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News

Strong growth for Fortify despite economic crisis

Fortify : 22 January, 2009  (Company News)
Final quarter bookings increase 80% over previous year due to increased diligence in IT security regardless of crisis conditions
Fortify Software achieved record growth in Q4 2008, finishing a strong fiscal year 2008 with the largest quarter in company history. Most notably, Fortify increased its bookings in Q4 2008 80% over Q4 2007. The company's success is driven by significant new business growth in the commercial and government sectors, adding 49 new customers in Q4 alone, growing their customer roster to more than 500 commercial enterprises and government agencies. In addition, Fortify saw the U.S. Air Force expand its purchase of Fortify solutions to over $11M, further increasing the industry's largest investment in software security.

"At a time of such economic uncertainty, when we see others in the market struggling for viability, it is especially gratifying to have a strong showing at the end of 2008," commented John Jack, president & CEO of Fortify Software. "Despite the trying economic climate, we are seeing increased investment in software security by forward thinking companies who realize the business risk associated with insecure software continues to rise. Our customers understand that now is no time to skimp on security."

'As a leading provider of bank-centric solutions and payment services worldwide, it is imperative that the software we offer is fundamentally secure,' said Jeff Schilling, Chief Technology Officer of S1 Enterprise. 'Today's compliance requirements and the increasing threats to enterprise applications demand a proactive strategy for addressing software security - Fortify's technology and approach for implementing software security assurance aligns well with our global security vision.'

Additionally in Q4, Fortify expanded the market's largest investment in software security through continued customer agreements with the U.S. Air Force (USAF). In October 2007 the USAF - a leader in the Department of Defense's strategy for cyber security - purchased more than $7 million of Fortify's complete product portfolio to develop secure code, as well as identify, protect and monitor applications from attacks and other malicious activities. That investment now reaches over $11 million, an industry high in software security.

Fortify's record showing in Q4 finishes off what has been a strong 2008 overall. This year, Fortify marked the release of its cornerstone software security product, Fortify 360, as well as made key additions to both its Board of Directors and executive team. The company received accolades from the analyst community, having been recognized as the global leader in the application security market by both Gartner/Dataquest and Bloor. Additionally, the company continued its industry-leading work in open source software security, expanding the Java Open Review to include more than 100 projects and releasing its "Open Source Security Study" on the state of open source software security. Fortify also continued its efforts around e-voting security, with 5 states making use of a free version of its security software to test their electronic voting machines, and with the release of "Voting in America," a report on the current state of US voting systems.

"2008 has marked a turning point in software and application security," noted Jack. "Organizations are increasingly aware of the changing threat landscape and recognize the need to secure their business-critical software against malicious attack. It is our mission at Fortify to continue to provide the services and technologies they need to achieve their long-term software security goals."

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