Pittsburgh High-Tech Company Picks Up Silicon Valley Firm
Posted on: Wednesday, 15 September 2004, 06:00 CDT
Sep. 15--In a break from the norm, a Pittsburgh tech company is acquiring a Silicon Valley firm instead of the other way around.
South Side-based LogicLibrary said it planned to buy BugScan Inc., a tiny software security company based in Sunnyvale, Calif., for an undisclosed sum. BugScan is an affiliate of security software maker HBGary LLC, also based in Sunnyvale.
"This is important to our customers because security has become a priority as people build applications," Chief Executive Officer Greg Coticchia said.
Coticchia said BugScan, which employs five and includes among its customers Cupertino, Calif.-based software firm Symantec Corp. and New York City-based telecom giant Verizon Communications Inc., was critical to expanding LogicLibrary's reach.
LogicLibrary markets "Logidex," a software product that allows users to organize their software development codes and tools in catalog form and analyze how they might be reused for future applications. BugScan's software adds a critical component to LogicLibrary's repertoire -- security code, which enables customers using Logidex to ensure that the code they are using is bug and virus free.
"It really helps to fill out our product road map," said Chuck Dietrick, a principal at the venture capital firm Birchmere Ventures that led a $7.45 million round of investment funding for LogicLibrary in 2002.
Founded in 2000, LogicLibrary survived the dot-com bust in part by raising $18 million in venture capital since its inception.
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