[August 02, 2017] |
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Black Duck Reports Record Revenues and Revenue Growth as well as Significant Increase in New Customers for First Half of 2017
Black Duck, the global leader in automated solutions for securing and
managing open source software, today reported record revenue and record
revenue growth for the first half of 2017.
The company said new and add-on revenue from subscriptions to Black Duck
Hub, its flagship open source security solution, grew by 77 percent in
the first half of 2017 and subscription renewal rates for Hub were in
the mid-90-percent range.
Black Duck had a 64 percent increase in new customers during 2016, and
the company said it nearly matched the 2016 new-customer total in the
first half of 2017. Notable customers added to the portfolio since
January include HPE, Carbon Black, Exact Group BV, and Copper Leaf.
CEO Lou Shipley said the company expects overall revenue growth for 2017
will exceed 30 percent in 2017, up 50 percent from 2016.
"We're encouraged by our first-half performance and we're on track for
an equally strong second half of 2017," said Shipley.
"Open source software dominates application development today and
organizations are increasingly recognizing the need for more effective
open source security and management throughout their software
development lifecycle. This drives demand for Hub because it helps
reduce risk by addressing difficult open source security and management
challenges without slowing development," Shipley said.
Black Duck highlighted other significant areas of momentum during the
first half of 2017:
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In February, Forrester (News - Alert) Research published a report punctuating the
importance of Software Composition Analysis (SCA) in helping
enterprises "know" what's in their code. The report offered insights
into the strategies and solutions available t gain visibility into
open source software use and identified the vendors best positioned to
help reduce security, management and IP risk. Black Duck was alone in
Forrester's leader category.
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"Building world-class partnerships is a major corporate goal for
2017," said Shipley, "and we're encouraged by the strategic
partnerships we developed in the first half of this year."
He
said that as the software development and delivery process becomes
increasingly complex - spanning AppDev, DevOps, SecDevOps, Containers,
the Cloud and IoT - a strong ecosystem partnerships and technology
integrations is vital. Black Duck has announced integrations or
partnerships with Google, Red Hat, Microsoft (News - Alert), Atlassian, and Pivotal.
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Black Duck's global headcount has increased 25 percent from 281 to 350
employees worldwide since January. The company expanded the footprint
of its Burlington, MA, headquarters in 2016 and Shipley said, "we've
already outgrown the expansion space and we'll add more in the coming
months."
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The company introduced Hub in the first quarter of 2015 and Shipley
said that significant investments in engineering, in research and in
innovation over the last two years "have helped us deliver the product
capabilities and functionality that have established us as a category
leader. We'll continue to invest heavily to maintain that leadership."
In
late 2016, the company established the Black Duck Center for Open
Source (News - Alert) Research and Innovation (COSRI) and two new groups in Belfast,
Northern Ireland, and Vancouver, Canada, are conducting cutting-edge
research in open source security vulnerability management, in data
mining and in machine learning to drive product innovation.
In
April, COSRI releasedĀ its landmark 2017 Open Source Security and Risk
Analysis (OSSRA) detailing audit of more than 1,000 applications that
showed significant cross-industry risks related to open source
vulnerabilities and license-compliance challenges.
The
COSRI report found high levels of open source usage - 96 percent of
the audited applications contained open source - and significant risk
to open source security vulnerabilities. More than 60 percent of the
applications contained open source security vulnerabilities.
About Black Duck Software (News - Alert)
Organizations worldwide use Black Duck Software's industry-leading
products to automate the processes of securing and managing open source
software, eliminating the pain related to security vulnerabilities, open
source license compliance and operational risk. Black Duck is
headquartered in Burlington, MA, and has offices in San Jose, CA (News - Alert),
London, Frankfurt, Hong Kong, Tokyo, Seoul and Beijing. For more
information, visitĀ www.blackducksoftware.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170802006053/en/
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