Private equity giant GTCR has committed to a $1.33bn investment in software testing leader Tricentis, supported by the current majority owner Insight Partners, in a deal that values the business at $4.5bn.
According to a press statement, the transaction will establish equal board representation for both firms as they collaborate ‘to support the strong and experienced Tricentis management team’s continued success in fuelling the company’s further expansion’.
Founded in Vienna in 2007 and now headquartered in Austin, Texas, Tricentis has become a key player in software quality assurance. The company’s platform supports over 60% of Fortune 500 companies and is projected to generate more than $425m in annual recurring revenue in 2024, with a year-over-year growth rate of 27%.
Financial advisors to Tricentis included Evercore as lead financial advisor, JP Morgan Securities, and Bank of America. Legal advisors included Willkie Farr & Gallagher for Insight Partners and Tricentis, and Kirkland & Ellis for GTCR.
