Massachusetts-based Black Duck Software, a provider of products and services for accelerating software development through the managed use of open source software, has secured USD9.5m i
Massachusetts-based Black Duck Software, a provider of products and services for accelerating software development through the managed use of open source software, has secured USD9.5m in financing.
It will be used to support growth, enhance its products and expand its international distribution capabilities.
The financing comprises a total of USD5m in equity investment from current investors General Catalyst Partners, Fidelity Ventures, Flagship Ventures, Focus Ventures, Intel Capital, SAP Ventures and Red Hat, as well as USD4.5m in venture debt financing from Gold Hill Capital.
"We are pleased that our existing investors continue to show strong support for our growth strategy, and are excited to add Gold Hill Capital to the mix," says Ken Goldman, executive vice president and chief financial officer (pictured). "The combination of equity and debt financing allows us to optimize our capital structure and maintain the flexibility needed for sustained growth. We believe that having a strong balance sheet puts us in a unique position to take advantage of current business opportunities and to make strategic investments for the future."
In the company posted growth of 42 per cent in year-over-year bookings and subscription and services growth of 65 per cent.
Black Duck uses a hybrid development process that combines open source software with internally developed and third-party code, mitigating the legal, security and management challenges associated with the use of open source software.
It is headquartered near Boston and has offices in San Francisco, Amsterdam and Hong Kong.