Foley Represents HeroDevs in $125M Strategic Growth Investment from PSG

Foley & Lardner LLP represented HeroDevs, a provider of security and compliance solutions for deprecated open-source software, in securing a $125 million strategic growth investment from PSG, a growth equity firm focused on software and technology-enabled services companies. Existing investor Album also participated in the round.

The investment, one of the largest in Utah this year, will support HeroDevs’ efforts to secure enterprise technology infrastructure and expand its Never-Ending Support solutions for vulnerable or unsupported open-source software. HeroDevs will also dedicate $20 million of the capital toward its Open Source Sustainability Fund, designed to support open source creators, maintainers, and projects that follow end-of-life best practices.

Founded in 2015, HeroDevs provides security and compliance solutions to help organizations manage deprecated software while maintaining operational stability. The company serves clients across highly regulated industries, including finance, health care, and government, and has supported more than 800 companies, including nearly a third of the Fortune 100.

The Foley deal team was led by partners Joseph Bernardi and Jeffrey Bowman and included Mark Mallery, Kelly Boyd, Mackenzie Barrett and Sarina Rogers (Corporate/Transactions), with support from Alan Pate and Sarah Waste (Intellectual Property), Jennifer Urban and Samuel Goldstick (Data Privacy), Raj Tanden and Marina Choundas (Tax), Casey Knapp and Kelsey O’Gorman (Employee Benefits), Mark Neuberger (Labor and Employment), and Alan Rutenberg (Antitrust and Competition).