Cybersecurity company Veracode files paperwork for initial public offering

Veracode chief executive Bob Brennan (courtesy of the company).
Veracode chief executive Bob Brennan (courtesy of the company).

According to Fortune, Burlington-based cybersecurity company Veracode is filing paperwork today with the Securities and Exchange Commission for its initial public offering. As of yet, the filings haven’t been reported by the SEC.

Veracode provides cloud-based security for large enterprise applications. Veracode has many undisclosed customers and has multimillion-dollar security contracts with a wide range of blue-chip companies.

In a discussion with Kyle Alspach for BetaBoston last year, Veracode chief executive Bob Brennan said that new software has created greater security risks, many through business applications, and that many of the new cyber threats don’t know borders. “It’s more ephemeral than risk has historically been understood in the security profession,” Brennan told Alspach.

The company was founded in 2006 when former @stake engineers Chris Wysopal and Christien Rioux spun out their automated security analysis technology, called SmartRisk Analyzer, as an independent company with the help of Atlas Venture’s Jeff Fagnan, and former Verasign vice president Maria Cirino,  who is now managing director of .406 Ventures. Cirino helped grow the company as its interim chief executive until Brennan, who was the former chief executive at Iron Mountain, took over at Veracode CEO in 2011. In 2013, Veracode earned $45 million in revenue, according to Brennan.

Last September, Veracode raised $40 million in new funding from Wellington Management, .406 Ventures, and Atlas Venture. Since its launch in 2006, the company has raise $112 million in investment funding from a group of investors, including Cross Creek Advisors, Meritech Capital Partners, security company Semantec, Rovi Corporation, Polaris Partners, and the CIA-affiliated In-Q-Tel.

Veracode’s IPO is the first Boston area tech IPO of 2015. Last year was a very active year for local tech companies hitting the public market, with Care.com, Imprivata, CyberArk, HubSpot, and Wayfair all going public. When Care.com entered the public market last January, it became the first venture-backed Boston tech company to IPO in more than a year.

Dennis Keohane was a Senior Staff Writer for BetaBoston.
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