GENEVA–(BUSINESS WIRE)–Sonar Source, the leading clean code platform, today announced that it has raised $412 million from new and existing investors, at a valuation of $4.7 billion. The round is led by new investors Advent International and General Catalyst, with participation from existing investor Insight Partners. Permira’s Growth Opportunities Fund also participated in the round.
SonarSource will use this investment to grow its go-to-market team globally as the company moves toward $1 billion in revenue.
“SonarSource is an exceptional company that has positioned itself as a category-defining leader in clean code, with a reputation for trust among developers, and a truly differentiated solution,” said Bryan Taylor, team leader of Advent technology investment and managing partner in Palo Alto. . “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 of their revenue and community of users.”
Used by more than five million developers, SonarSource’s solutions enable companies to maximize the value of their software by helping developers and development teams write high-quality code that is free of bugs and security vulnerabilities, and consistent at all levels. As the software is continuously updated, SonarSource ensures that only clean code is integrated directly into the development process, systematically improving the overall health of the code base and significantly reducing technology debt. This provides significant savings in resources and time so that developers can focus on innovating, delivering better products and improving customer experience, thereby increasing key business metrics.
“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 provides tremendous value, especially when you know it’s part of the development process and doesn’t require any extra effort,” said Olivier Gaudin, CEO and co-founder of SonarSource. “With the market recognizing the importance of code, we have a clear path to $1 billion in revenue. Having the right people and the right partners around the table will help us move quickly towards that goal and prepare for future challenges. public markets. ”
“SonarSource has a bold vision to transform the way organizations build software. This vision has been clearly validated by the company’s meteoric customer adoption and stellar reputation within the developer community,” said Deep Nishar, CEO of General Catalyst. “General Catalyst is thrilled to support SonarSource in expanding its impact on the world stage.”
The company will use this investment to double its sales force in 2022 and grow its marketing team in existing offices in Geneva, Switzerland; Annecy, France; Bochum, Germany and Austin, Texas. The investment in sales and marketing will help the company expand its reach among the 70 million software developers worldwide. Additionally, SonarSource will open a new regional headquarters in Singapore, allowing the company to expand its business in the booming APAC market.
The investment comes as SonarSource continues to gain momentum. Company milestones include:
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More than five million developers in more than 300,000 organizations use SonarSource’s commercial and community products to improve the quality of their code.
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Over the past four years, SonarSource has grown its business customer base by over 2,000%.
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80 Fortune 100 companies use the platform. IBM, Microsoft, Barclays, Alphabet and NASA are among the top organizations using SonarSource today.
“As an early investor in SonarSource, we have been extremely impressed with the company’s continued maturity and accelerated market penetration. It’s no surprise that companies around the world need to develop code quickly with high standards, and SonarSource is the only solution that enables this,” said Richard Wells, Managing Director of Insight Partners. “We are excited to continue our collaboration with SonarSource as the company enters a new stage in its growth journey.”
About Sonar Source
SonarSource’s industry-leading solution enables developers and development teams to write clean code and fix existing code organically, so they can focus on the work they love and maximize the value they enjoy. they generate for business. Its open source and commercial solutions – SonarLint, SonarCloud and SonarQube – support 29 programming languages. Trusted by over 300,000 organizations worldwide, SonarSource is considered essential to delivering better software.
About Advent International
Founded in 1984, Advent International is one of the world’s largest and most experienced private equity investors. The firm has invested in more than 390 private equity investments in 41 countries and, as of December 31, 2021, had $88 billion in assets under management. With 15 offices in 12 countries, Advent has built a globally integrated team of more than 265 private equity investment professionals in North America, Europe, Latin America and Asia. The firm focuses on investments in five key sectors, including business and financial services; Health care; industrial; retail, consumer and leisure; and technology. For more than 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international
About General Catalyst
General Catalyst is a venture capital firm that invests in powerful, positive change that lasts – for our entrepreneurs, investors, employees, and society. We support founders with a long-term vision that challenges the status quo, partnering with them from seed to growth and beyond to build companies that stand the test of time. With offices in San Francisco, Palo Alto, New York, London and Boston, the company has helped support the growth of companies such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara , Snap, Stripe and Warby Parker. For more: www.generalcatalyst.com.
About Insight Partners
Insight Partners is a global software investor that partners with high-growth technology, software and internet startups and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the company’s recent fundraising, Fund XII, brings Insight Partners’ regulatory assets under management to over $90 billion. Insight Partners has invested in over 600 companies around the world and has seen over 55 portfolio companies complete an IPO. Based in New York, Insight has offices in London, Tel Aviv and Palo Alto. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with hands-on, hands-on software expertise to drive long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to their IPO. For more information about Insight and all of its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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