Continuous software testing tools provider Tricentis has raised $165 million in Series B financing and says it will use the funds to continue accelerating its market penetration and scale operations.
The funds were raised through Insight Venture Partners, a global private equity and venture capital firm.
According to Sandeep Johri, CEO of Tricentis 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”.
“Applications drive corporate growth, and continuous testing has been identified as the linchpin to achieve agility and ultimately competitive differentiation.”
{loadposition peter}According to Nelson Hall, the global software testing market is expected to be a US$34 billion industry in 2017 and Johri says Tricentis 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%.
Johri says 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,
As part of the capital raising, Insight Managing Director Mike Triplett, who is a long-term investor in key infrastructure technology companies, will join Tricentis’ board of directors.
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, organisations 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.”