Palamida Finishes 2009 with Record Results

Record Bookings and Profitability Highlight Successful 2009

- January 20, 2010 - Palamida, the leader in Application Security for Open Source, announced today that it completed 2009 with record bookings, and with strong growth, both year over year as well as sequentially. Full year 2009 subscription bookings grew 78% over 2008. Sequential growth was also strong with 34% growth from Q3 to Q4. Also during 2009, the company achieved profitability.

“Recognition of the benefits of software composition analysis increased substantially in 2009”, said Mark Tolliver, CEO of Palamida. “From game manufacturers to global financial firms, our customers are using open source software as a essential part of their development strategy, often with the result that well over half of their code comes from developers outside their organization. As a result, their ability to manage and secure their development, both from the standpoint of intellectual property and vulnerability, is increasingly important.”

Also during 2009:

• Palamida introduced Palamida Enterprise Edition 3.0, with a unique tagging and filtering feature that allows users to create a documented record of code content as part of the Palamida analysis
• The company was awarded a patent for its work in specialized search algorithms that speed the analysis of document similarities.
• The Palamida Compliance library of OSS materials expanded to a total of over 10TB of open source materials and added coverage of the hardware description languages Verilog and VHDL
• The Palamida PS team completed a record number of audit service engagements including its largest to date – comprising the complete product portfolio of a multi-billion dollar company. Over forty individual audits were included in the overall project.
• The company relocated to new offices in San Francisco.

About Palamida, Inc.

Palamida provides the industry’s first application security solution exclusively for open source software. The Palamida Enterprise Edition uses component-level analysis to quickly identify and track undisclosed code and associated security vulnerabilities, as well as intellectual property and compliance issues. Using Palamida, organizations can cost-effectively manage and secure mission critical Web and software applications.