Software quality engineering company Tricentis is boosting its test automation offering for the financial services space, with a key role for the cloud, the Texas-based company has said.
The firm has released new cloud capabilities for the company’s AI-powered, model-based test automation solution, called Tricentis Tosca, which has been adopted by a range of banks and financial services firms in recent years.
“This new solution automates the management and provisioning of test data, users are able to … remove time consuming and tedious manual effort traditionally required for provisioning test data when creating tests,” explained Mav Turner, chief product and strategy officer at Tricentis.
“This is time and effort that could be more effectively spent on more strategic activities,” he stressed.
Diving in a bit deeper, Turner said the release allows QA teams to easily collaborate and create tests that cover the most critical business functions.
“This ensures that test cases are designed to continuously validate business workflows against business objectives, not just technical functionalities,” he elaborated.
Turner summed up that the cloud capabilities include advanced test authoring, zero-footprint execution, a business flow designer, more test data capabilities, a dashboard, as well as end to end testing.
He went on to reveal that the company is working on “new powerful generative AI capabilities for the next big wave in automation”, which will be released later this year.
Expansion and investment
The latest release comes after Tricentis recently rolled out ambitious plans to expand its presence in Ireland, as the firm plans to create 50 new jobs and move into a new, larger office in the city of Cork.
Since beginning operations in Cork in 2022 the office has grown significantly. Its Cork operations to date have focused on consolidating international finance and building various functions such as payroll, accounts payable, projects, revenue, legal, data and analytics.
The new job roles will expand further across several key areas such as engineering and business operations.
Kevin Thompson, the chief executive officer of Tricentis CEO, was keen to stress that “Ireland plays a crucial role in our vision to drive Tricentis revenue over $1 billion and cement ourselves globally as the leader in software quality.
He added that the majority of the company’s executive team has already been building and managing teams within Ireland for many years, “so we know from experience what an incredible advantage we gain from closer ties with such a business-friendly country and highly talented workforce.”
The fresh investment in the company’s Ireland hub came only two months after US private equity firm GTCR agreed to invest $1.33 billion in Tricentis, which provides software testing automation and software quality assurance products to dozens of banks around the world.
Tricentis is headquartered in Austin, Texas, with 26 offices globally. In 2043, the company generated around $425 million in annual recurring revenue, and claims to have increased the number of new customers by almost 60% year over year, with growth of approximately 27% YoY.
The firm’s AI-based continuous testing platform has seen several developments in the past year, including the introduction of generative AI-powered Copilot solutions for its products Tricentis Testim, Tricentis Tosca, and Tricentis qTest.
Focus on Middle East
In addition to Ireland, Tricentis opened an office in Dubai as the Austin, Texas-based firm is pushing into the Middle East market, with an expansion into Saudi Arabia planned for later this year.
The opening of the Dubai office came as Tricentis’ client base is rapidly expanding in the Middle East, with Bank Albilad and Alshaya Group both having integrated the company’s codeless testing solutions into their digital infrastructure.
Tricentis said it is taking “a partner-led go-to-market strategy” for the region, thereby teaming up with companies including SAP, Accenture, Capgemini, DXC Technology, IBM, LTI Mindtree, NTT DATA Business Solutions and Wipro, as well as a range of local players, such as Master Works-owned Adre, Q-Pros, TestCrew and TTC Global.
The new office in Dubai is led by Dan Melville, who has been appointed as Vice President of Middle East and North Africa (MENA). He will lead the expansion of the local team.
“The Middle East is undergoing rapid growth, with economic diversification driving a dynamic shift toward digital transformation and emerging technologies like AI,” Melville said.
“Software testing, if not done correctly, is a common cause of delay to transformation projects, and CIOs and IT executives in the region are recognizing they can no longer rely on legacy, manual approaches to achieve high quality software,” he added.
SeaLights takeover
Finally, worth mentioning in terms of Tricentis’ growth plans is that, last year, the company bought SeaLights, a SaaS-based, software quality intelligence platform.
The latest acquisition added to a hyperactive year for the Texas-based QA multinational, with various product launches, multiple acquisitions and a recent strategic partnership in 2024 alone.
At the same time, under CEO Thompson, the company has set out ambitious plans to push further into the US market.
SeaLights, which was founded in 2015, provides a host of large banks, financial services firms and insurance players with metrics, traceability, tests and insights meet quality gates and deliver software.
The firm uses agents to map code to tests and evaluate code that has changed, turning to machine learning (ML) to identify quality risks during software releases.
This shift-left capability enables software development teams to focus on the minimum number of functional tests, thereby saving time and speeding up their release delivery.
This was one of the main reasons why SeaLights stands out and got the attention from Tricentis CEO Thompson.
He explained that “the additional capabilities of SeaLights further extend the dominance of our comprehensive quality intelligence solutions to a wide array of applications and environments.”
Thomspon claimed his firm can now provide customers with AI-enabled quality intelligence beyond SAP environments and into both custom and packaged applications.
This includes test impact analysis, quality risk management, root cause analysis, and support across all programming languages.
The deal was Tricentis’ second acquisition in the past twelve months, following the purchase of Waldo in July 2023.
Financial details of that transaction had not been disclosed but the takeover was valued at around $150 million.
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