Coverity™ Acquires Build Management Vendor Codefast

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