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IGLOO SECURITY, INC. Acquisition of CODEMIND, a software testing company

2022.06.15

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IGLOO SECURITY, INC. Acquisition of CODEMIND, a software testing company


- Acquisition of ‘CODEMIND’ with unrivaled white box testing technology… Strengthening business in software testing field


[October 07, 2021] IGLOO Security will take over a software testing company and strengthen related business areas. IGLOO Security, INC., a leading artificial intelligence base cyber security company (CEO Lee Deuk-Choon, www.igloosec.com/en), announced that it has signed a stock purchase contract to acquire CODEMIND, a software testing company. CODEMIND plans to operate independently while maintaining the representative management system of Shin Seung-Cheol. 
 
CODEMIND is a software analysis and verification company established in 2013. Professors and researchers who have been researching program analysis and verification for many years have been developing automatic software verification tools and secure coding diagnostic analysis tools. In 2019, they launched ‘COYOTE’, a dynamic verification tool that provides fully automatic white box testing for the first time in the industry, and has been supplying it to customers in various fields such as automobile, aviation, railroad, public, national defense, IT, and finance.
 
Through this acquisition, IGLOO Security is accelerating its acquisition of technological prowess in the software testing field, which is expected to grow steadily. Currently, the domestic software testing market is centered on black box testing focused on checking whether a function is implemented or not. CODEMIND is a strategy to position itself as a leading company leading the development of the industry by increasing the proportion of white box testing in the domestic testing market based on symbolic testing technology, which is a unique patented technology. 
 
Unlike black box testing, white box testing is performed by checking the internal structure and operation of a program. It has the advantage of being able to accurately check the validity of the operation and precisely test the code, but it has not been used well because the coding ability is required for the test personnel. By adopting a fully automatic white box testing tool, organizations can solve these difficulties and significantly reduce the cost and time invested in testing tasks. 
 
Lee Deuk-Choon, CEO of IGLOO Security, said, “As the use of software in all industries worldwide increases, the software testing market that guarantees safety that can operate in any environmental conditions is also growing. Through the acquisition of CODEMIND, which possesses unrivaled white box testing technology, we will accelerate our entry into the software testing market, which is expected to rapidly expand to about [1]$60 billion in 2027.”
 
Shin Seung-Cheol, CEO of CODEMIND, said, “We have high expectations to become a member of IGLOO Security, which has excellent AI and security technology. Based on the previously recognized technology in the world, we will do our best to provide core solutions in the software security and safety fields while merging the experience and know-how of both companies and expanding product development capabilities.”

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