SAN FRANCISCO, Oct. 20, 2011 /PRNewswire/ -- Coverity, the development testing leader, today announced it ranked 351 on Deloitte's Technology Fast 500™ for its 232 percent growth in revenue. The Deloitte Technology Fast 500™ is a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America.
Anthony Bettencourt, Chief Executive Officer of Coverity, credits the company's revenue growth to its efforts in defining the development testing category and bringing the brand and revenue impact of software problems to the forefront of the business conversation. Bettencourt stated, "We are honored to be ranked in the Deloitte Technology Fast 500™ for the fifth consecutive year. Our continued success can be attributed to our market leadership and technology innovation in the emerging development testing category."
"Coverity, like all 2011 Technology Fast 500™ companies, have excelled in fostering innovation and channeling it into spectacular growth – against the backdrop of one of the most challenging economies in history," said Eric Openshaw, vice chairman and U.S. technology, media and telecommunications leader, Deloitte LLP. "Deloitte recognizes Coverity for its remarkable accomplishment."
"We are pleased to honor Coverity as a 2011 Technology Fast 500™ company," said Mark Jensen, managing partner, technology and venture capital services, Deloitte & Touche LLP. "As one of the fastest growing tech companies in North America, Coverity has demonstrated excellence in technological innovation, entrepreneurship and rapid growth."
About Deloitte's 2011 Technology Fast 500™
Technology Fast 500™, which was conducted by Deloitte & Touche LLP, a subsidiary of Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private – in North America. Technology Fast 500™ award winners are selected based on percentage fiscal year revenue growth from 2006 to 2010.
In order to be eligible for Technology Fast 500™ recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have a base-year operating revenue of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of 5 years, and be headquartered within North America.
Coverity, Inc. (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.