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Insight is working with investment bank Evercore to solicit
interest from potential buyers, which include other private
equity firms, the sources said.
Insight Partners may decide to retain a minority stake in the
company, one of the sources said.
The sources cautioned that no sale was guaranteed and spoke on
condition of anonymity to discuss confidential information.
Insight, Tricentis and Evercore did not respond to requests for
comment.
Tricentis, based in Austin, Texas, provides software that helps
enterprise development teams fully automate the software testing
process, using artificial intelligence.
The company said it has more than 2,500 customers, including
Accenture, Coca-Cola and Nationwide Insurance.
Tricentis generates $430 million in revenue, which it expects to
increase by 24% in 2025, according to one of the sources. The
business produces nearly $86 million in earnings before
interest, taxes, depreciation, and amortization, the source
said.
Tricentis was founded in Vienna, Austria in 2007. Insight
Partners invested in the company in 2017, leading their $165
million financing round.
(Reporting by Milana Vinn in New York; Editing by Lincoln
Feast.)
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