Davis Polk – Rally Software Initial Public Offering

Davis Polk advised the underwriters in connection with an initial public offering of 6,900,000 shares of common stock of Rally Software Development Corp. (including 900,000 shares in respect of the exercise in full of the underwriters’ option to purchase additional shares) at $14.00 per share for gross proceeds of $96.6 million. Deutsche Bank Securities Inc. and Piper Jaffray & Co. acted as lead book-running managers and Needham & Company, LLC, JMP Securities LLC and William Blair & Company, L.L.C. acted as co-managers. Rally Software’s common stock is traded on the New York Stock Exchange under the symbol “RALY.”

Based in Boulder, Colorado, Rally Software is a leading provider of cloud-based solutions for managing Agile software development.

The Davis Polk corporate team included partner Alan F. Denenberg and associates Aaron Justin Epstein and Jeffrey C. Lau. The tax team included partner Rachel D. Kleinberg. Counsel Cynthia Akard provided benefits advice. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the Menlo Park and New York offices.

www.davispolk.com