Coverity CEO Named by MIT Technology Review as One of World's Top Innovators Under 35

Coverity, the leader in improving software quality and security, announced that the company’s CEO, Seth Hallem, has been recognized by the Massachusetts Institute of Technology (MIT) Technology Review magazine as one of the world’s top innovators under the age of 35, for contributions in the field of software quality and testing. Selected by a panel of expert judges and the editorial staff of Technology Review, those named to the TR35 represents an elite group of accomplished individuals who exemplify the spirit of innovation.

“The TR35 honors young innovators for accomplishments that are poised to have a dramatic impact on the world as we know it,” said Jason Pontin, editor in chief and publisher of Technology Review magazine. “We celebrate their success and look forward to their continued advancement of technology in their respective fields.”

Mr. Hallem and his colleagues from Stanford University co-founded Coverity in 2002 after creating a new analysis system for detecting software defects by statically analyzing the source code of an application. As CEO of Coverity, Mr. Hallem has played a key role in managing the company’s dramatic growth from a single product startup to established development tool vendor with an emerging portfolio of products. Under Mr. Hallem’s management, Coverity has grown rapidly with an average revenue increase of more than 100 percent per year. Today, Coverity has over 450 customers, many of them major global corporations including ARM, Phillips, RIM, Rockwell-Collins, Samsung and UBS among others.

Earlier this year, Coverity accepted its first round of outside funding, from Foundation Capital and Benchmark Capital. The $22 Million round of financing follows five consecutive years of cash flow positive growth for Coverity, during which time the company was successfully bootstrapped by product sales. Coverity also has recently acquired two other development tool companies, Codefast and Solidware Technologies, which has accelerated the expansion of Coverity’s product portfolio to help developers control the complexity that is endemic to developing high-integrity software today.

Seth Hallem and the other TR35 winners for 2008 will be featured in the September issue of Technology Review magazine and honored at the EmTech08 Conference at MIT in Cambridge, Mass. September 23-25, 2008.

Additional information about past and present TR35 winners and judges is available at: www.technologyreview.com/tr35/

About Coverity
Coverity (http://www.coverity.com), the leader in improving software quality and security, is a privately held company headquartered in San Francisco. Coverity’s groundbreaking technology enables developers to control complexity in the development process by automatically finding and helping to repair critical software defects and security vulnerabilities throughout the application lifecycle. More than 450 leading companies including ARM, Phillips, RIM, Rockwell-Collins, Samsung and UBS rely on Coverity to help them ensure the delivery of superior software.