Tricentis reports phenomenal ARR growth of over 20% in 2023
Tricentis, a global enterprise in continuous testing and quality engineering, has made a statement with its exceptional revenue results for 2023. The company reports an estimated annual recurring revenue (ARR) of over USD $330 million, which represents a growth in the mid-20% range on a year-to-year basis. In addition, Tricentis registered a surge in its customer base of almost 60%.
The firm experienced growth in the mid-20% range on a year-to-year basis. Ensuring quality engineering for nearly half of the Fortune 500 companies, Tricentis now provides services to over 3,000 corporations worldwide.
In terms of company expansion, Tricentis marked several milestones. It saw an almost 60% year-on-year increase in new customers and celebrated a revenue growth nearing 50% in its partnership with SAP. Similar revenue growth was noted with other partners, including Accenture, Capgemini & Sogeti, Wipro, TTC, and Cognizant. In addition, Tricentis amplified its global presence by opening offices in South Korea and Northern Virginia, bringing its total to 25 offices across 17 countries.
New leadership appointments were made to spur business growth, including David Kimball as Senior Vice President for the Americas, David Cronk as Senior Vice President for EMEA, David Gardiner as Executive Vice President of DevOps, and Yaw Hu Law as Vice President for Asia. Furthermore, Tricentis established the online quality engineering community ShiftSync to aid industry professionals in creating high-quality, high-performing, highly secure software.
On the product strategy front, the company acquired Waldo, a mobile test automation platform. This bolstered Tricentis' test automation offerings, including native, hybrid, and web mobile application testing. The company also announced the launch of Tricentis Mobile, a comprehensive mobile testing solution.
An exciting development in AI-powered quality was the approval of a patent for its method and system for one-pass optical character recognition (OCR), aimed at accelerating AI text recognition. Honeycombing this, the firm introduced the latest version of Tricentis Test Management for Jira with AI capabilities designed to generate test steps required to validate a requirement. It also launched a cloud-based test automation technology to simplify test creation and execution.
Industry recognitions served as another feather in Tricentis's cap. It was named a Representative Vendor in Gartner's Market Guide for AI-augmented Software Testing Tools. Tricentis received two awards from SAP, including an SAP EMEA South Partner Excellence Award 2023 for SAP Solution Extensions. It was also recognised at the National Technology Awards, TechStrong's DevOps Dozen 2023, and TrustRadius' Best of Awards.
Kevin Thompson, CEO, could not be prouder of the company's achievements. "At Tricentis, our mission is to empower every team to deliver high-quality software at speed and scale. Our differentiated approach to software quality and comprehensive platform allows our customers to simplify and accelerate the process of quality engineering, even in complex enterprise environments," he said. "We look forward to building on the success of this past year and helping our customers and partners achieve better business outcomes."
