Insight Venture leads $165m series-B round for Tricentis
Tricentis, the Continuous Testing Company for agile enterprise organizations, today announced that it has raised $165 million in Series B financing from Insight Venture Partners, a leading global private equity and venture capital firm.
According to Nelson Hall, the global software testing market is expected to be a $34 billion industry in 2017. Tricentis today helps more than 400 companies – including HBO, Whole Foods, Toyota, Allianz, BMW, Starbucks, Deutsche Bank, Lexmark, Orange and UBS – achieve software testing automation rates of more than 90 percent. Tricentis Tosca has been proven to achieve 10 times the test-automation efficiency of tools that employ manual scripting.
“As a high-end brand, Swarovski is committed to responding fast to global trends, and embracing new technology that’s part of our customers’ lives. We need to master the increasing speed of change in our Omni-Channel world with its significant number of end-to-end processes and the related fast-evolving digital platforms,” said Max Braun, CIO of Swarovski. “With Tricentis’ capabilities in risk management, test automation and test management, we could significantly enhance our testing processes and decrease the efforts in that area, with the clear target to meet the demand of our business partners and ultimately, the demand of our customers.”
The funding comes on the heels of Tricentis being named a Leader in Gartner’s Magic Quadrant for Software Test Automation for the second year in a row. Tricentis has also been recognized as a Leader by The Forrester Wave™: Modern Application Functional Test Automation Tools 2016. According to the Forrester report, “Tricentis Tosca provides top test automation and optimization design capabilities, test assets reuse, and combined automation.”
“Today’s predominately manual software testing processes fail to meet the needs of today’s Agile and DevOps initiatives, which require highly-accelerated development cycles and, at the same time, a strict accounting for the business risks associated with rapid, iterative code changes,” said Sandeep Johri, CEO of Tricentis. “Applications drive corporate growth, and continuous testing has been identified as the linchpin to achieve agility and ultimately competitive differentiation.”
According to Narsimha Rao Mannepalli, EVP – Head Global Services, Infosys Validation Solutions, Infosys: “Infosys helps organizations become more competitive in their digital and enterprise transformation journey through its latest QA offerings and IP solutions. Our partnership with Tricentis has benefited our clients in realizing higher automation and faster time to market. We congratulate Tricentis on this new milestone, which further validates their innovative approach to reducing software testing time, effort and cost.”
Tricentis, which serves customers from its operations in the United States, Europe, India and Australia, will use the funds to continue accelerating its market penetration and scale its operations. Pacific Crest Securities, Technology Specialists of KeyBanc Capital Markets, acted as exclusive financial advisor to Tricentis on this transaction. O’Melveny & Myers LLP, acted as U.S. legal counsel to Tricentis and Wolf Theiss acted as Austrian legal counsel to Tricentis.
As part of the transaction, Insight Managing Director Mike Triplett, who is a long-term investor in key infrastructure technology companies, will join Tricentis’ board of directors. Since its founding, Insight Venture Partners has raised more than $13 billion and invested in more than 250+ growth-stage software, Internet, and data services companies.
According to Triplett, “Software quality testing has traditionally required a large amount of time and manual effort, forcing compromises between speed, scope of testing, and quality of testing. To reduce time to market and improve software quality, organizations are abandoning monolithic testing solutions, and turning to Tricentis. This is evidenced by its strong growth rate, Global 2000 customers, and industry recognition from Gartner and Forrester.”
Tricentis, the Continuous Testing Company, specializes in agile market leading software testing tools for enterprises. We help Global 2000 companies adopt DevOps and gain success by achieving automation rates of over 90%. Our integrated software testing solution, Tosca Testsuite, consists of a unique Model-based Test Automation and Test Case Design approach, encompassing risk-based testing, test data management and provisioning, service virtualization, and more. We are established as a reliable enterprise partner, helping to deliver significant performance improvements to testing projects. Prominent analysts have recognized us as a Leader in both Software Test Automation and in Functional Automation Tools, with Model-based Test Automation as our standout feature. Tricentis’ 400+ customers include global names from the Top 500 brands such as ExxonMobil, HBO, Whole Foods, Toyota, Allianz, BMW, Starbucks, Deutsche Bank, Lexmark, Orange, A&E, Vantiv, Vodafone, Telstra and UBS. Tricentis has offices in Austria, Australia, Germany, India, Netherlands, Switzerland, Poland, United States and the UK.
Source: Tricentis Press Release