Software testing company Tricentis raises $165M

Tricentis, an automated software testing company headquartered in Vienna, Austria, has raised $165 million in a Series B financing round from Insight Venture Partners. As part of the transaction, the venture firm’s managing director Mike Triplett will join Tricentis’ board.

Tricentis says it will use the funds to continue accelerating its market penetration and scale operations. Pacific Crest Securities acted as financial advisor to the company, with O’Melveny & Myers acting as U.S. legal counsel and Wolf Theiss acting as Austrian legal counsel.

According to Nelson Hall, the global software testing market is expected to be a $34 billion industry in 2017. Tricentis customers include HBO, Whole Foods, Toyota, Allianz, BMW, Starbucks, Deutsche Bank, Lexmark, Orange and UBS, according to the company.

[Image courtesy: Tricentis]

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