Tricentis merges with QASymphony
Sandeep Johri (pictured) to lead combined firm as CEO
Tricentis and QASymphony, two leading software quality assurance vendors, are merging under the Tricentis name, they have announced. Tricentis, the test automation specialist based in Moutain View and Vienna, and QASymphony, the Atlanta-based test management platform, are both majority-owned by Insight Venture Partners, the New York software and internet investor.
“Tricentis and QASymphony are both recognized for their innovative testing solutions,” explained Sandeep Johri, CEO of Tricentis, who will lead the combined firm as CEO. “Tricentis is known for helping enterprises transform testing from a burdensome manual process that delays software delivery into an automated, continuous process that drives ‘quality at speed.’ The addition of QASymphony’s test management solution strengthens our leadership position and builds on our momentum replacing legacy testing tools.”
Dave Keil, QASymphony;'s CEO, will assume the role of COO of the combined company will have a around 550 employees and a global presence with offices in the US, EMEA, and Asia.
Tricentis raised $165m in a series B financing in January 2017. The deal, which saw Insight take control, was designed to position Tricentis to take advantage of what Wolfgang Platz, Tricentis’s chief product officer and the company's founder predicted would be a dramatic consolidation of the $34 billion software testing services market.
“We’re going to see a significant clean-up and consolidation in the [quality assurance and testing] vendor landscape,” Platz told QA Financial at that time. "With this funding we will certainly be placed to win.” In five years time, Platz predicted, around half of the vendors of testing services will “not be there” as the industry consolidates around those companies that offer the most efficient automation technologies.
Tricentis, whose core testing product is the Tosca Testsuite, currently derives around 60% of its revenues from financial firms and counts Allianz, Deutsche Bank UBS, and Vantiv, the US card and payments company among its customers.
“Our goal is to grow as fast as possible,” he said, "If that requires acquisitions, that might be possible. But we have no immediate, concrete plans.”
The desire of large companies across different industries to transition to DevOps platforms - and from manual to more cost-efficient automated testing - will drive consolidation among vendors, Platz predicted. "All of our customers need to go digital, and digital translates into DevOps,” he said.
While other IT vendors offer DevOps platforms, Tricentis has a lead in the test automation technologies, including test service virtualization, that will drive efficiencies in software development, Platz said. Tricentis's specialisation will be industry-specific offerings that come with automation packages that will help smooth the transition, he said, by enabling teams of manual testers to apply automation to existing software development lifecycle models.
Financial firms have taken a lead in software automation, but Platz predicts other industries will catch up. The healthcare and life sciences industries in particular will be increasing the amount of automated testing they do, said Platz, when asked which new sectors Tricentis will target for its growth. However, even some of the largest international investment banks are currently automating only around 10% of their testing, he added, and so financial firms are likely to remain the single largest customer group for Tricentis for some time to come.
Insight Venture Partners also has a holding in SmartBear, the US-based testing services company, and a competitor to Tricentis.