Black Duck Software Closes $9.5 Million in Financing
Capping Year of Solid Growth, Company Will Use Funds for Product Enhancements and International Expansion
WALTHAM, Mass., February 9, 2009 - Black Duck Software, the leading global provider of products and services for accelerating software development through the managed use of open source software, today announced a $9.5 million financing. This includes a $5 million equity investment from current investors General Catalyst Partners, Fidelity Ventures, Flagship Ventures, Focus Ventures, Intel Capital, SAP Ventures and Red Hat, in addition to $4.5 million of venture debt financing from Gold Hill Capital. Black Duck will use the funds to support continued growth, enhance products and expand its international distribution capabilities.
"We are pleased that our existing investors continue to show strong support for our growth strategy, and are excited to add Gold Hill Capital to the mix,” said Ken Goldman, EVP and CFO. “The combination of equity and debt financing allows us to optimize our capital structure and maintain the flexibility needed for sustained growth. We believe that having a strong balance sheet puts us in a unique position to take advantage of current business opportunities and to make strategic investments for the future."
The financing comes on the heels of a strong 2008 performance where the company posted significant growth of 42% in year-over-year bookings and subscription and services growth of 65%.
Black Duck helps its customers’ development organizations improve efficiency and accelerate time-to-market using a hybrid development process that combines open source software with internally-developed and third-party code, mitigating the legal, security and management challenges associated with the use of open source software.
About Black Duck Software
Black Duck Software is the leading global provider of products and services for accelerating software development through the managed use of open source and third-party code. Black Duck™ enables companies to shorten time-to-market and reduce development and maintenance costs while mitigating the risks and challenges associated with open source reuse, including hidden license obligations, security vulnerabilities, unsupported open source and version proliferation. The company is headquartered near Boston and has offices in San Francisco, Amsterdam and Hong Kong, as well as distribution partners throughout the world.
Black Duck, Know Your Code and the Black Duck logo are registered trademarks of Black Duck Software, Inc. in the United States and other jurisdictions. Koders is a trademark of Black Duck Software, Inc. All other trademarks are the property of their respective holders.