SAN FRANCISCO, Nov. 15, 2012 /PRNewswire/ -- Coverity, the development testing leader, today announced it ranked No. 339 on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Coverity grew 225 percent during this period.
Coverity's Chief Executive Officer, Anthony Bettencourt, credits the business criticality of delivering high quality and secure software as a driver of competitive advantage with the company's 225% revenue growth. He said, "Software quality and security issues are directly linked to business outcomes. Companies are no longer willing to turn a blind eye to the impact that a software failure or a security breach can have on their brands and bottom lines, and legacy testing methods no longer suffice given increasing software complexity and time to market pressures. Development testing with Coverity has become the operational standard for the world's leading companies that develop software-based products and services to proactively address both quality and security issues within a single platform. We are honored to be recognized by Deloitte for the 6th consecutive year for our growth and look forward to continuing this momentum in 2013."
"We are proud to honor the 2012 Technology Fast 500™ companies, and commend them for their outstanding growth," said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications (TMT) leader. "These ground-breaking companies have outpaced their competition and are reinventing the way we do business today."
"The companies on the Fast 500 list are among those that have demonstrated remarkable innovation, creativity and business savvy," said Bill Ribaudo partner, Deloitte & Touche LLP and national TMT leader for audit and enterprise risk services (AERS). "As a result, these companies have continued to successfully forge ahead in a challenging economic environment. We applaud the leadership and employees of Coverity for this impressive accomplishment."
About Deloitte's 2012 Technology Fast 500™
Technology Fast 500, conducted by Deloitte & Touche 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 2007 to 2011.
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 base-year operating revenues 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 five 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.
SOURCE Coverity, Inc.