The objective of the round, in which Insight Venture Partners has been the joint investor contributing a total of $165M, is to be able to grow geographically, currently already in Australia, India, USA and Europe, and to be able to scale its operations.
As part of the transaction, Insight's Managing Director Mike Triplett will join the board of Tricentis. Tricentis, founded in 2007, had already completed a small round in 2012.
Tricentis, the continuous testing company, specialises in market-leading agile software testing tools for enterprises, achieving automation rates of over 90%.Tricentis has achieved the top position in the Gartner quadrant for its industry for the second year in a row.
Clients include 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, the Netherlands, Switzerland, Poland, the United States and the United Kingdom.
Insight Venture Partners is a leading global venture capital and private equity firm that invests in high-growth software, mobile and Internet companies that are driving transformational change in their industries. Founded in 1995, Insight has raised over $13 billion and invested in more than 250 companies worldwide. In Spain, Insight venture partners have invested in companies such as Wallapop, which is now looking to sell itself for $1 billion.
"Insight Venture partners had already invested in the software testing sector before, in the company Smartbear Software, which used the liquidity of Insight Venture partners to make acquisitions in the sector," says Diego Gutierrez of Abra-Invest.
According to Nelson Hall, the world's leading BPO analyst, the global software testing market will reach $34B in 2017. Within this sector, in addition to Tricentis, there are other competitors that are also growing at an accelerated pace to take a large share of the sector. These include: Smarbear Software, Saucelabs and Worksoft.
Smartbear Software is a company of development, testing and performance of software and monitoring tools, in which Insight Venture Partners also participates. The firm has made five acquisitions since 2011, including the Spanish company Lucierna. The objective of the Lucierna acquisition was to incorporate its APM (Application Performance Management) technology, called Antorcha, into SmartBear's web and mobile monitoring solutions. Lucierna was owned by Inveready. In 2016 Smartbear Software bought CrossBrowserTesting.com, for testing websites in different browsers.
Saucelabs is another company that is struggling to gain ground in the market. The company has raised $100M in 5 investment rounds. The last $70M was raised in 2016. In addition in 2016 it bought the German TestObject.
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