Coverity™ Acquires Build Management Vendor Codefast

New Technology to Expand Growing Portfolio of Application Lifecycle Management Products

SAN FRANCISCO – May 27, 2008 – Coverity™, Inc., the leader in automatically improving software quality and security in C/C++ and Java, today announced the acquisition of Codefast. Coverity's first acquisition provides the company with engineering talent and advanced technology from Codefast to help developers understand and accelerate the software build process. The product acquired from Codefast will be enhanced to take advantage of Coverity's patented Software DNA Map(TM) analysis system, further expanding the company's platform of products that enable software development teams to ensure the integrity of their code. Financial terms of the acquisition were not disclosed.

"Many development organizations today struggle with build management and build optimization, leaving a significant opportunity for innovation from Application Lifecycle Management vendors," said Theresa Lanowitz, founder of Voke, a technology analyst firm. "This is an excellent acquisition for Coverity. It gives the company a strong product offering in an emerging ALM segment that is a natural complement to Coverity's existing strengths in static and dynamic analysis."

In February 2008, Coverity accepted its first round of outside funding following 5 consecutive years of cash flow positive growth during which time the company was successfully bootstrapped by product sales. The $22 Million round from Foundation Capital and Benchmark Capital was accepted to accelerate Coverity's sales and marketing reach, and to expand its product portfolio through acquisition and accelerated internal research and development efforts. The purchase of Codefast is Coverity's first acquisition.

"We dedicated the last 10 years at Codefast developing sophisticated execution engines to enable both incremental and parallel builds. Coverity's Software DNA Map analysis system is the missing piece that will unlock the power of Codefast's technology and open exciting new build efficiencies for developers," said Tom Schultz, former CTO of Code Fast, who is now a Director in the Office of the CTO at Coverity. "The Codefast team is pleased to bring our technology and expertise to Coverity, and we look forward to fundamentally improving the way software is built."

Coverity's experience with over 450 static and dynamic analysis customers was critical in the company's decision to purchase Codefast. Based on customer research, large development teams have an appetite for new tools that can accommodate a variety of build methodologies while improving their overall build processes.

"Build processes today are frequently inconsistent, leading to unpredictable results or costly delays that drag down development teams," said Seth Hallem, CEO of Coverity. "When combined with our existing static and dynamic analysis products, the addition of Codefast will enable Coverity products to span the coding, testing, building, and integration phases of software development, where many development organizations face considerable challenges."

For more information on Coverity, please visit: www.coverity.com

About Coverity

Coverity (www.coverity.com), the leader in improving software quality and security, is a privately held company headquartered in San Francisco. Coverity’s groundbreaking technology enables developers to control complexity in the development process by automatically finding and helping to repair critical software defects and security vulnerabilities throughout the application lifecycle. More than 450 leading companies including ARM, Phillips, RIM, Rockwell-Collins, Samsung and UBS rely on Coverity to help them ensure the delivery of superior software.

Coverity is a registered trademark, and Coverity Extend and Coverity Prevent are trademarks of Coverity, Inc. All other company and product names are the property of their respective owners.

Media Contacts
Jim Shissler
Director, Public Relations
jshissler@coverity.com
+1 415 694-5342

Steve Eisenstadt
Page One Public Relations
steve@pageonepr.com
+1 919 781-8096