strong growth for AppSec company, Veracode

Veracode, has closed 2020 with 13 percent revenue growth YoY – nearly five percent greater than forecasted industry growth. The company has propelled its performance above the “rule of 40”, a key success metric for SaaS businesses (growth rate plus profit margin), demonstrating solid execution of a best-in-class software company. Other milestones include the launch of new innovative solutions and additions to its executive team.

Cybersecurity breaches and incidents are becoming more prominent and dangerous. Companies are increasingly mindful of these threats and scanning more frequently. In 2020, Veracode scanned more than 11 trillion lines of code and helped fix more than 16 million flaws, reflecting a nearly 100 percent increase in lines of code scanned and a 10 percent increase in flaws fixed year over year. These statistics signal that Veracode customers are increasingly “shifting security left” in their software development lifecycle (SDLC).

Demand for scanning and detecting open source vulnerabilities accelerated in 2020, as customers increasingly adopted Veracode Software Composition Analysis (SCA). Veracode SCA bookings grew 25 percent YoY in 2020. According to the company’s State of Software Security Open Source report, more than 70 percent of applications have an open source vulnerability.

“In 2020, we continued to expand our efforts to help customers find and fix code vulnerabilities by investing in integrations with cloud platform providers and development tools, supporting DevOps automation initiatives, and launching new solutions for developer enablement,” said Sam King, CEO of Veracode. “We have also established a track record of business profitability while continuing to innovate and lead the market. No other software security vendor provides the depth and breadth of scanning with integrations and automation throughout the software development lifecycle, best-in-class low false positive rates, ability to scale, and remediation support within a single platform.”

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