Overview Key strengths Key risks Sustainable growth prospects supported by favorable long-term demand for software development and operations (DevOps) tools. High projected S&P Global Ratings-adjusted leverage exceeding 7x through 2024. Revenue visibility from expanding recurring revenue base and high retention rates. Limited operating scale in a highly fragmented market. Comprehensive product portfolio and diverse customer base. Acquisitive growth strategy exposes it to integration and branding risks. Perforce reported a 9% increase in its revenue in 2022 pro forma for its acquisitions of Puppet in May 2022 and BlazeMeter in October 2021. Despite the increasing macroeconomic uncertainty toward the end of the year, the company maintained strong bookings for the full year on continued demand for its versioning, load testing, and
