Coverity Announces Record Fiscal Year 2011 and Expands Executive Team

SAN FRANCISCO, Oct. 31, 2011 /PRNewswire/ -- Coverity, Inc., the development testing leader, announced a year of record growth, achieving 51 percent Q4 bookings growth over the same quarter last year and closing fiscal year 2011 with 46 percent year over year bookings growth and 27 percent year over year revenue growth. Coverity also announced it exceeded 1,100 customers worldwide as a result of rapid adoption of development testing from market leading companies including Boston Scientific, Lenovo, Level 3 Communications and Mitsubishi Electric, and achieved a renewal rate of 95%.

Additionally, Coverity is announcing the expansion of its executive team with the appointments of Hugo Sluimer as Vice President of EMEA Operations, Rich Cerruto as Vice President of Asia Pacific Operations and Jennifer Johnson as Vice President of Product Marketing.

As Vice President of EMEA Operations, Sluimer brings nearly 40 years of experience to Coverity and is responsible for all facets of revenue generation for the EMEA sales team and channel partners. Prior to Coverity, Sluimer held sales leadership positions at EMI, Tektronix, Digital Equipment Corp. and Oracle. Most recently, Sluimer served as Senior Vice President of EMEA & APAC Operations at Verity, where he successfully led the worldwide sales, marketing, and support operations outside of North America.

Based in Tokyo, Cerruto is responsible for Asia Pacific operations. He established Coverity's Asia Pacific office in 2007 and built a direct sales force in Japan while managing channel sales in the rest of Asia. Prior to Coverity, Cerruto spent over 20 years in sales in the EDA and semiconductor equipment industries.

As Vice President of Product Marketing, Johnson leads the worldwide marketing and product marketing organization at Coverity. Prior to joining Coverity in 2009, Johnson spent over a decade in marketing leadership positions at enterprise software companies including Hewlett-Packard, Mercury Interactive, Symantec Corporation and VERITAS Software.

"The exceptional growth we achieved in fiscal year 2011 can be attributed to our market leadership in development testing, continued product innovation and commitment to customer satisfaction," said Anthony Bettencourt, Chief Executive Officer of Coverity. "Over 1,100 of the world's largest brands have adopted Coverity to test their code for critical software defects that could impact their brands and bottom lines, and I would personally like to thank all of our customers for their continued support. Between our customer momentum and the expansion of our global executive team, we are poised for continued growth and success in 2012."

Fiscal year 2011 highlights include:

• Achieved 51 percent Q4 bookings growth over the same quarter last year.
• Closed fiscal year 2011 with 46 percent year over year bookings growth and 27 percent year over year revenue growth.
• Posted record deferred revenue of $55 million, a 32% increase over the previous fiscal year.
• Exceeded 1,100 customers worldwide from a wide range of industries including financial services, automotive and transportation, aerospace and defense, telecommunications, software, electronics, and medical devices and achieved a renewal rate of 95%.
• Recognized as one of the fastest growing companies in North America by Deloitte on the 2010 Technology Fast 500 list and ranked on the annual Inc. Magazine 500|5000 list of the nation's fastest-growing private companies.
• Named the market share leader for embedded software/system and static analysis products by VDC Research with over 30 percent market share, more than twice that of the nearest vendor.
• Released the Coverity Scan 2010 Open Source Integrity Report which detailed the findings of analyzing more than 61 million lines of open source code from 291 popular and widely-used open source projects, including an analysis of the Android kernel 2.6.32 ("Froyo").
• Launched Coverity® Integrity Control, a code governance solution which enables development organizations to monitor software policies across the software supply chain.

Coverity is the development testing leader. Development testing is an emerging category, including a set of processes and technologies designed to help developers, management, and the business easily find and fix quality and security problems early in the development cycle, as the code is being written, without impacting time to market, cost, or customer satisfaction.

About Coverity

Coverity (www.coverity.com), the development testing leader, 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 suite of products 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.

SOURCE Coverity, Inc.