Black Duck Software, the leading OSS Logistics solutions provider enabling the secure management of open source code, today announced it closed Q1 2015 30 percent above plan. The company attributes this success to efforts that have continued momentum in making open source adoption more secure, compliant, and efficient. Black Duck has welcomed several new hires, secured $5 million in additional funding from strategic investor the Venture Capital Unit of Siemens, and added former Avid Technology CEO and Venture Capitalist Daniel Keshian to its Board of Directors.

The company recently strengthened its customer success team with the appointment of Dean Vassiliou, Vice President Customer Success Management. Vassiliou is an experienced enterprise software professional with extensive delivery, support, and account management experience. Prior to Black Duck, Vassiliou led the professional services organization at Healthedge. Vassiliou also built and managed global professional services and client services organizations for start-ups including Lodestar Corporation, prior to its sale to Oracle and, where he served on the IPO management team. Vassiliou’s hire comes on the heels of Black Duck adding strategic security expert Michael Pittenger (Co-founder of Veracode) to the company as Vice President of Product Strategy.

With key new hires on board, a strategic vision for success in the security space, and a strong first quarter with business nearly 30 percent above plan, Black Duck closed an additional $5 million equity infusion with the Venture Capital Unit of Siemens that will help the company with its aggressive go-to-market plan for the company’s new product offering, the Black Duck Hub. The solution, launched publicly in April, helps security and development teams identify and mitigate open source related risks across an application portfolio, specifically focusing on helping companies identify, prioritize, and mitigate security vulnerabilities associated with open source in use within their organizations.

Keshian joins Black Duck’s Board of Directors to help guide the industry’s most comprehensive security solution to identify and remediate open source vulnerabilities. Previously, Keshian was CEO of Avid Technology and WebLine Communications. He has been a very successful investor, both as Managing Director at Fairhaven Capital and Venture Partner at Greylock. Keshian has also served as Chairman and CEO of iPhrase Technologies, where he led its sale to International Business Machines in 2005, and as a board member at Mazu Networks, Ntru Cryptosystems, Digital Media on Demand, and arsDigita. Keshian earned his BS and MS degrees from Bentley University and teaches part-time at Suffolk University in the Sawyer Business School Entrepreneurship group. He also serves on the Bentley University Board of Trustees.