AUSTIN, Texas--(BUSINESS WIRE)--Tricentis, a global leader in continuous testing and quality engineering, today announced that GTCR, a leading private equity firm, has signed a definitive agreement to invest $1.33 billion in the company, valuing the enterprise at $4.5 billion and further fueling Tricentis for future growth and innovation. The agreement was approved by global software investor Insight Partners and Tricentis following a comprehensive review of strategic alternatives. Insight Partners and GTCR will work together with equal representation on the Board of Directors to support the strong and experienced Tricentis management team’s continued success in fueling the company’s further expansion.
“This investment recognizes the incredible company, strong product portfolio and large market opportunity that we have created here at Tricentis,” said Kevin Thompson, Chief Executive Officer, Tricentis. “We have had a long and successful partnership with Insight Partners, and I join them in welcoming GTCR as we further accelerate our momentum in enabling enterprises with large, complex IT environments to keep up with the rapid rate of change in their software application environments.”
“Tricentis has established itself as a clear leader in software quality testing through its exceptional product suite and the unique value it provides customers and partners,” said Mark Anderson, Managing Director and Head of Technology, Media and Telecommunications at GTCR. “GTCR has a long history of helping scale successful technology and software-based businesses. We are excited to partner with the Tricentis team and Kevin, a leader in this space with whom GTCR has had a long relationship, alongside our partners at Insight to invest in driving additional growth at the company.”
"Insight Partners has been proud to support Tricentis as it has established itself as a global leader in continuous testing and quality engineering," said Thomas Krane, Managing Director at Insight Partners. "Businesses and organizations around the world rely on software to drive their success, and Tricentis provides the AI-powered, comprehensive platform to ensure that software runs reliably and efficiently. Tricentis has a huge opportunity ahead as it helps even more companies turn quality into a competitive advantage.”
Tricentis was founded in 2007 in Vienna, Austria, with Insight Partners taking majority ownership in 2017. Today, Tricentis is a U.S. corporation headquartered in Austin, Texas, with a total of 26 offices globally. Tricentis is projecting to finish 2024 with over $425 million in annual recurring revenue (ARR) and growth of approximately 27% YoY while driving a meaningful and increasing level of profitability. Tricentis is a leader in the software quality market focused on serving the largest enterprises in the world and currently works with over 60% of the companies in the Fortune 500.
Financial advisors to the company included Evercore Inc. as lead financial advisor, J.P. Morgan Securities LLC, and Bank of America. Legal advisors included Willkie Farr & Gallagher LLP for Insight Partners and Tricentis, and Kirkland & Ellis LLP for GTCR.
Additional resources
- Press release: Tricentis Celebrates Record Year in 2023
About Tricentis
Tricentis is a global leader in continuous testing and quality engineering. The Tricentis AI-based, continuous testing portfolio of products provides a new and fundamentally different way to perform software testing. An approach that is totally automated, fully codeless, and intelligently driven by AI. It addresses both agile development and complex enterprise apps, enabling enterprises to accelerate their digital transformation by dramatically increasing software release speed, reducing costs, and improving software quality. Widely credited for reinventing software testing for DevOps, cloud, and enterprise applications, Tricentis has been recognized as a leader by all major industry analysts, including Forrester, Gartner, and IDC. Tricentis has more than 3,000 customers, including the largest brands in the world, such as McKesson, Allianz, Telstra, Dolby, and Vodafone. To learn more, visit www.tricentis.com.
About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $25 billion in over 280 companies, and the firm currently manages $40 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of June 30, 2024, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.
