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Veracode Launches Application Security Company; Secures $19.5 Million in Funding

Security Industry Experts Found New Company and Unveil On-Demand
Application Security Solutions


Veracode, Inc. today officially launched as a company and announced it has raised $19.5
million in venture capital funding. Spearheaded by leading security industry
experts, Veracode is offering the industry's first automated, on-demand
security analysis solutions delivered through a Software-as-a-Service
(SaaS) platform.
    Key investors are .406 Ventures, Atlas Venture and Polaris Venture
Partners, as well as strategic investors Symantec and Macrovision.
Veracode's management team includes some of the top application security
experts, including founders and former @stake executives Chris Wysopal,
Christien Rioux and Mike Pittenger. The Company is led by President and
Chief Executive Officer Matthew Moynahan, former vice president of
Symantec's Consumer Products and Solutions division.
    The Company also unveiled today the Veracode SecurityReview(TM)
solutions, which allow organizations to discover security flaws in software
automatically, without releasing their valuable source code. Veracode
SecurityReview is the industry's first automated, on-demand application
security analysis service. Whether a company is buying or building
software, Veracode helps improve the security quality of applications.
    Veracode's patented binary analysis provides a comprehensive way to
identify and remediate the security flaws in software that put businesses
at risk. The ability to assess application security without source code
means organizations benefit from analysis of the full application,
including linked libraries, without the need to expose valuable
intellectual property. The Veracode outsourced business model helps
companies avoid costly measures such as deploying tools or hiring in-demand
security experts. No hardware, software or other resources are required for
installation, maintenance or upgrades.
    "Enterprises today have been largely successful in securing their
perimeter networks. Unfortunately, the application layer has now emerged as
the criminal's new favorite target," said Matthew Moynahan, CEO of
Veracode, Inc. "We believe that on-demand application security as an
outsourced service is an easier, more accurate, more thorough and less
intrusive way to raise the security level of software."
    Analyst Predicts Application Security Testing as a Service will Grow
    Veracode enters the market at a time when an increasing number of
organizations are making application vulnerability detection an integral
part of their software development life cycle. In a recent report, "Key
Process Trends and Best Practices in Application Security Testing Markets,"
Gartner analysts Joseph Feiman and Neil MacDonald state, "By 2010, 50% of
organizations will use some amount of External Service Provider application
security scanning services." (1)
    Gartner analysts Joseph Feiman and Neil MacDonald also state in the
report, "Security testing technology vendors help enterprises by offering
scanning as a service -- performing vulnerability detection for
enterprises, thus mitigating a lack of skills in IT departments."
    Veracode SecurityReview(TM) - Three Solution Offerings
    Veracode offers three separate services to meet today's business needs.
     - Veracode Enterprise SecurityReview(TM) provides enterprises with the
       ability to analyze applications continually via a simple, cost
       effective, on-demand subscription service.
     - Veracode Vendor SecurityReview(TM) assesses the security of purchased
       software and reduces the burden of manually evaluating code developed
       by outsourced vendors or partners. Software vendors are also
       beneficiaries of this solution as Veracode works collaboratively with
       them to increase the security of their applications.
     - Veracode Partner SecurityReview(TM) provides platform vendors the
       ability to determine the security quality of partner-developed
       applications that may otherwise compromise the security, brand
       reputation and availability of the vendor's platform.
    "Since Veracode code reviews work at the binary level, they can assess
risk across mixed code bases. This provides enterprises with an easy and
effective way to determine acceptable risk levels for internally or
externally developed applications," said Rhonda MacLean, founder, MacLean
Risk Partners and former CISO of Bank of America. "At the same time, it
ensures that newly purchased software meets acceptable security thresholds
before it is integrated into existing software. Companies that depend on
secure and reliable code to meet today's fast-paced business demands should
look at Veracode's solutions as part of their development life cycle
management. It just makes good business sense."
    Veracode Attracts Leading Venture Firms/Technology Corporations
    "We believe Veracode, with its patented underlying code assurance
platform, has a unique opportunity to fundamentally change the way
organizations achieve software application security today and create an
entirely new standard for software assurance," said Maria Cirino,
chairperson of the board at Veracode and partner at .406 Ventures. "We look
forward to working together with Veracode's exceptional team to rapidly
build an industry leader in the application security market."
    "Veracode's strength lies in its unique intellectual property,
innovative service delivery model and veteran executive team," said Simeon
Simeonov, partner at Polaris Venture Partners. "That combination
establishes the foundation for a category-leading company that can
significantly improve how enterprises approach application security and
manage software risk."
    "Securing business applications is key to protecting corporations,"
said Jeff Fagnan, partner, Atlas Venture Inc. "With the majority of all
application security vulnerabilities being traced back to insecure
programming, Veracode is uniquely positioned to capture market attention
quickly."
    "Today's business environment requires stringent attention to software
security, especially as more and more companies move toward digital
distribution of goods and services," said Corey Ferengul, senior vice
president of product and solutions management for Macrovision. "Veracode's
SecurityReview solutions have been developed to offer developers and
enterprises the ability to quickly and inexpensively identify security
risks and to help maximize the value of technology investments and customer
relationships."
    About Veracode
    Veracode is the industry's first provider of automated, on-demand
application security solutions. Created by a world-class team of
application security experts from @stake, Guardent, ISS, VeriSign and
Symantec, the company delivers services to identify software flaws
introduced through coding errors or malicious intent. Veracode's core
service, SecurityReview(TM) is based on a patented binary code analysis
that inspects the entire application, including components without source
code. Enterprises can now protect their
    intellectual property while preventing attacks allowed by
vulnerabilities in applications.
    As the most accurate and comprehensive solution, Veracode makes it
simple and cost-effective to implement application security best practices
and reduce operational costs related to manual reviews. Whether a company
is developing applications internally, purchasing software or integrating
code from partners, Veracode's SecurityReview(TM) provides insight to the
security level of your applications. Outsourcing code analysis to Veracode
is the easiest way to secure your software. With a pragmatic approach to
application security, Veracode helps you fix what matters most to your
business.
    Based in Burlington, Mass., Veracode is backed by .406 Ventures, Atlas
Venture and Polaris Venture Partners. http://www.veracode.com
    1) Gartner, Inc., "Key Process Trends and Best Practices in Application
Security Testing Markets", by Joseph Feiman and Neil MacDonald. December
19, 2006.

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