Veracode, an application security solution developer, has received a “significant growth investment, from private equity firm TA Associates.
Following the close of the deal, Veracode’s current majority stakeholder, Thoma Bravo, will retain a minority stake in the company. This deal values Veracode at $2.5bn.
To support its growth, the RegTech company is looking to hire more staff for its global teams. Hires will be focused on engineering, product management, marketing, sales and customer success roles.
Veracode claims to provide the balance for development and security teams that need to accelerate digital transformation efforts without impacting overall security. It achieves this by streamlining workflows to help customers ensure that software is coded securely without compromising speed and giving a comprehensive view of software security postures.
Through its application security tools, it can help companies easily fix vulnerabilities. The company claims its customers have scanned over 53 trillion lines of code and fixed over 71 million security flaws. It currently has over 2,600 customers.
Veracode CEO Sam King said, “What we do has never been more crucial. The confluence of digital transformation, software supply chain complexity, and the strengthening regulatory environment places software security firmly in the spotlight. We’re grateful for Thoma Bravo’s partnership over the last three years and look forward to our next chapter with TA.
“Together, we aim to accelerate our vision to deliver the most comprehensive software security platform that caters to the needs of both development teams and security teams by enabling them to build and deliver secure software at the speed that business demands.”
Thoma Bravo originally acquired Veracode in 2018, after it completed a $950m buyout from its previous owner Broadcom.
Copyright © 2018 RegTech Analyst
