In the development world, any tool that can help you increase the quality of your program and get it to market faster is priceless. Pushing out improvements at a rapid pace builds tremendous value for your users and drives long-term revenue growth.
QASymphony is a tool built to improve the speed and productivity for development and testing groups within enterprise technology, financial, and retail companies. Their continuous quality tools help testing teams increase efficiency within their DevOps processes.
Who is Tricentis?
Tricentis helps enterprises reinvent and accelerate software testing for digital transformation initiatives. Their continuous testing platform provides automated insight into the business risks associated with every release.
In June, these two companies announced an agreement to merge under the name of Tricentis and address the global software testing market for DevOps. QASymphony’s strong presence in the U.S. market and ability to sell into user bases, combined with Tricentis’s global footprint and success selling to C-level executives make the two companies a nearly perfect complement.
How much is QASymphony doing in ARR?
QASymphony is a pure-play SaaS company that sells software subscriptions to enterprises on an annual basis. Each of their 648 total customers drives approximately $2.6k in revenue each month, according to CEO David Keil. With 100% year over year growth, QASymphony is extremely close to crossing $20M in ARR, Keil explained.
Going forward, the combined Tricentis entity will be operating with between $80M and $100M in ARR. The companies closed the legal portion of the merger in September and are gearing up to become a fully operating entity by the end of 2018, with Keil moving over to the COO position.
How much has Tricentis raised?
Between the two companies, more than $200M in outside capital has been raised to date. A large portion of this funding has come from a mutual investor, Insight Venture Partners, which also identified the opportunity for the two companies to merge.
Despite the standard notion that mergers lead to downsizing, Keil expressed this activity as an opportunity to continue to grow both teams and mentioned additional hiring in the near future. Things are definitely encouraging for the newly formed Tricentis as they attempt to address the massive $35B software testing market.