Providing open-source and commercial code analysers to help developers manage code quality, Geneva-based SonarSource has raised $412 million in a new investment round, at a valuation of $4.7 billion. The new capital is expected to help the firm augment its go-to-market team on a global scale, as it closes in on $1 billion in revenue.
In use by over 5 million developers worldwide, including those at 80 Fortune 100 companies, SonarSource’s solutions aid developers in writing and delivering bug and security vulnerabilities-free software. The first time, the right time.
As updates occur over any given software’s lifespan, SonarSource safeguards that only clean code is inserted into these updates, thereby maintaining system integrity.
“Source code is the key component of software. At SonarSource, we enable companies to make this source code an asset rather than a liability. This delivers huge value, especially when you know this is done as part of the development process and requires no extra effort,” explained CEO and co-founder Olivier Gaudin. “With the market recognizing the importance of code, we have a clear path to $1 billion in revenue. Having the right people and partners around the table will help us to move swiftly toward that goal and prepare for public markets.”
SonarSource’s $412 million funding round was led by new investors Advent International and General Catalyst, with existing investor Insight Partners participating. Permira’s Growth Opportunities Fund also participated in the round.
“SonarSource is an outstanding business that has positioned itself as a category-defining leader in clean code, with a trusted reputation among developers and a truly differentiated solution,” said Advent’s Technology Investment Team’s Bryan Taylor. “We are thrilled to partner with Olivier and the SonarSource team as they build a major platform within the software development ecosystem, accelerating the rapid growth in their revenue and user community.”