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Coverity Talks With Banks Including Goldman About IPO

March 5 (Bloomberg) -- Coverity Inc. has held talks with banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co. about holding an initial public offering later this year, Chief Executive Officer Anthony Bettencourt said.

The San Francisco-based company, which makes applications to detect errors in software, would look to raise less than $100 million in an IPO for future acquisitions, Bettencourt said in an interview.

Coverity is on track for annual revenue of about $70 million, and sales are growing at 30 percent a year, Bettencourt said. More than 1,100 customers, including Microsoft Corp., Samsung Electronics Co. and the National Aeronautics and Space Administration, license Coverity’s tools, he said.

“Our eye is on the public markets,” Bettencourt said. “It helps with the credibility. It’s nice to have a war chest in reserves.”

Michael DuVally, a spokesman at Goldman Sachs, and Justin Perras, a spokesman at JPMorgan, declined to comment.

Coverity raised $22 million from Foundation Capital and Benchmark Capital in 2008, and currently has $25 million in the bank and is cash-flow positive, Bettencourt said.

To contact the reporter on this story: Olga Kharif in Portland at okharif@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

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