Maintaining clean code is just as important as writing it, and Swiss software company SonarSource provides open source code maintenance solutions that developers find indispensable. Its products are already in use by more than 5 million developers worldwide, including at least 80 Fortune 100 companies. To continue its commitment to clean code, the firm has raised $412 million in its latest fundraising round, led by venture capital firms Advent International and General Catalyst, giving it a valuation of $4.7 billion.
Chief Executive Officer Olivier Gaudin co-founded the firm in 2008 with the goal of enabling developers to administer best code quality practices that, in theory, could help fix problematic code. Because software (and its underlying code) has become the backbone of successful businesses, the firm has sought to empower any developer or organization to build it right the first time. It boasts an annual recurring revenue of $175 million, which Gaudin projects will reach $240 million in 2022. It plans to use the new infusion of capital to double its sales department, grow its marketing team, and establish an Asia-Pacific regional headquarters in Singapore.