Tricentis, a provider of continuous software quality testing solutions for enterprise software applications, raised $1.33 billion in funding from GTCR (Golder, Thoma, Cressey, Rauner), a private equity.
The latest private equity funding round brings Tricenti’s present valuation to $4.5 billion.
The funding transaction was supported by investors Insight Partners and Tricentis following a comprehensive review of strategic alternatives.
Tricentis offers an AI-driven, continuous automated software quality testing solution tailored for enterprise applications. Their platform enables businesses to accelerate digital transformation by enhancing software quality, increasing release speed, and reducing costs.
In the official press statement, Mark Anderson, Managing Director and Head of Technology, Media and Telecommunications at GTCR, said: “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.”
“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 Thompson (CEO of Tricentis), 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,” added Mark Anderson.
Founded in 2007 in Vienna, Austria, Tricentis has expanded its global presence and now serves over 2,500 customers, including prominent brands such as Accenture, Coca-Cola, McKesson, Allianz, Telstra, Dolby, and Vodafone, and Nationwide Insurance.
In 2017, Insight Partners led a $165 million financing round for Tricentis. Insight Partners is also reportedly exploring a sale of Tricentis, potentially valuing the company at more than $4.5 billion.