developers," said Matt Moynahan, CEO of Veracode. "New investment from StarVest, Atlas and .406 will allow us to expand sales and marketing efforts and production capacity to meet the growing demand stemming from the increasingly organized attacks on insecure software."

About Veracode

Veracode provides the world's leading Application Risk Management Services Platform. Veracode SecurityReview's patented and proven cloud-based capabilities allow customers to govern and mitigate software security risk across a single application or an enterprise portfolio with unmatched simplicity. Customers include the world's largest and most security aware organizations in every industry. Recognized as a Gartner "Cool Vendor," The Wall Street Journal's "Technology Innovation Award," The Banker's "Information Security Project of the Year" with Barclays, SC Magazine's "Best Vulnerability Assessment Solution," Information Security "Readers' Choice Award," and AlwaysOn Northeast's "Top 100 Private Company," Veracode is Software Security Simplified™. For more information, visit www.veracode.com.

About StarVest Partners

StarVest Partners is a New York-based venture capital firm with $400 million under management that is funding technology-enabled business services companies throughout the U.S. The firm's value-added partnership maintains a laser focus on four key emerging technology and services sectors: Software as a Service (SaaS), Internet Marketing Services, eCommerce Services and Data Aggregation Services. StarVest combines a sophisticated investment background with the experience to foresee opportunities for both its portfolio companies and funding partners. The firm's general partners are Larry A. Bettino Deborah A. Farrington, Laura B. Sachar and Jeanne M. Sullivan.

StarVest gained national recognition in 2007 as the lead venture capital firm in NetSuite, whose December 2007 initial public offering opened with a $1.6 billion market capitalization, the highest market capitalization of any venture capital-backed technology IPO since Google. StarVest was also one of the first institutional investors in MessageOne (acquired by Dell Computer in April 2008).

More information about StarVest is available at the company's Web site: www.starvestpartners.com

Linsey Krauss
Lois Paul & Partners
512-638-5316
[email protected]

Joan Jennings
StarVest Partners
212-863-2501
[email protected]

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