DEVOPSdigest

Tricentis raised $165 million in Series B financing from Insight Venture Partners, a leading global private equity and venture capital firm.

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.

“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.”

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.”