Veracode CEO Matt Moynahan Named Ernst & Young Entrepreneur of the Year(R) 2008 Award Finalist

BURLINGTON, MA--(Marketwire - May 20, 2008) - Veracode Inc., the world's leader for on-demand application security testing solutions, today announced that CEO Matt Moynahan is a finalist for the Ernst & Young Entrepreneur of the Year Award in the New England region. Founded twenty two years ago to celebrate entrepreneurial success and achievement on a regional, national and global level, the awards are designed to honor those building and leading dynamic, growing businesses.

Matt Moynahan has dedicated the last year of his career to tackling security challenges facing the multi billion dollar software industry. In 2007, he founded Veracode, the world's first company to offer subscription-based security testing services that can provide a clear and independent assessment of an organization's external application security risk.

With Matt's guidance, Veracode has become the market standard for trusted, independent software assurance services. Today, he is responsible for all aspects of the company, including strategy, product management, engineering, marketing and business development. Behind Veracode's innovative on-demand business model, Matt has positioned the company as a disruptor, challenging the market with its unique ability to assess code for any software vendor and enterprise organization.

On being nominated for this award, Matt comments: "This is really a tribute to the Veracode team and all of the success we've experienced over the past year. We founded Veracode on the belief that we could solve many of the security challenges facing the software industry in a fundamentally different and more effective way. Ernst and Young's recognition of that work truly validates all of the company's efforts."

The Ernst & Young Entrepreneur of the Year awards are given to entrepreneurs who have demonstrated excellence and extraordinary success in areas such as innovation, financial performance, and personal commitment to their businesses and communities. Award recipients will be announced at a special gala event on June 24, 2008 at the Westin Boston Waterfront.

About Veracode

Veracode is the world's leader for on-demand application security testing solutions. Veracode SecurityReview is the industry's first solution to use patented binary code analysis and dynamic web analysis to uniquely assess any application security threats including vulnerabilities and malicious code. SecurityReview performs the only complete and independent security audit across any internally developed applications, third-party commercial off-the-shelf software and offshore code without exposing a company's source code. Delivered as an on-demand service, Veracode delivers the simplest and most-cost effective way to implement security best practices, reduce operational cost and achieve compliance without requiring any hardware, software or training.

Veracode has established a position as the market visionary and leader with awards that include recognition as a Gartner 'Cool Vendor' 2008, Info Security Product Guide's "Tomorrow's Technology Today Award 2008," Information Security's "Readers' Choice Award 2008," AlwaysOn Northeast's "Top 100 Private Company 2008," NetworkWorld "Top 10 Security Company to Watch 2007," and Dark Reading's "Top 10 Hot Security Startups 2007."

Based in Burlington, Mass., Veracode is backed by .406 Ventures, Atlas Venture and Polaris Venture Partners. For more information, visit www.veracode.com.

Contact Information: Contact: Jim Crook Lois Paul & Partners 781.782.5734 jim_crook@lpp.com