Black Duck Raises $20M To Advance Leadership In Open Source Software Logistics
Black Duck Software, an OSS Logistics solutions provider enabling the deployment and management of open source software (OSS), today announced that it has closed a $20 million investment round led by General Catalyst Venture Partners with all existing investors also participating in the round. The funding will be used to help the company expand its global go-to-market model to fulfill the rapidly growing OSS Logistics market opportunity. In addition, the company today announced the appointment of Stephen Gregorio as its Chief Financial Officer and Executive Vice President.
Gregorio, who played a critical role in securing the new funding, has over 25 years of financial management experience at high-growth technology companies including Verdasys, Interwise Corporation (acquired by AT&T), and Gensym Corporation, among others. Reporting directly to Black Duck President and CEO Lou Shipley, Gregorio will help Black Duck expand aggressively in the fast-growing OSS Logistics sector.
“With this funding in place, we are well-positioned to advance OSS Logistics solutions across the enterprise,” said Shipley. “Over the next 18 months, we will release powerful new solutions aimed at solving critical supply chain and software development challenges that have resulted from the explosive growth of OSS in enterprises worldwide. Black Duck is among the first to recognize the need for a smarter, more efficient approach to streamlining, safeguarding, and managing the software development and deployment chain. As such, we are ready to help the world’s most innovative organizations better leverage, secure, and grow their investments in open source to achieve greater business success.”
According to Gartner, a leading market research firm, 95 percent of all IT organizations will leverage non-trivial elements of OSS technology in their mission-critical IT portfolios by 2016, and fewer than 50 percent of organizations will have implemented an effective strategy for procuring and managing OSS. Black Duck has a rich history of helping Fortune 1000 firms dramatically improve software quality, hasten application development lifecycles, and improve compliance while mitigating security risks.
Black Duck’s Board of Directors and investment advisors are equally optimistic about the company’s future in this emerging market.
“We’ve partnered with Black Duck since it was founded, and over the past decade the company has successfully evangelized and supported the safe and proper use of open source software for thousands of enterprises worldwide. Now that OSS has matured and become ubiquitous across organizations of all sizes, they are ready to drive the next phase of explosive innovation and growth in the market,” said Larry Bohn, Managing Director at General Catalyst Partners. “Black Duck provides the only platform that enables enterprises to manage the increasingly complex OSS logistics frontier. It’s a great example of a company we’ve been bullish on for a long time that maintained its focus while the market was catching up to its vision. Its future looks really exciting.”
Further accelerating Black Duck’s growth will be Gregorio’s proven financial management experience. In his previous positions, he successfully managed IPOs, handled merger and acquisition transactions on both sides, raised both debt and equity capital, and served as general counsel, negotiating customer, partnership, and channel agreements.