Tricentis Revenue, Valuation, Funding & Investors

Tricentis is valued at $4.5B as of November 2024, a 10.6x multiple on its last reported $425M revenue.

Last Tricentis valuation

$4.5B

Undisclosed stage · Nov 2024

Last Tricentis funding round

$1.3B

Undisclosed stage · Nov 2024

Tricentis revenue

$425M

Undisclosed stage · Nov 2024

Key investors in Tricentis

  • Insight Partners
  • GTCR
  • Wipro Ventures

Tricentis Overview

About Tricentis

Tricentis is an Innsbruck-headquartered leader in continuous testing software with its Tosca platform accelerating automation for DevOps pipelines in enterprise applications. The company maintains offices in the United States, United Kingdom, Australia, Germany, Austria, India, Netherlands, Poland, and Switzerland, serving Fortune 500 clients in banking, insurance, and retail with AI-powered test management.


Founded

2007

HQ

United StatesAustin, TX

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$425M (Nov 2024)

Valuation

$4.5B (Nov 2024)

Tricentis Valuation

Tricentis is currently valued at $4.5B, based on its undisclosed-stage round in November 2024.

The $1.3B round was led by GTCR.

Tricentis valuation by funding round

Tricentis valuation by funding round
DateStageValuationRevenue Multiple
Nov 2024Undisclosed stage$4.5B10.6x

Tricentis Revenue

Tricentis' latest recorded revenue is $425M, as of its undisclosed-stage round in November 2024. At a $4.5B valuation, that implies a 10.6x revenue multiple.

Tricentis revenue by funding round

Tricentis revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Nov 2024$425M$4.5B10.6xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Tricentis Funding History

Tricentis has raised a total of $1.5B across 2 funding rounds.

Tricentis' first fundraising round was a $165M Series B in January 2017. The most recent completed round was a $1.3B undisclosed-stage round in November 2024.

Tricentis funding rounds

Tricentis funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2024Undisclosed stageGTCR (lead)$1.3B$4.5BTricentis, a global leader in continuous testing and quality engineering, secured a $1.33 billion investment from GTCR on November 26, 2024, valuing the company at $4.5 billion. The deal was approved by majority shareholder Insight Partners following a review of strategic alternatives, with both firms taking equal board representation to support management in driving growth and innovation in AI-powered software testing solutions. Tricentis serves over 60% of Fortune 500 companies and around 3,000 organizations worldwide. The company projects $425 million in annual recurring revenue by the end of 2024, reflecting 27% year-over-year growth, and has achieved sustained profitability. Prior estimates mentioned revenues around $450 million and EBITDA near $86 million. This investment enables further expansion, product development, and potential acquisitions in the software quality market.
Jan 2017Series BInsight Partners (lead); Wipro Ventures$165M-Tricentis, a Vienna-based software testing company founded in 2009, raised $165 million in a Series B financing round on January 23, 2017, led by Insight Venture Partners, which became its sole outside shareholder after acquiring Kennet Partners' prior stake from a 2012 $9 million investment. The company specializes in continuous testing solutions for agile enterprise organizations, automating software test processes to improve speed, scope, and quality amid the shift from monolithic testing tools. Insight Managing Director Mike Triplett joined Tricentis' board as part of the transaction. At the time, Tricentis served over 400 corporate and government customers worldwide, including major brands like HBO, Whole Foods, Toyota, Allianz, BMW, Starbucks, Deutsche Bank, Lexmark, Orange, and UBS, with operations across the United States, Europe, India, and Australia. The firm had been recognized as a Leader in Gartner's Magic Quadrant for Software Test Automation for the second consecutive year and by Forrester's Wave for Modern Application Functional Test Automation Tools in 2016. Headquartered in Los Altos, California, with around 350 employees primarily in Vienna, Tricentis aimed to use the funds to accelerate U.S. market penetration, scale operations, and boost sales efforts. Later developments include Insight taking majority ownership in 2017, followed by a $1.33 billion investment from GTCR in a later deal valuing Tricentis at $4.5 billion, with reports of around $450 million in revenues and $86 million in EBITDA at that time, and over $425 million ARR expected in 2024.

Who has invested in Tricentis?

3 investors have backed Tricentis across its funding rounds, including Insight Partners, GTCR and Wipro Ventures.

Lead investors include GTCR and Insight Partners.


Tricentis Investors

Investors in Tricentis by funding rounds participated
InvestorHQRoundsRoleFirst check
GTCRUnited StatesChicago, IL1LeadNov 2024

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Acquisitions by Tricentis

Tricentis has acquired 11 companies to date.

Last acquisition by Tricentis was on July 29th 2026. Tricentis acquired Tabnine for undisclosed valuation.


Latest Acquisitions by Tricentis

Tabnine
Sealights
Waldo
Tx3 Services
Description
Tabnine is an AI-powered code completion tool accelerating software development for teams worldwide. Tel Aviv-headquartered with offices in San Francisco, it supports 30 programming languages including Python, JavaScript, and Java via IDE plugins for VS Code and JetBrains. Launched in 2015 as Codota, Tabnine now serves enterprises like Dell and Deutsche Telekom with on-premises deployment options ensuring data privacy under SOC 2 compliance.
Sealights is a Tel Aviv-based software quality platform that integrates with CI/CD pipelines for continuous testing optimization. Launched in 2016, it analyzes code changes and prioritizes tests for Java, .NET, and JavaScript applications, reducing release risks by 70 percent. Used by enterprises like Intel and SAP, it supports Kubernetes environments and Jira workflows.
Waldo is a cloud-based mobile testing platform for iOS and Android apps, headquartered in Brooklyn, New York, with a development office in Paris, France. It enables teams to script, execute, and visualize user flows across devices, ensuring consistent UX in every release through automated QA without device farms.
Tx3 Services is a Reading-based provider of SaaS platforms for automated software testing and compliance in life sciences, supporting 21 CFR Part 11, GxP, and agile validation. The solutions integrate with tools like Jira and ALM for risk-based testing in pharma and biotech, used by companies such as AstraZeneca. Launched in 2014, Tx3 maintains a client base of 200 organizations across Europe and North America.
HQ CountryIsraelUnited StatesUnited StatesUnited States
HQ City
Tel Aviv
Washington, DC
New York City, NY
Philadelphia, PA
Deal Date29 Jul 202617 Jul 20247 Jul 20231 Mar 2022
Valuationundisclosed$150M$150Mundisclosed
EV/Revenue
EV/EBITDA

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Investments by Tricentis

Tricentis has invested in 1 company to date.

Latest investment by Tricentis was on September 21st 2021. Tricentis invested in DeepFactor in their $15M Series A round.


Latest Investments by Tricentis

DeepFactor
Description
DeepFactor is a cloud-native application security platform aiding developers in identifying vulnerabilities, supply chain risks, and compliance issues during CI/CD pipelines. The solution offers artifact scanning including SCA, container scans, and SBOM generation, plus runtime visibility via IAST and DAST without code modifications. DeepFactor plugs into Kubernetes environments for anomaly detection and prioritized remediation lists, streamlining DevSecOps for enterprises.
HQ CountryUnited States
HQ City
San Jose, CA
Deal Date21 Sep 2021
RoundSeries A
Raised$15M
InvestorsEmergent Ventures; Security Leadership Capital; Insight Partners
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Tricentis Competitors

Tricentis competitors include listed companies like Ricksoft Co and Topicus, and private ones like Checkr, OutSystems, Cribl and ReliaQuest.

Public and private companies comparable to Tricentis
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CheckrUnited StatesSan Francisco, CAPrivate$800M-$4.6B5.8x
OutSystemsUnited StatesBoston, MAPrivate$486M-$4.3B8.8x
CriblUnited StatesSan Francisco, CAPrivate$100M-$3.5B35.0x
ReliaQuestUnited StatesTampa, FLPrivate$300M-$3.4B11.3x
Ricksoft CoJapanJapanPublicly listed$70M$3M$21M-
TopicusNetherlandsNetherlandsPublicly listed$1.8B$393M$5.4B3.0x

Tricentis Public Comps

Tricentis is still privately-owned, but its public comps include Topicus, Dameng Database, Intapp, PagerDuty, GitLab, RWS Holdings, CS Disco, Hibino, ZeroStack and Xp Industrial FII.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Topicus$1.8B$393M3.4x3.0x15.3x10.6x
Dameng Database$195M$84M15.3x12.5x35.5x27.6x
Intapp$578M($16M)4.6x4.5x(164.3x)20.9x
PagerDuty$493M$17M2.2x2.2x64.6x7.7x
GitLab$955M($82M)7.5x6.7x(87.0x)44.3x
RWS Holdings$927M($26M)0.7x0.7x(27.2x)4.8x
CS Disco$157M($44M)1.1x1.0x(4.0x)(22.1x)
Hibino$435M$60M0.6x0.6x4.3x-

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Common questions about Tricentis

When was Tricentis founded?Tricentis was founded in 2007.
Where is Tricentis headquartered?Tricentis is headquartered in Austin, TX, United States.
Is Tricentis publicly listed?No, Tricentis is a private, VC-backed company.
What is Tricentis' valuation?Tricentis was last valued at $4.5B in its undisclosed-stage round in November 2024.
How much funding has Tricentis raised?Tricentis has raised $1.5B across 2 funding rounds.
What was Tricentis' last funding round?Tricentis' last funding round was a $1.3B undisclosed-stage round in November 2024, led by GTCR.
Who are Tricentis' investors?Tricentis' investors include GTCR, Insight Partners and Wipro Ventures.
What is Tricentis' revenue?Tricentis' latest recorded revenue is $425M (November 2024).
What is Tricentis' revenue multiple?Tricentis' latest valuation implies a 10.6x revenue multiple ($4.5B valuation on $425M of revenue).
Which companies are comparable to Tricentis?Companies comparable to Tricentis include Checkr, OutSystems, Cribl, ReliaQuest, Ricksoft Co and Topicus.
How many companies has Tricentis acquired?Tricentis has acquired 11 companies, including Tabnine, Sealights, Waldo, Tx3 Services and TESTIM.
What was the largest acquisition by Tricentis?The $200M acquisition of TESTIM in February 2022 is the largest acquisition Tricentis has made to date.
How many companies has Tricentis invested in?Tricentis has invested in 1 company, including DeepFactor.
What was Tricentis' last investment?In September 2021, Tricentis invested in DeepFactor's $15M Series A alongside Emergent Ventures, Security Leadership Capital and Insight Partners.

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