Coverity Inc., a provider of software quality and security solutions, announced it has been named to Deloitte's Technology Fast 50 Program for Silicon Valley Software and Information Technology (IT) companies for the second consecutive year.
The 2007 Silicon Valley Technology Fast 50 program is co-presented by Deloitte, Silicon Valley Bank, Korn/Ferry International, Cooley Godward Kronish LLP, Cornish & Carey Client Solutions, and ABD Insurance and Financial Services ─ a Wells Fargo Company. Rankings are based on the percentage revenue growth over five years from fiscal year 2003-2007.
"To rank on Deloitte's Technology Fast 50, companies must have phenomenal revenue growth over five years. Coverity has proven to be one of the fast-growth success stories in Silicon Valley, and we applaud their dedication to making their vision a reality," said Mark Jensen, managing partner, National Venture Capital Services, Deloitte & Touche LLP, in Silicon Valley.
To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in fiscal year 2003 and $5,000,000 in fiscal year 2007, be headquartered in the San Francisco Bay Area, and be a company that owns proprietary technology or proprietary intellectual property that contributes to a significant portion of the company's operating revenue; or devotes a significant proportion of revenue to the research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify.
"We are honored to be recognized in the Deloitte Fast 50 for our continued growth and success in helping our customers improve the integrity of their software," said Seth Hallem, Coverity CEO, "Coverity will continue to execute our aggressive growth plan, expand our large and global customer base, and build our portfolio of software integrity products through innovation, acquisition and partnerships."
