DEVOPSdigest

Tricentis announced that GTCR, a private equity firm, has signed a definitive agreement to invest $1.33 billion in the company, valuing the enterprise at $4.5 billion and further fueling Tricentis for future growth and innovation.

The agreement was approved by global software investor Insight Partners and Tricentis following a comprehensive review of strategic alternatives. 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.

“This investment recognizes the incredible company, strong product portfolio and large market opportunity that we have created here at Tricentis,” said Kevin Thompson, Chief Executive Officer, 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.”

“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,” said Mark Anderson, Managing Director and Head of Technology, Media and Telecommunications at GTCR. “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.”

“Insight Partners has been proud to support Tricentis as it has established itself as a global leader in continuous testing and quality engineering,” said Thomas Krane, Managing Director at Insight Partners. “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.”

Financial advisors to the company included Evercore Inc. as lead financial advisor, J.P. Morgan Securities LLC, and Bank of America. Legal advisors included Willkie Farr & Gallagher LLP for Insight Partners and Tricentis, and Kirkland & Ellis LLP for GTCR.