Coverity Marks Record First Quarter

Development testing leader achieves highest Q1 bookings and revenues in company history

SAN FRANCISCO – February 1, 2012 Coverity, the development testing leader, announced today record growth in the first quarter of fiscal year 2012, achieving the highest Q1 bookings, revenues and new customer accounts in the company's history as a result of rapid market adoption of development testing.

Highlights from Q1 2012 include:

• Achieved 28 percent revenue growth as well as a 47 percent increase in deferred revenue – a record $53 million – over the same quarter last year.
• Achieved 15 percent growth in total bookings as well as a 53 percent growth in services bookings over the same quarter last year.
• Secured 45 new customer accounts from market leading companies including Zimmer Medical, Skybox Imaging and Eagle Investment Systems, a 96 percent increase over Q1 2011.
• Recognized as one of the fastest growing companies in North America on Deloitte's 2011 Technology Fast 500™ and included in the San Francisco Business Times Fast 100 list for 2011.
• Launched Coverity 5.5, the industry's first developer-friendly and enterprise ready development testing platform, including integration into HP Application Lifecycle Management (ALM).

"We are seeing a seismic shift in our business due to the rapid adoption of development testing," said Anthony Bettencourt, Chief Executive Officer of Coverity. "Companies of all sizes and industries are increasingly recognizing the business criticality of delivering high quality and secure software for competitive advantage and brand equity. This is driving strong demand for development testing so organizations can find and fix defects efficiently and effectively. We are excited to work with our customers and the industry on this transformation."

About Coverity
Coverity, Inc., (www.coverity.com), the development testing leader, is the trusted standard for companies that need to protect their brands and bottom lines from software failures. More than 1,100 Coverity customers use Coverity's development testing suite of products to automatically test source code for software defects that could lead to product crashes, unexpected behavior, security breaches, or catastrophic failure. Coverity is a privately held company headquartered in San Francisco. Coverity is funded by Foundation Capital and Benchmark Capital. Follow us on Twitter or check out our blog.