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- BlackDuck
BlackDuck Acquisition, Valuation, Funding & Investors
BlackDuck was acquired by Clearlake Capital for $2.1B in May 2024.
BlackDuck acquisition price
$2.1B
Acquired by Clearlake Capital · May 2024
Cumulative funding BlackDuck raised
$25M
across 2 funding rounds
Key investors in BlackDuck
General Catalyst
Intel Capital
Sapphire Ventures
N47
Flagship Pioneering
Volition Capital
SAP
Split Rock Partners
About BlackDuck
Black Duck is a Burlington-headquartered software supply chain security provider integrated into Synopsys' Software Integrity Platform. Acquired by Synopsys in 2017 and founded in 2002, it scans open source components for vulnerabilities, license risks, and compliance issues. The platform supports DevSecOps workflows, enabling organizations to manage third-party code risks throughout the software development lifecycle.
Founded
2002
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Valuation
$2.1B (acquired May 2024)
BlackDuck Acquisition
BlackDuck was acquired by Clearlake Capital for $2.1B on 6 May 2024.
Before the acquisition BlackDuck had raised $25M across 2 funding rounds.
Black Duck Software, formerly the Synopsys Software Integrity Group, provides application security testing solutions, including Black Duck Supply Chain Edition, fAST Dynamic on the Polaris platform, and Polaris Assist for AI-powered remediation. The company offers a comprehensive portfolio to help customers address software security threats and build trust in their software. Led by CEO Jason Schmitt, with new appointments like Joy Meier as Chief Human Resources Officer and General Counsel, Black Duck operates from Burlington, Massachusetts, focusing on next-generation application security testing. Clearlake Capital Group, a Santa Monica-based private equity firm with over $85 billion in assets under management targeting technology, industrials, and consumer sectors, and Francisco Partners co-acquired Black Duck from Synopsys, Inc. The deal, announced on May 6, 2024, and completed on October 1, 2024, is valued at up to $2.1 billion, including up to $475 million in contingent cash payable upon achieving a specified rate of return in future liquidity transactions. The European Commission approved the transaction on August 5, 2024. Clearlake and Francisco Partners aim to support Black Duck's growth as an independent entity through their expertise in scaling carved-out technology businesses. The strategic rationale centers on enabling Black Duck to operate standalone with renewed focus on innovation and customer support, leveraging the buyers' operational improvement approaches and track record in over 400 investments. Synopsys divested the unit amid its pending acquisition of ANSYS, Inc., allowing Black Duck to accelerate momentum with recent product launches and maintain business continuity during the transition.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 6 May 2024 | PE buyout | $2.1B |
BlackDuck Funding History
BlackDuck has raised a total of $25M across 2 funding rounds.
BlackDuck's first fundraising round was a $20M Series F in September 2014. The most recent completed round was a $5M Series G in May 2015.
BlackDuck funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2015 | Series G | N47 (lead) | $5M | - |
| Sep 2014 | Series F | General Catalyst (lead); Red Hat; Flagship Pioneering; Volition Capital; SAP; Split Rock Partners; Sapphire Ventures; Intel Capital | $20M | Black Duck Software, a provider of open source software (OSS) logistics solutions for deployment and management in enterprises, closed a $20 million funding round on or around March 9, 2014, led by General Catalyst Partners, with participation from existing investors including Flagship Pioneering, Intel Capital, Red Hat, SAP, Sapphire Ventures, Split Rock Partners, and Volition Capital. The funds were allocated to expand the company's global go-to-market strategy amid growing demand for OSS logistics. Concurrently, Black Duck appointed Stephen Gregorio as CFO and EVP Finance, leveraging his extensive experience in financial management, IPOs, M&A, and capital raises from prior roles at companies like Verdasys and Interwise. Lou Shipley, President and CEO, highlighted the funding's role in advancing OSS solutions across enterprises over the next 18 months. General Catalyst's Larry Bohn praised Black Duck's decade-long leadership in safe OSS use, positioning it for explosive growth as OSS becomes ubiquitous. Earlier, in 2010 or prior, Black Duck had raised $12 million led by Split Rock Partners with General Catalyst participating. |
Who has invested in BlackDuck?
9 investors have backed BlackDuck across its funding rounds, including General Catalyst, Intel Capital, Sapphire Ventures, N47, Flagship Pioneering and Volition Capital.
Lead investors include N47 and General Catalyst.
BlackDuck Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Sep 2014 | ||
| 1 | Participant | Sep 2014 | ||
| 1 | Lead | May 2015 | ||
| 1 | Participant | Sep 2014 | ||
| 1 | Participant | Sep 2014 | ||
| 1 | Participant | Sep 2014 | ||
| 1 | Participant | Sep 2014 | ||
This data is available for Pro users. Sign up to see all 9 BlackDuck investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialBlackDuck Competitors
BlackDuck competitors include listed companies like Progress Software and Cloudflare, and private ones like Snyk, Docker, Exa and Aviatrix.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $978M | $302M | $1.7B | 2.9x | ||
| Private | $180M | - | $7.4B | 41.1x | ||
| Publicly listed | $2.2B | ($25M) | $119B | 44.3x | ||
| Private | $50M | - | $2.1B | 42.0x | ||
| Private | $10M | - | $2.2B | - | ||
| Private | $40M | - | $2B | 50.0x |
BlackDuck Public Comps
BlackDuck is no longer listed, but its public comps include A10 Networks, CETC Cyberspace Security, Justsystems, Venustech Group, C3.ai, Progress Software, CloudWalk, Secunet, QiAnXin and DPtech.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $291M | $62M | 6.3x | 5.7x | 29.4x | 19.1x | |||
| $338M | $20M | 4.5x | - | 73.6x | - | |||
| $331M | $156M | 3.1x | 3.2x | 6.7x | - | |||
| $349M | ($60M) | 6.6x | 6.0x | (38.4x) | (176057.4x) | |||
| $250M | ($484M) | 4.3x | 4.5x | (2.2x) | (6.2x) | |||
| $978M | $302M | 3.0x | 2.9x | 9.6x | 7.3x | |||
| $75M | ($75M) | 18.8x | 19.1x | (18.7x) | - | |||
| $528M | $86M | 2.8x | 2.6x | 17.3x | 16.3x | |||
This data is available for Pro users. Sign up to see all BlackDuck competitors and their valuation data. Start Free Trial | ||||||||
Common questions about BlackDuck
| When was BlackDuck founded? | BlackDuck was founded in 2002. |
| Where is BlackDuck headquartered? | BlackDuck is headquartered in United States. |
| Is BlackDuck publicly listed? | No, BlackDuck was acquired by Clearlake Capital in May 2024. |
| Who acquired BlackDuck? | BlackDuck was acquired by Clearlake Capital in May 2024. |
| How much was BlackDuck acquired for? | BlackDuck was acquired for $2.1B in May 2024. |
| How much funding has BlackDuck raised? | BlackDuck has raised $25M across 2 funding rounds. |
| What was BlackDuck's last funding round? | BlackDuck's last funding round was a $5M Series G in May 2015, led by N47. |
| Who are BlackDuck's investors? | BlackDuck's investors include General Catalyst, Red Hat, N47, Flagship Pioneering, Volition Capital, SAP, Split Rock Partners, Sapphire Ventures and Intel Capital. |
| Which companies are comparable to BlackDuck? | Companies comparable to BlackDuck include Progress Software, Snyk, Cloudflare, Docker, Exa and Aviatrix. |
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