Tricentis, a global leader in continuous testing and quality engineering, announced that leading private equity firm GTCR has signed a definitive agreement to invest $1.33 billion in the company, valuing the enterprise at $4.5 billion and advance Tricentis for future growth and innovation.
This agreement was approved by global software investor Insight Partners and Tricentis following a comprehensive review of strategic alternatives. And 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.
Tricentis was launched in 2007 in Vienna, Austria, with Insight Partners taking majority ownership in 2017. Now Tricentis is a U.S. corporation based 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% year-over-year while driving a meaningful and increasing level of profitability.
The financial advisors to the company included Evercore as lead financial advisor, J.P. Morgan Securities, and Bank of America. And Legal advisors included Willkie Farr & Gallagher for Insight Partners and Tricentis, and Kirkland & Ellis for GTCR.
KEY QUOTES:
“This investment recognizes the incredible company, strong product portfolio and large market opportunity that we have created here at 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.”
– Kevin Thompson, Chief Executive Officer, Tricentis
“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, 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.”
– Mark Anderson, Managing Director and Head of Technology, Media and Telecommunications at GTCR
“Insight Partners has been proud to support Tricentis as it has established itself as a global leader in continuous testing and quality engineering. 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.”
– Thomas Krane, Managing Director at Insight Partners
