Sonar Revenue, Valuation, Funding & Investors
Sonar is valued at $4.7B as of April 2022, a 26.9x multiple on its last reported $175M revenue.
Last Sonar valuation
$4.7B
Series B · Apr 2022
Last Sonar funding round
$412M
Series B · Apr 2022
Sonar revenue
$175M
Series B · Apr 2022
Key investors in Sonar
Insight Partners
General Catalyst
Advent International
Permira
About Sonar
SonarSource is a Geneva-headquartered provider of code quality and security analysis tools. Its SonarQube platform scans applications in over 30 programming languages including Java, JavaScript, C++, and Python, integrating with CI/CD pipelines like Jenkins and GitHub Actions. Adopted by more than 400,000 organizations and Fortune 500 firms such as Cisco, Deutsche Bank, and Samsung, the open-source Community Edition and commercial Enterprise Edition detect 5,000+ coding rules to minimize vulnerabilities and technical debt.
Founded
2008
HQ
GenevaWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$175M (Apr 2022)
Valuation
$4.7B (Apr 2022)
Sonar Valuation
Sonar is currently valued at $4.7B, based on its Series B in April 2022.
The $412M round was led by Advent International and General Catalyst, with participation from Permira and Insight Partners.
Sonar valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2022 | Series B | $4.7B | 26.9x |
Sonar Revenue
Sonar's latest recorded revenue is $175M, as of its Series B in April 2022. At a $4.7B valuation, that implies a 26.9x revenue multiple.
Sonar revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2022 | $175M | $4.7B | 26.9x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Sonar Funding History
Sonar has raised a total of $457M across 2 funding rounds.
Sonar's first fundraising round was a $45M undisclosed-stage round in November 2016. The most recent completed round was a $412M Series B in April 2022.
Sonar funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2022 | Series B | Advent International (lead); General Catalyst (lead); Permira; Insight Partners | $412M | $4.7B | SonarSource, the company behind the Sonar platform for clean code solutions including SonarQube, SonarCloud, and SonarLint, supports code quality and security analysis across 29 programming languages for over five million developers at more than 300,000 organizations, with 20,000 paying enterprise customers including 80 Fortune 100 companies like IBM, Microsoft, and NASA. On April 26, 2022, it raised $412 million in an unattributed VC/growth equity round led by Advent International and General Catalyst, with participation from Insight Partners and Permira’s Growth Opportunities Fund, at a $4.7 billion valuation, bringing total funding to $457 million. The proceeds were earmarked to double the sales force, expand marketing across offices in Switzerland, France, Germany, Texas, and open a new APAC headquarters in Singapore to target the 70 million global developer market and drive toward $1 billion in revenue. At the time of the round, SonarSource reported an annual recurring revenue run rate of $175 million, growing at 50% annually and projected to reach $240 million that year, with gross margins above 90% and commercial customer base expanded over 2,000% in the prior four years. The investment fueled rapid post-round growth, adding 5,000 paying customers in 11 months to reach 21,000 enterprise customers, covering over 75% of Fortune 100 and nearly half of Fortune 500, while analyzing over half a trillion lines of code. Sonar operates in the static code analysis market, projected to grow from $643 million in 2022 to $1.74 billion by 2026, competing with tools like r2c, DeepSource, and ShiftLeft focused on security and performance. About three-quarters of its technology remains open-source, enhancing developer adoption, while proprietary enterprise features drive governance and scalability. The round positioned Sonar for global expansion, growing headcount from 290 to over 400 employees and strengthening leadership with new CMO and General Counsel hires. |
| Nov 2016 | Undisclosed stage | Insight Partners (lead) | $45M | - | SonarSource, founded in 2008 and based in Geneva, Switzerland, provides products for continuous code quality, including open-source solutions for managing applications' maintainability, reliability, and security, used by over 80,000 companies worldwide. The company also offers enterprise-level solutions to more than 700 customers, including eBay, Bank of America, BMW, and 50 Fortune 100 organizations. In late November 2016, SonarSource raised $45 million in a late-stage venture round (referred to as Series U in some reports) from Insight Venture Partners as the sole investor mentioned, marking a shift from its prior self-funded status to accelerate global growth and build a larger organization. The funding was announced around November 29-30, 2016, with the capital intended to support rapid business expansion in the growing market for code quality tools that help developers release maintainable, reliable, and secure code. CEO Olivier Gaudin highlighted the partnership with Insight to leverage their expertise for scaling operations. Insight Venture Partners, a global VC firm focused on high-growth software companies, provided hands-on growth support. Later rounds reference Insight as an early investor, including a 2022 $412 million raise at $4.7 billion valuation led by Advent International and General Catalyst, with Insight participating, but those details pertain to subsequent financings as SonarSource pursued ambitions like $1 billion in revenue. |
Who has invested in Sonar?
4 investors have backed Sonar across its funding rounds, including Insight Partners, General Catalyst, Advent International and Permira.
Lead investors include Advent International, General Catalyst and Insight Partners.
Sonar Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 New York City, NY | 2 | Lead | Nov 2016 | |
| San Francisco, CA | 1 | Lead | Apr 2022 | |
This data is available for Pro users. Sign up to see all 4 Sonar investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Sonar
Sonar has acquired 3 companies to date.
Last acquisition by Sonar was on February 19th 2025. Sonar acquired AutoCodeRover for undisclosed valuation.
Latest Acquisitions by Sonar
| Description | AutoCodeRover is an open-source AI agent for software engineering tasks built on large language models. The tool automates code editing, bug fixes, and feature additions across repositories, achieving top performance on SWE-bench benchmarks for real-world GitHub issues. Developed by researchers from McGill University and Mila, it uses multi-agent planning and tool integration for repository-wide changes. | Boston-headquartered Tidelift is a supply chain management platform for open source software, offering subscriptions that include security updates, license compliance, and vulnerability patching for components like React and PostgreSQL. The service partners directly with maintainers of over 1,500 projects, serving enterprises such as Salesforce and IBM. | RIPS Technologies is a German cybersecurity firm based in Karlsruhe that develops static code analyzers for PHP, Java, and JavaScript. The company's scanner detects complex vulnerabilities like SQL injection and XSS in enterprise applications, serving development teams at banks and tech firms across Europe. |
| HQ Country |  | |  |
| HQ City | Singapore | Boston, MA | Bochum |
| Deal Date | 19 Feb 2025 | 17 Dec 2024 | 14 May 2020 |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Sonar acquisitions and their M&A valuation multiples. Start Free Trial | |||
Sonar Competitors
Sonar competitors include listed companies like Elastic, PagerDuty and Open Text, and private ones like Kaseya, Tricentis and Harness.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Netherlands | Publicly listed | $1.7B | $35M | $9.3B | 4.6x | |
| Miami, FL | Private | - | - | $1.8B | - | |
| United States | Publicly listed | $493M | $17M | $1.1B | 2.2x | |
| Austin, TX | Private | $425M | $86M | $4.5B | 10.6x | |
| San Francisco, CA | Private | $250M | - | $5.5B | 22.0x | |
 Canada | Publicly listed | $5.2B | $1.8B | $5.7B | 2.1x |
Sonar Public Comps
Sonar is still privately-owned, but its public comps include Open Text, Dameng Database, Freshworks, CommVault Systems, Beijing Ultrapower, ESDS Software, PagerDuty, GitLab, Datagroup and Wiscom System.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $5.2B | $1.8B | 2.1x | 2.1x | 6.1x | 5.8x | |||
| $195M | $84M | 15.3x | 12.5x | 35.5x | 27.6x | |||
| $839M | $41M | 3.2x | 2.9x | 65.7x | 11.3x | |||
| $1.2B | $84M | 5.2x | 5.0x | 72.9x | 23.2x | |||
| $868M | $165M | 2.3x | 2.1x | 11.9x | 10.6x | |||
| $49M | $25M | 38.3x | 13.8x | 76.7x | 56.6x | |||
| $493M | $17M | 2.2x | 2.2x | 64.6x | 7.7x | |||
| $955M | ($82M) | 7.5x | 6.7x | (87.0x) | 44.3x | |||
This data is available for Pro users. Sign up to see all Sonar competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Sonar
| When was Sonar founded? | Sonar was founded in 2008. |
| Where is Sonar headquartered? | Sonar is headquartered in Geneva, Switzerland. |
| Is Sonar publicly listed? | No, Sonar is a private, VC-backed company. |
| What is Sonar's valuation? | Sonar was last valued at $4.7B in its Series B in April 2022. |
| How much funding has Sonar raised? | Sonar has raised $457M across 2 funding rounds. |
| What was Sonar's last funding round? | Sonar's last funding round was a $412M Series B in April 2022, led by Advent International and General Catalyst. |
| Who are Sonar's investors? | Sonar's investors include Insight Partners, General Catalyst, Permira and Advent International. |
| What is Sonar's revenue? | Sonar's latest recorded revenue is $175M (April 2022). |
| What is Sonar's revenue multiple? | Sonar's latest valuation implies a 26.9x revenue multiple ($4.7B valuation on $175M of revenue). |
| Which companies are comparable to Sonar? | Companies comparable to Sonar include Elastic, Kaseya, PagerDuty, Tricentis, Harness and Open Text. |
| How many companies has Sonar acquired? | Sonar has acquired 3 companies, including AutoCodeRover, Tidelift and RIPS Technologies. |
See companies similar to Sonar
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.