Fortify Software

Home News & Events Press Releases 2008 April 25, 2008

Seasoned Investment Executive Appointed to Fortify Software's Board of Directors

Former Merrill Lynch and Epoch Veteran Brings 20 Years of Experience to Leading Application Security Company

SAN MATEO, Calif., April 25, 2008 - Fortify® Software, the market leader in Business Software Assurance solutions, today announced that investment executive veteran Scott Ryles has joined its Board of Directors, bringing a stellar background of entrepreneurialism and financial acumen to the company. Ryles is currently the Vice Chairman of Cowen and Company, LLC, a leading provider of investment banking services, including underwriting and other capital raising solutions, equity research, sales, trading and mergers and acquisitions advice.

During his more than 20 years on Wall Street, Ryles has overseen over $100 billion in transactions. He has extensive experience in originating and executing private placements, initial public offerings, secondary offerings, convertible securities, and mergers and acquisitions for companies in the financial services, utility, natural resources, media, and retailing industries, as well as for private and public technology companies in America, Europe, and Asia.

"We are pleased to welcome Scott to fully round out our board," said Ted Schlein, chairman of the company’s board of directors and a general partner of Kleiner Perkins Caufield & Byers. "We look forward to drawing upon Scott’s proven track record and wealth of experience, leadership and knowledge to further propel Fortify’s dominance in the application security market."

Most recently, Ryles served as the CEO of Procinea Management, LLC, a firm that develops quantitative investment strategies for investing in intellectual property assets. Prior to his position at Procinea, Ryles was the founder, CEO and president of Epoch Partners, Inc., an investment bank formed by three of the largest online brokerages – Charles Schwab, TD Waterhouse and Ameritrade – and three leading venture capital firms including Benchmark, Kleiner Perkins and Trident Capital. In less than two years as CEO of Epoch, Ryles raised more than $75 million in capital, built a team of more than 120 financial and technology professionals, helped originate and execute more than $2 billion of managed equity offerings, and ran the process that led to the acquisition of Epoch by Goldman Sachs for more than $200 million in 2001.

Prior to Epoch, Ryles spent 15 years at Merrill Lynch in various investment banking roles including Co-Head of West Coast Investment Banking, Global Head of Natural Resources and Global Head of Technology. He was also a member of the Merrill Lynch Investment Banking Executive Committee for over five years.

"I am very excited to be joining the Fortify team at this important stage of the company’s growth," said Ryles. "The strength of Fortify’s vision, coupled with the winning track record of their security solutions, presents a massive opportunity solve a problem critical to every organization operating on the internet."

"This year is especially critical for us as we execute upon our Business Software Assurance strategy to provide our customers with the most comprehensive solutions for protecting their most valuable assets – their software applications," commented John M. Jack, president and CEO of Fortify. "Scott’s success in guiding the financial and strategic direction of Silicon Valley’s leading technology companies will be instrumental in the future direction and growth of our organization."

Ryles joins a seasoned management team led by Jack and Schlein, along with current Fortify board members Ken Goldman, former SVP and CFO of Siebel Systems and current CFO at Fortinet; Tod Nielsen, President and CEO of Borland Software; Howard Schmidt, a former CSO at both Microsoft and eBay; Bob Spinner, former President and CEO of Extensity and currently managing director at Sigma+Partners; Roger Thornton, founder and CTO of Fortify; and Dick Williams, former CEO of Wily Technology and now CEO in Residence, Accel.

Ryles also currently sits on the board of directors for ArcSight, Inc.

About Fortify Software, Inc.

Fortify® 's Business Software Assurance products and services protect companies from the threats posed by security flaws in business-critical software applications. Its software security suite - Fortify 360 - drives down costs and security risks by automating key processes of developing and deploying secure applications. Fortify Software’s customers include government agencies and FORTUNE 500 companies in a wide variety of industries, such as financial services, healthcare, e-commerce, telecommunications, publishing, insurance, systems integration and information management. The company is backed by world-class teams of software security experts and partners. More information is available at www.fortify.com.