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Veracode Announces Major Growth Investment from TA Associates

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Partnership designed to accelerate Veracode’s growth and innovation agenda in the high-growth application security market

BURLINGTON, MA, March 16, 2022–(BUSINESS WIRE)–Veracode, a global leader in application security solutions, today announced that TA Associates (“TA”), a leading global private equity firm for growth capital, has entered into a definitive agreement to the signing of a major Veracode’s current majority investor, Thoma Bravo, a leading software investment firm, will retain a minority stake in the business. The transaction, which values ​​Veracode at $2.5 billion, is expected to close in the second quarter of 2022, subject to customary closing conditions.

An eight-time leader in Gartner’s Magic Quadrant for Application Security Testing, Veracode provides a comprehensive software security platform that enables organizations to deploy secure software at unprecedented speed and scale.

“What we do has never been more important,” said Sam King, CEO of Veracode. “The confluence of digital transformation, software supply chain complexity and an ever-increasing regulatory environment puts software security in the spotlight. together with Thoma Bravo for the last three years and we look forward to our next chapter with TA. Together we want to accelerate the realization of our vision of offering the most comprehensive software security platform. Our platform aims to meet the needs of security and development professionals. , so that this secure software is built and delivered at the speed needed to run the business.”

Under pressure from the ever-increasing pace of digital transformation, software developers are often forced to make trade-offs between rapid deployment and software security. Veracode’s platform balances the needs of developers and security teams by streamlining workflows to ensure customers code software securely without sacrificing speed. It also provides a comprehensive view of software security posture using powerful reporting and analysis capabilities. Collectively, Veracode customers have scanned more than 53 billion lines of code and fixed more than 71 million security flaws. Veracode serves more than 2,600 clients and nearly two-thirds of its revenue comes from large accounts. The company has consistently outperformed forecasts for growth in application security spending.

“TA sees a great market opportunity here for Veracode, particularly given the need to protect software and keep developers informed,” said Jason Werlin, CEO of TA. “We believe Veracode’s heritage and continued leadership and The breadth and depth of its portfolio puts this company in a unique position to drive the next wave of growth in the application security market. TA is pleased to partner with the Veracode management team and Thoma Bravo in the next phase of the company’s history.”

“Over the past three years, Veracode has expanded its platform, expanded its market presence and established a clear track record of continuous innovation,” said Seth Boro, managing partner at Thoma Bravo. “In today’s digital world, cybersecurity solutions are more important than ever, and Veracode is at the forefront “We continue to innovate and help our customers solve their most complicated security needs. We are very proud of what Veracode has accomplished under our majority ownership and look forward to continuing to support the company as embarks on addressing its next phase of growth in partnership with TA.”

“We remain committed to our mission, strategy and product vision,” added King, “and look forward to working in partnership with TA, leveraging their significant experience investing in enterprise software vendors and their history of scaling high-growth businesses to achieve this vision. We plan to invest in expanding our product portfolio through organic development and strategic mergers and acquisitions. We also intend to expand our global footprint and accelerate our growth while maintaining the strong business foundation we have established in recent years.”

The continued expansion of Veracode’s talented team around the world is a critical part of its growth objectives. The company is hiring new employees in the technical, product management, marketing, sales and customer service departments. Today, Veracode employs more than 725 people worldwide, employs remote and hybrid work models, and is committed to the company’s mission of ensuring that the software that powers our world is truly secure.

Deutsche Bank Securities Inc. is acting as exclusive financial advisor to Veracode and Thoma Bravo and is providing TA with committed debt financing for the transaction. Barclays is acting as financial advisor to TA. Kirkland & Ellis is acting as legal counsel to Thoma Bravo and Goodwin Procter is acting as legal counsel to TA.

About Veracode

Veracode is a leading independent AppSec partner for building secure software, reducing the risk of security breaches, and making development and security teams more productive. As a result, companies that use Veracode can move their businesses and the world forward. With the combination of process automation, integrations, speed and responsiveness, Veracode helps companies get accurate and reliable results to focus on fixing potential vulnerabilities instead of just finding them.

Learn more at www.veracode.com, on the Veracode blog and on Twitter.

Copyright © 2022 Veracode, Inc. All rights reserved. All other brand and product names or logos are the property of their respective owners.

About TA Partners

TA is a leading global private equity firm for growth capital. With a focused approach across five verticals (Technology, Healthcare, Financial Services, Business and Consumer Services), TA invests in high-growth, profitable companies with opportunities for sustainable growth. To date, TA has invested in more than 550 companies worldwide as a majority or minority shareholder. TA takes a long-term approach, leveraging its strategic resources to help senior management create lasting value in high-quality, high-growth companies. TA has raised $47.5 billion since its inception in 1968. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. For more information about TA, visit www.ta.com.

About Tomas Bravo

Thoma Bravo is one of the largest private equity firms in the world, with assets under management of more than $91 billion as of September 30, 2021. The firm invests in innovative and growth-oriented companies in the software and technology sectors. Leveraging the company’s deep industry experience and proven operational and strategic capabilities, Thoma Bravo works with its portfolio companies to implement proven operations, execute growth initiatives and make value-added acquisitions aimed at accelerating sales and profits. . Over the past 20 years, the company has acquired more than 350 companies, in whole or in part, representing an enterprise value of more than $155 billion. The company has offices in Chicago, Miami and San Francisco. Visit www.thomabravo.com for more information.

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View the original version on businesswire.com: https://www.businesswire.com/news/home/20220315005832/en/


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