Network Security

Veracode receives $40M in late-state funding

Veracode, a Burlington, Mass.-based web and mobile application security firm, has announced that it closed on $40 million in a late-stage funding round.

The new financial backing, which was closed by investment management firm Wellington Management Company, brings the company's total funding to date to $134 million, according to the Boston Business Journal.

The company, which produces security software that finds vulnerabilities in application code for web and mobile apps, plans to use the money to expand its global footprint, as well as acquire “complementary technologies.”

In 2012 the company made its first acquisition, California-based Marvin Mobile Security, which produced technology that detected vulnerabilities in the mobile app development process.

Additionally, the company plans to go public. Veracode CEO Bob Brennan indicated that the firm recently hired lawyers to prepare for its IPO within the next two years.

[This article has been updated to reflect that Veracode is based in Burlington, Massachusetts.]

Get daily email updates

SC Media's daily must-read of the most current and pressing daily news

By clicking the Subscribe button below, you agree to SC Media Terms and Conditions and Privacy Policy.