Coverity Reports More Than 30 Percent Year-Over-Year Growth For H1 2013Announced its financial results for the first half of fiscal year 2013
SAN FRANCISCO, May 15, 2013 /PRNewswire/ -- Coverity, Inc., the leader in development testing, today announced its financial results for the first half of fiscal year 2013. The company experienced more than a 30% increase in revenue compared to the first half of fiscal year 2012, and added more than 80 new customer accounts in the first half of fiscal year 2013, as a result of rapid industry adoption of development testing.
"Our growth over the past two quarters is indicative of the fact that every company - be it a new startup or a 100 year-old Fortune 500 company - is becoming a software company to some degree," said Anthony Bettencourt, chairman and chief executive officer for Coverity. "Development testing is no longer a 'nice to have' for these companies, but an accepted organizational best practice to ensure reliable, high-quality, secure software code. Companies that don't adopt development testing will face a competitive disadvantage as they race to launch and support their software-enabled innovations."
Key growth drivers for Coverity include:
-- Rapid Adoption within Java Development Teams: As the need for
high-quality, secure Java applications continues to grow, organizations
from all industries - from financial services and e-commerce to mobile
and networking - are requiring enterprise-class development testing
solutions to manage both software quality and security. The company also
expanded its free Coverity Scan(TM) service to support the growing
number of open source Java projects and has begun working with Hudson
Server, Eclipse Code Recommender and Apache Cassandra, among others.
-- Growing Importance of Addressing Security in Development: The company's
Security Research Laboratory published the first release of its software
development research, Fixing XSS: A Practical Guide for Developers, and
launched the Coverity Security Library, an open source project available
through GitHub, which enables developers to quickly remediate cross-site
scripting defects in Java web applications. Coverity also joined the
Financial Services Information Sharing and Analysis Center (FS-ISAC) to
further promote development testing practices among the nation's leading
banking, finance and security firms, and to help protect the U.S.
financial services sector critical infrastructure from security threats.
-- Proliferation of Open Source: The company released its fifth annual
Coverity Scan Open Source Report, which has become a widely accepted
standard for measuring the state of open source software quality. Today,
the Coverity Scan service supports more than 250 active projects, with
more than 600 active developers. Coverity also joined the Eclipse
Foundation and now offers a Hudson plugin that integrates with projects
hosted by the Eclipse Foundation, enabling them to access the Scan
service in their development workflow.
-- Product Innovation: The company released version 6.5 of the Coverity®
Development Testing Platform, including Coverity Security Advisor and
Coverity Test Advisor. These innovations empower developers to address
security issues while code is being written and understand the impact of
code changes, enabling them to focus unit testing time and resources on
the most critical parts of the code. Coverity Security Advisor was a
finalist for the SIIA Software CODiE award for best security solution
and for the SC Awards Europe for security innovation. Coverity was also
named a Deloitte "Technology Fast 500" company.
Coverity, Inc., (www.coverity.com), the leader in development testing, is the trusted standard for companies that need to protect their brands and bottom lines from software failures. More than 1,100 Coverity customers use Coverity's development testing platform to automatically test source code for software defects that could lead to product crashes, unexpected behavior, security breaches or catastrophic failure. Coverity is a privately held company headquartered in San Francisco. Coverity is funded by Foundation Capital and Benchmark Capital. Follow us on Twitter or check out our blog.