Exhibit 99.1

NEWS

For Immediate Release

Editorial Contact: Tracy Benelli

949-754-8633

tracy.benelli@quest.com

Investor Contacts: Thomas Patterson

949-754-8336

thomas.patterson@quest.com

Stephen Wideman

949-754-8142

stephen.wideman@quest.com

QUEST SOFTWARE REPORTS SECOND QUARTER 2011 RESULTS

Second Quarter Revenues of $203.0 Million

Cash Flow from Operations of $42.6 Million

ALISO VIEJO, Calif., August 2, 2011 – Quest Software, Inc. (Nasdaq: QSFT) today reported financial results for the quarter ended June 30, 2011. Total revenues were $203.0 million, a 9.1% increase compared to the prior year’s second quarter revenues of $186.1 million. Total revenues for the six months ended June 30, 2011, were $391.1 million, a 9.5% increase compared to $357.3 million for the same period in 2010. Operating margins were 5.0% and 4.0% for the three months and six months ended June 30, 2011, respectively as compared to 17.7% and 15.9% for the three and six months ended June 30, 2010, respectively. On a non-GAAP basis, operating margins were 13.7% and 13.2% for the three and six months ended June 30, 2011, respectively.

Cash and investments at June 30, 2011, totaled $281.2 million, a decrease of $114.8 million over the comparable balance at March 31, 2011. The decrease was primarily due to stock repurchases of $121.4 million during the quarter. Cash flow from operations was $42.6 million for the three months ended June 30, 2011.

“We were not pleased with Q2 results but feel confident about the strategic direction in which Quest is headed,” said Doug Garn, President and CEO of Quest Software. “Quest’s balance sheet remains healthy, and we are optimistic that we will see the returns from the increased investments that we have made in our business around the world. We will continue to carefully evaluate our investments to manage our profitability, but will not lose sight of our long-term strategy to deliver value to our customers and a better return for our stockholders.”

Quest Software Reports Second Quarter 2011 Results – page 2 of 11

GAAP Results

Quest Software’s net income for the second quarter of 2011 was $6.3 million, or $0.07 per fully diluted share. This compares to net income of $17.4 million, or $0.19 per share on a fully diluted basis, for the second quarter of 2010. Operating margin was 5.0% in the second quarter of 2011 compared to 17.7% in the comparable period of 2010, resulting in operating income of $10.2 million, which compares to $33.0 million for the corresponding period in 2010. Net income for the six months ended June 30, 2011, was $10.0 million, or $0.11 per fully diluted share compared to net income of $33.0 million, or $0.36 per fully diluted share for the same period in 2010.

Non-GAAP Results

On a non-GAAP basis, net income for the second quarter of 2011 was $20.6 million, or $0.23 per fully diluted share. This compares to non-GAAP net income of $29.3 million, or $0.32 per share on a fully diluted basis, for the second quarter of 2010. The non-GAAP operating margin was 13.7% in the second quarter of 2011, resulting in non-GAAP operating income of $27.8 million, compared to non-GAAP operating margin and operating income of 24.1% and $44.8 million, respectively, for the corresponding period in 2010. For the six months ended June 30, 2011, non-GAAP net income was $39.5 million, or $0.43 per fully diluted share. This compares to non-GAAP net income of $53.5 million, or $0.58 per fully diluted share, for the six months ended June 30, 2010. The non-GAAP operating margin was 13.2% for the six months ended June 30, 2011, resulting in non-GAAP operating income of $51.8 million, compared to non-GAAP operating margin and operating income of 22.7% and $81.1 million, respectively, in the comparable period of 2010.

Non-GAAP results exclude the after-tax effects of amortization of intangible assets acquired with business combinations, stock-based compensation expenses, acquisition related costs, retention bonus and severance costs related to the establishment of our Business Operations and Advance Technology Center in Cork, Ireland, and patent infringement litigation costs. A reconciliation of GAAP to non-GAAP financial results is included with this press release.

Quest Software’s management prepares and uses non-GAAP financial measures in the presentation of the Company’s results to provide a consistent understanding of its historical operating performance and comparisons with peer companies. Management believes that non-GAAP reporting provides a meaningful representation of the Company’s on-going economic performance and therefore uses non-GAAP reporting internally to evaluate and manage the Company’s operations. Management

Quest Software Reports Second Quarter 2011 Results – page 3 of 11

believes excluding charges such as those described above from its GAAP results facilitates investors’ understanding of the Company’s ongoing business operating results. These non-GAAP financial measures also facilitate comparisons to the operating results of the Company’s competitors and provide investors with transparency with respect to the supplemental information used by management in its operational and financial decision making. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for measures of financial performance prepared in conformity with GAAP.

Second Quarter 2011 Conference Call Information

Quest Software will host a conference call today, Tuesday, August 2, 2011, at 2:00 p.m. Pacific Time, to discuss its results. A simultaneous webcast of the conference call will be available on Quest Software’s website in the Investor Relations section at www.quest.com/company/investor-relations.aspx. A webcast replay will be available on the same website through August 2, 2012. An audio replay of the conference call will also be available through August 7, 2011, by dialing (888) 203-1112 (from the U.S. or Canada) or 719-457-0820 (outside the U.S. and Canada), using confirmation code: 5516543.

About Quest Software, Inc.

Quest Software (Nasdaq: QSFT) simplifies and reduces the cost of managing IT for more than 100,000 customers worldwide. Our innovative solutions make solving the toughest IT management problems easier, enabling customers to save time and money across physical, virtual and cloud environments. For more information about Quest solutions for application management, database management, Windows management, virtualization management, and IT management, go to www.quest.com.

# # #

Quest and Quest Software are registered trademarks of Quest Software, Inc. The Quest Software logo and all other Quest Software product or service names and slogans are registered trademarks or trademarks of Quest Software, Inc. All other trademarks and registered trademarks are property of their respective owners.

Quest Software Reports Second Quarter 2011 Results – page 4 of 11

Forward-Looking Statements

This release and the matters to be discussed on the conference call may include predictions, estimates and other information that might be considered forward-looking statements, including statements relating to expectations of future revenue and operating margin performance and other operating prospects. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including: the impact of adverse changes in general economic conditions on Quest Software’s relationships with customers, strategic partners and vendors; reductions or delays in information technology spending; variations in demand or the size and timing of customer orders; competitive conditions in Quest Software’s various product areas; rapid technological change; risks associated with the development and market acceptance of new products and product strategies; disruptions caused by acquisitions of companies and/or technologies; fluctuating currency exchange rates and risks associated with international operations; the need to attract and retain qualified employees; risks associated with Quest Software’s ongoing patent litigation; and other risks inherent in software businesses. For a discussion of these and other related risks, please refer to Quest Software’s recent SEC filings, including the Annual Report on Form 10-K for the year ended Dec. 31, 2010 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, which are available on the SEC’s website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Quest Software undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

Social Networks:

Twitter

Facebook

LinkedIn

YouTube

Web Links Referenced in this Release:

Quest Software, Inc.: www.quest.com

Application Management: http://www.quest.com/application-monitoring/

Database Management: http://www.quest.com/database-management/

Windows Management: http://www.quest.com/windows-management/

Virtualization Management: http://www.quest.com/virtualization/

IT management: http://www.quest.com/

Twitter: http://twitter.com/#!/Quest

Facebook: http://www.facebook.com/#!/pages/Quest-Software/65026711832

LinkedIn: http://www.linkedin.com/companies/quest-software

YouTube: http://www.youtube.com/user/questsoftware

Quest Software Reports Second Quarter 2011 Results – page 5 of 11

QUEST SOFTWARE, INC.

CONSOLIDATED INCOME STATEMENTS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended					Six Months Ended
	June 30					June 30
	2011		2010			2011		2010
Revenues:
Licenses	$	77,632	$	77,100		$	144,367	$	142,081
Services		125,338		109,002			246,760		215,192
Total revenues		202,970		186,102			391,127		357,273
Cost of revenues:
Licenses		2,550		1,893			4,334		3,714
Services		22,634		15,636			43,600		30,360
Amortization of purchased technology		5,249		3,965			9,899		8,458
Total cost of revenues		30,433		21,494			57,833		42,532
Gross profit		172,537		164,608			333,294		314,741
Operating expenses:
Sales and marketing		86,983		72,082			168,713		140,422
Research and development		43,117		36,543			84,840		72,016
General and administrative		28,078		19,836			56,271		39,173
Amortization of other purchased intangible assets		4,198		3,149			7,945		6,325
Total operating expenses		162,376		131,610			317,769		257,936
Income from operations		10,161		32,998			15,525		56,805
Other income (expense), net		573		(3,843	)		1,843		(7,449	)
Income before income tax provision		10,734		29,155			17,368		49,356
Income tax provision		4,404		11,764			7,410		16,353
Net income	$	6,330	$	17,391		$	9,958	$	33,003
Net income per share:
Basic	$	0.07	$	0.19		$	0.11	$	0.37
Diluted	$	0.07	$	0.19		$	0.11	$	0.36
Weighted average shares:
Basic		88,320		89,434			90,301		89,548
Diluted		90,363		91,920			92,742		92,135

Quest Software Reports Second Quarter 2011 Results – page 6 of 11

Reconciliation of Non-GAAP Financial Measures to Comparable U.S. GAAP Measures (Unaudited)

The Company has provided a reconciliation of each non-GAAP financial measure used in this earnings release and related conference call and webcast to the most directly comparable GAAP financial measure. These measures differ from GAAP in that they exclude amortization of intangible assets acquired with business combinations, stock-based compensation expenses, acquisition related costs, retention bonus and severance costs related to the establishment of our Business Operations and Advance Technology Center in Cork, Ireland, and patent infringement litigation costs. The Company’s basis for these adjustments is described below.

Quest Software’s management prepares and uses non-GAAP financial measures in the presentation of the Company’s results to provide a consistent understanding of its historical operating performance and comparisons with peer companies. Management believes that non-GAAP reporting provides a meaningful representation of the Company’s on-going economic performance and therefore uses non-GAAP reporting internally to evaluate and manage the Company’s operations. Management believes excluding charges such as those described above from its GAAP results facilitates investors’ understanding of the Company’s ongoing business operating results. These non-GAAP financial measures also facilitate comparisons to the operating results of the Company’s competitors and provide investors with transparency with respect to the supplemental information used by management in its operational and financial decision making. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for measures of financial performance prepared in conformity with GAAP.

Management excludes the expenses described above when evaluating the Company’s operating performance and believes that the resulting non-GAAP measures are useful to investors and financial analysts in assessing the Company’s operating performance due to the following factors:

• The Company does not acquire businesses on a predictable cycle. The Company, therefore, believes that the presentation of non-GAAP measures that adjust for the impact of intangible asset amortization that are related to business combinations and acquisition related costs, provides investors and financial analysts with a consistent basis for comparison across accounting periods and, therefore, is useful to help investors and financial analysts understand the Company’s operating results and underlying operational trends.

• Amortization costs are fixed at the time of an acquisition, then amortized over a period of several years after the acquisition and generally cannot be changed or influenced by management after the acquisition.

Quest Software Reports Second Quarter 2011 Results – page 7 of 11

• Although stock-based compensation is an important aspect of the compensation of the Company’s employees and executives, stock-based compensation expense and its related tax impact are excluded as such charges are generally fixed at the time of grant and amortized over a period of several years and cannot be changed or influenced by management after the grant.

• Stock-based compensation is not an expense that typically requires or will require cash settlement by the Company.

• Litigation costs arising from our patent litigations are non-recurring. The Company believes they are not indicative of future operating results and that investors benefit from an understanding of Quest Software’s operating results without giving effect to them.

• Retention bonus and severance costs related to the establishment of our Business Operations and Advance Technology Center in Cork, Ireland are excluded because these expenses are non-recurring.

• The estimated income tax effects on the above items adjust the provision for income taxes to reflect the effect of the non-GAAP adjustments on non-GAAP operating income.

These non-GAAP financial measures are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and may differ from the non-GAAP information used by other companies. There are significant limitations associated with the use of non-GAAP financial measures. The additional non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP (such as net income and earnings per share) and should not be considered measures of the Company’s liquidity. Furthermore, the Company in the future may exclude amortization related to new business combinations from financial measures that it releases, and the Company expects to continue to incur stock-based compensation expenses.

Quest Software Reports Second Quarter 2011 Results – page 8 of 11

QUEST SOFTWARE, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

(In thousands, except per share data)

(Unaudited)

	Three Months Ended June 30						Six Months Ended June 30
	2011			2010			2011			2010
GAAP total cost of revenues	$	30,433		$	21,494		$	57,833		$	42,532
Amortization of purchased technology		(5,249	)		(3,965	)		(9,899	)		(8,458	)
Stock-based compensation expense		(238	)		(199	)		(554	)		(383	)
Retention bonus and severance costs		(29	)		—			(29	)		—
Non-GAAP total cost of revenues	$	24,917		$	17,330		$	47,351		$	33,691
GAAP gross profit	$	172,537		$	164,608		$	333,294		$	314,741
Amortization of purchased technology		5,249			3,965			9,899			8,458
Stock-based compensation expense		238			199			554			383
Retention bonus and severance costs		29			—			29			—
Non-GAAP gross profit	$	178,053		$	168,772		$	343,776		$	323,582
GAAP income from operations	$	10,161		$	32,998		$	15,525		$	56,805
Amortization of purchased technology		5,249			3,965			9,899			8,458
Amortization of other purchased intangible assets		4,198			3,149			7,945			6,325
Stock-based compensation expense		5,493			4,515			12,906			9,170
Professional fees relating to our previous restatement		—			31			—			176
Patent infringement litigation costs		1,400			—			1,769			—
Acquisition related costs		448			184			1,255			191
Retention bonus and severance costs		896			—			2,473			—
Non-GAAP income from operations	$	27,845		$	44,842		$	51,772		$	81,125
GAAP net income	$	6,330		$	17,391		$	9,958		$	33,003
Amortization of purchased technology		5,249			3,965			9,899			8,458
Amortization of other purchased intangible assets		4,198			3,149			7,945			6,325
Stock-based compensation expense		5,493			4,515			12,906			9,170
Professional fees relating to our previous restatement		—			31			—			176
Patent infringement litigation costs		1,400			—			1,769			—
Acquisition related costs		448			184			1,255			191
Retention bonus and severance costs		896			—			2,473			—
Other income		(9	)		—			(9	)		—
Tax effect of these adjustments		(3,434	)		19			(6,672	)		(3,820	)
Non-GAAP net income	$	20,571		$	29,254		$	39,524		$	53,503
GAAP net income per basic share	$	0.07		$	0.19		$	0.11		$	0.37
Amortization of purchased technology		0.06			0.04			0.11			0.09
Amortization of other purchased intangible assets		0.05			0.04			0.09			0.07
Stock-based compensation expense		0.06			0.05			0.14			0.10
Patent infringement litigation costs		0.02			—			0.02			—
Acquisition related costs		—			—			0.01			—
Retention bonus and severance costs		0.01			—			0.03			—
Tax effect of these adjustments		(0.04	)		—			(0.07	)		(0.04	)
Non-GAAP net income per basic share	$	0.23		$	0.33		$	0.44		$	0.60
Shares used in basic per share amounts		88,320			89,434			90,301			89,548
GAAP net income per fully diluted share	$	0.07		$	0.19		$	0.11		$	0.36
Amortization of purchased technology		0.06			0.04			0.11			0.09
Amortization of other purchased intangible assets		0.05			0.03			0.09			0.07
Stock-based compensation expense		0.06			0.05			0.14			0.10
Patent infringement litigation costs		0.02			—			0.02			—
Acquisition related costs		0.00			—			0.01			—
Retention bonus and severance costs		0.01			—			0.03			—
Tax effect of these adjustments		(0.04	)		—			(0.07	)		0.04
Non-GAAP net income per fully diluted share	$	0.23		$	0.32		$	0.43		$	0.58
Shares used in fully diluted per share amounts		90,363			91,920			92,742			92,135

Quest Software Reports Second Quarter 2011 Results – page 9 of 11

QUEST SOFTWARE, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Continued)

(In thousands)

(Unaudited)

	Three Months Ended June 30, 2011
	Sales and Marketing			Research and Development			General and Administrative			Amortization of Other  Purchased Intangible Assets			Total Operating Expenses
GAAP operating expenses	$	86,983		$	43,117		$	28,078		$	4,198		$	162,376
Amortization-other purchased intangible assets		—			—			—			(4,198	)		(4,198	)
Stock-based compensation expense		(1,682	)		(1,614	)		(1,958	)		—			(5,254	)
Patent infringement litigation costs		—			—			(1,400	)		—			(1,400	)
Retention bonus and severance costs		(677	)		—			(191	)		—			(868	)
Acquisition related costs		—			—			(448	)		—			(448	)
Non-GAAP operating expenses	$	84,624		$	41,503		$	24,081		$	—		$	150,208

	Three Months Ended June 30, 2010
	Sales and Marketing			Research and Development			General and Administrative			Amortization of Other  Purchased Intangible Assets			Total Operating Expenses
GAAP operating expenses	$	72,082		$	36,543		$	19,836		$	3,149		$	131,610
Amortization-other purchased intangible assets		—			—			—			(3,149	)		(3,149	)
Stock-based compensation expense		(1,246	)		(1,592	)		(1,478	)		—			(4,316	)
Professional fees related to our previous restatement		—			—			(31	)		—			(31	)
Acquisition related costs		—			—			(184	)		—			(184	)
Non-GAAP operating expenses	$	70,836		$	34,951		$	18,143		$	—		$	123,930

	Six Months Ended June 30, 2011
	Sales and Marketing			Research and Development			General and Administrative			Amortization of Other  Purchased Intangible Assets			Total Operating Expenses
GAAP operating expenses	$	168,713		$	84,840		$	56,271		$	7,945		$	317,769
Amortization-other purchased intangible assets		—			—			—			(7,945	)		(7,945	)
Stock-based compensation expense		(3,791	)		(3,767	)		(4,794	)		—			(12,352	)
Patent infringement litigation costs		—			—			(1,769	)		—			(1,769	)
Retention bonus and severance costs		(1,646	)		—			(798	)		—			(2,444	)
Acquisition related costs		—			—			(1,255	)		—			(1,255	)
Non-GAAP operating expenses	$	163,276		$	81,073		$	47,655		$	—		$	292,004

	Six Months Ended June 30, 2010
	Sales and Marketing			Research and Development			General and Administrative			Amortization of Other  Purchased Intangible Assets			Total Operating Expenses
GAAP operating expenses	$	140,422		$	72,016		$	39,173		$	6,325		$	257,936
Amortization-other purchased intangible assets		—			—			—			(6,325	)		(6,325	)
Stock-based compensation expense		(2,359	)		(3,010	)		(3,418	)		—			(8,787	)
Professional fees related to our previous restatement		—			—			(176	)		—			(176	)
Acquisition related costs		—			—			(191	)		—			(191	)
Non-GAAP operating expenses	$	138,063		$	69,006		$	35,388		$	—		$	242,457

Quest Software Reports Second Quarter 2011 Results – page 10 of 11

QUEST SOFTWARE, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	June 30		December 31
	2011		2010
ASSETS
Current assets:
Cash and cash equivalents	$	204,094	$	356,533
Short-term investments		43,504		90,284
Accounts receivable, net		143,221		179,621
Prepaid expenses and other current assets		36,607		48,312
Deferred income taxes		7,061		6,677
Total current assets		434,487		681,427
Property and equipment, net		81,185		70,854
Long-term investments		33,553		45,466
Intangible assets, net		107,014		62,785
Goodwill		746,719		706,224
Deferred income taxes		54,536		46,985
Other assets		54,165		21,843
Total assets	$	1,511,659	$	1,635,584
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	10,628	$	5,512
Accrued compensation		55,367		55,185
Other accrued expenses		42,646		32,600
Loans payable		576		521
Deferred revenue		338,003		324,121
Total current liabilities		447,220		417,939
Long-term liabilities:
Deferred revenue		104,316		100,264
Income taxes payable		42,106		41,385
Loans payable		32,460		32,730
Other long-term liabilities		15,689		11,000
Total long-term liabilities		194,571		185,379
Total liabilities		641,791		603,318
Stockholders’ equity		869,868		1,032,266
Total liabilities and stockholders’ equity	$	1,511,659	$	1,635,584

Quest Software Reports Second Quarter 2011 Results – page 11 of 11

QUEST SOFTWARE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Three Months Ended June 30						Six Months Ended June 30
	2011			2010			2011			2010
Cash flows from operating activities:
Net income	$	6,330		$	17,391		$	9,958		$	33,003
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		13,369			10,584			25,798			21,779
Compensation expense associated with stock-based payments		5,493			4,516			12,906			9,171
Deferred income taxes		59			9,042			(83	)		5,025
Excess tax benefit related to stock-based compensation		(388	)		(666	)		(1,869	)		(1,318	)
Other non-cash adjustments, net		356			614			924			683
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable		(10,406	)		(16,250	)		49,701			33,258
Prepaid expenses and other current assets		(1,725	)		1,575			1,178			4,230
Other assets		639			333			2,267			1,955
Accounts payable		3,176			(1,333	)		4,100			(388	)
Accrued compensation		3,880			2,967			(6,976	)		(7,115	)
Other accrued expenses		502			2,399			2,306			(4,051	)
Income taxes payable		20,889			(1,931	)		19,971			8,719
Deferred revenue		1,848			1,851			(2,944	)		(3,089	)
Other liabilities		(1,383	)		(579	)		(3,271	)		(1,282	)
Net cash provided by operating activities		42,639			30,513			113,966			100,580
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired		(18,705	)		—			(89,429	)		(981	)
Purchases of property and equipment		(12,887	)		(3,243	)		(17,314	)		(6,831	)
Change in restricted cash		3,428			321			(7,903	)		874
Purchases of cost method investments		(7,031	)		—			(27,234	)		—
Purchases of investment securities		(1,069	)		(99,268	)		(5,136	)		(132,283	)
Sales and maturities of investment securities		34,501			85,538			63,562			107,246
Notes receivable from a cost method investee		—			—			—			(2,000	)
Cash paid for intellectual property		(1,500	)		—			(1,500	)		—
Change in notes receivable		(400	)		—			(750	)		—
Net cash used in investing activities		(3,663	)		(16,652	)		(85,704	)		(33,975	)
Cash flows from financing activities:
Repayment of loans payable		(135	)		(29,704	)		(238	)		(32,339	)
Repurchases of common stock		(121,386	)		(5,290	)		(205,745	)		(37,373	)
Repayment of capital lease obligations		(44	)		(61	)		(69	)		(133	)
Cash paid for line of credit fees		—			—			(500	)		—
Proceeds from the exercise of stock options		4,677			14,313			24,925			23,297
Excess tax benefit related to stock-based compensation		388			666			1,869			1,318
Net cash used in financing activities		(116,500	)		(20,076	)		(179,758	)		(45,230	)
Effect of exchange rate changes on cash and cash equivalents		(3,797	)		1,058			(943	)		1,833
Net (decrease) increase in cash and cash equivalents		(81,321	)		(5,157	)		(152,439	)		23,208
Cash and cash equivalents, beginning of period		285,415			321,305			356,533			292,940
Cash and cash equivalents, end of period	$	204,094		$	316,148		$	204,094		$	316,148