Black Duck Software Closes $12 Million in Third Round Financing
Black Duck Software, the leading global provider of software compliance management solutions, recently announced it has closed $12 million in a third round of financing led by Focus Ventures of Palo Alto, California.
Black Duck will use the funds to continue to build out its product portfolio and to strengthen international distribution channels. The funding will allow Black Duck to further differentiate itself as the only company with a broad vision of software intellectual property and compliance management requirements, as well as the ability to deliver a platform to help customers worldwide meet those challenges.
“Black Duck is in the path of the most dominant trends in software today,” said Steven P. Bird, general partner of Focus Ventures. “Development has moved toward a code assembly method, including the blending of open source, third-party and internally developed components. Black Duck leads the market by providing a platform that helps companies implement software governance. We’re confident that they will extend their leadership and further distinguish themselves in terms of vision and products.”
Douglas Levin, president and CEO of Black Duck Software, said: “Organizations across industries increasingly recognize the importance of compliance issues associated with software they build and use. Black Duck leads the market in providing solutions that help these businesses manage the policies and processes that govern the creation, deployment and distribution of software assets. As we accelerate our growth and enter new markets, Focus Ventures’ global reach will be a strong asset to Black Duck.”
The Series C financing brings to $29 million the total raised to date by Black Duck. Previous investors in the company, including Fidelity Ventures, Flagship Ventures, General Catalyst Partners, Intel Capital and SAP Ventures, also participated in the round.
Black Duck Software is the leading provider of software compliance management solutions that help companies govern how software assets are created, managed and licensed. Black Duck's offerings help businesses take maximum advantage of open source software while at the same time ensure that they satisfy the obligations associated with the code they use. Black Duck's customer base includes enterprises, product developers, outsourcers, law firms and other organizations worldwide that are concerned with protection of software intellectual property.
For more information, please visit www.blackducksoftware.com