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- Tricentis
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
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
Website
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
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2024 | Undisclosed stage | $4.5B | 10.6x |
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
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2024 | $425M | $4.5B | 10.6x | Undisclosed 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2024 | Undisclosed stage | GTCR (lead) | $1.3B | $4.5B | Tricentis, 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 2017 | Series B | Insight 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Nov 2024 | ||
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Start Free TrialAcquisitions 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
| 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 Country | |||||
| HQ City | Tel Aviv | Washington, DC | New York City, NY | Philadelphia, PA | |
| Deal Date | 29 Jul 2026 | 17 Jul 2024 | 7 Jul 2023 | 1 Mar 2022 | |
| Valuation | undisclosed | $150M | $150M | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Tricentis acquisitions and their M&A valuation multiples. Start Free Trial | |||||
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
| 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 Country | |
| HQ City | San Jose, CA |
| Deal Date | 21 Sep 2021 |
| Round | Series A |
| Raised | $15M |
| Investors | Emergent Ventures; Security Leadership Capital; Insight Partners |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Tricentis investments and their VC round multiples. Start Free Trial | |
Tricentis Competitors
Tricentis competitors include listed companies like Ricksoft Co and Topicus, and private ones like Checkr, OutSystems, Cribl and ReliaQuest.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $800M | - | $4.6B | 5.8x | ||
| Private | $486M | - | $4.3B | 8.8x | ||
| Private | $100M | - | $3.5B | 35.0x | ||
| Private | $300M | - | $3.4B | 11.3x | ||
| Publicly listed | $70M | $3M | $21M | - | ||
| Publicly listed | $1.8B | $393M | $5.4B | 3.0x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.8B | $393M | 3.4x | 3.0x | 15.3x | 10.6x | |||
| $195M | $84M | 15.3x | 12.5x | 35.5x | 27.6x | |||
| $578M | ($16M) | 4.6x | 4.5x | (164.3x) | 20.9x | |||
| $493M | $17M | 2.2x | 2.2x | 64.6x | 7.7x | |||
| $955M | ($82M) | 7.5x | 6.7x | (87.0x) | 44.3x | |||
| $927M | ($26M) | 0.7x | 0.7x | (27.2x) | 4.8x | |||
| $157M | ($44M) | 1.1x | 1.0x | (4.0x) | (22.1x) | |||
| $435M | $60M | 0.6x | 0.6x | 4.3x | - | |||
This data is available for Pro users. Sign up to see all Tricentis competitors and their valuation data. Start Free Trial | ||||||||
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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