Insight Venture Partners Backs Company’s
Approach to Achieving Test Automation Rates of More Than 90
Percent; Software Testing Market Projected to Reach $34 Billion in
2017
Tricentis, the Continuous Testing Company for agile enterprise
organizations, today announced that it has raised $165 million in
Series B financing from Insight Venture Partners, a leading global
private equity and venture capital firm.
According to Nelson Hall, the global software testing market is
expected to be a $34 billion industry in 2017. 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.
“As a high-end brand, Swarovski is committed to responding fast
to global trends, and embracing new technology that’s part of our
customers’ lives. We need to master the increasing speed of change
in our Omni-Channel world with its significant number of end-to-end
processes and the related fast-evolving digital platforms,” said
Max Braun, CIO of Swarovski. “With Tricentis’ capabilities in risk
management, test automation and test management, we could
significantly enhance our testing processes and decrease the
efforts in that area, with the clear target to meet the demand of
our business partners and ultimately, the demand of our
customers.”
The funding comes on the heels of Tricentis being named a Leader
in Gartner’s Magic Quadrant for Software Test Automation for the
second year in a row. Tricentis has also been recognized as a
Leader by The Forrester Wave™: Modern Application Functional Test
Automation Tools 2016. According to the Forrester report,
“Tricentis Tosca provides top test automation and optimization
design capabilities, test assets reuse, and combined
automation.”
“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.”
According to Narsimha Rao Mannepalli, EVP - Head Global
Services, Infosys Validation Solutions, Infosys: “Infosys helps
organizations become more competitive in their digital and
enterprise transformation journey through its latest QA offerings
and IP solutions. Our partnership with Tricentis has benefited our
clients in realizing higher automation and faster time to market.
We congratulate Tricentis on this new milestone, which further
validates their innovative approach to reducing software testing
time, effort and cost.”
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.”
Additional Quotes
- Sujit Unni, Vice President of IT at
Vantiv: “We are constantly iterating and improving the business
applications that are critical for supporting customers and
employees. However, prior manual testing processes were inefficient
and tedious. With Tricentis Tosca, quality assurance now happens
continuously – without scripting, without programming. Our manual
testers have become automation specialists. As a result, we’ve
significantly expedited and scaled testing across the
business.”
- Arun Kumar Melkote, Global Head
-Testing Services, Wipro Limited: “Today, software testing
paradigms have evolved from traditional quality assurance to
quality engineering. Our partnership with Tricentis is key as we
constantly innovate to ensure higher application quality at minimum
business risk. Working together with Tricentis will open up
opportunities for us to offer strategic inputs and solutions that
address the requirements of next-generation enterprises with
agility and effectiveness.”
- Marco van den Brink, Chief Operational
Officer, Sogeti Netherlands: “In a rapidly changing IT-market,
short time-to-market, excellent quality, good performance and 24x7
availability are a must. Agility and the ability to release
software faster are of crucial importance. Automation of the
test processes is a must! With the combination of Tosca Testsuite
and our thought leadership in testing, Sogeti is able to test
software faster, easier and more effectively. This means we can
help our customers even better in this fast-changing IT
world.”
To learn more about Tricentis, access the Tricentis Info
Pack.
About Tricentis
Tricentis, the Continuous Testing Company, specializes in agile
market leading software testing tools for enterprises. We help
Global 2000 companies adopt DevOps and gain success by achieving
automation rates of over 90%. Our integrated software testing
solution, Tosca Testsuite, consists of a unique Model-based Test
Automation and Test Case Design approach, encompassing risk-based
testing, test data management and provisioning, service
virtualization, and more. We are established as a reliable
enterprise partner, helping to deliver significant performance
improvements to testing projects.
Prominent analysts have recognized us as a Leader in both
Software Test Automation and in Functional Automation Tools, with
Model-based Test Automation as our standout feature.
Tricentis’ 400+ customers include global names from the Top 500
brands such as 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,
Netherlands, Switzerland, Poland, United States and the UK. For
regular news and information about Tricentis and the automated
testing market, like and follow the company on:
- www.tricentis.com
- https://vimeo.com/177545078
- Free Trial
(https://www.tricentis.com/tricentis-tosca-testsuite/trial/)
- Twitter @tricentis
- Facebook
- LinkedIn
About Insight Venture
Partners
Insight Venture Partners is a leading global venture capital and
private equity firm investing in high-growth software, mobile and
internet companies that are driving transformative change in their
industries. Founded in 1995, Insight has raised more than $13
billion and invested in more than 250 companies worldwide. Our
mission is to find, fund and work successfully with visionary
executives providing them with practical, hands-on growth expertise
to foster long-term success. For more information on Insight and
all of its investments, visit http://www.insightpartners.com or
follow us on Twitter: @insightpartners.
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version on businesswire.com: http://www.businesswire.com/news/home/20170123006232/en/
Media Contacts10FoldElaine
Ordiz, +1 (415) 800-5375tricentis@10fold.comorTricentisMariette
SnymanMarketing Manager Asia-Pacificm.snyman@tricentis.com