London, UK -- July 20 2017 Receipt Bank, the award-winning bookkeeping automation platform and one of Europe’s fastest-growing businesses, has raised US$50 million in Series B funding from Insight Venture Partners. The investment will be used to accelerate the growth of the company and to further develop its products. The group passed US$10 million ARR (Annual Recurring Revenue) in 2016 and continues to grow at more than 100% every year.
Receipt Bank has been revolutionising bookkeeping for small business since its launch in 2011. Working with the leading accountants and bookkeepers around the world, it was the first software company to automate the collection and data extraction of receipts and invoices. Today, Receipt Bank automates a range of bookkeeping processes for more than 5,000 accounting and bookkeeping firms and over 100,000 of their small business clients across the core markets of North America, EMEA and Australia.
An early adopter of Artificial Intelligence (AI), the company will be channeling further investment into its patent-pending technologies. This will ensure that Receipt Bank continues to help accountants, bookkeepers and small businesses to reduce the costs of bookkeeping, realise its benefits and move towards real-time accounting.
“Bookkeeping is at a pivotal point as automation technologies and artificial intelligence are bringing it out of the back office. With Receipt Bank, bookkeeping moves from a cost to a source of income – becoming the enabler of effective reporting, payments, lending and other value-adding services,” comments Alexis Prenn, CEO, Receipt Bank. “This investment will enable us to further develop our proprietary technologies and bring these services to even more leading accounting and bookkeeping firms and their small business clients.”
“Artificial intelligence has become a clear disruptor in several industries, including financial services,” said Brad Twohig, managing director at Insight Venture Partners. “Receipt Bank is an industry-leader in using emerging technology to drive core functions forward. We are excited to welcome them to the Insight Venture Partners portfolio, and look forward to their continued innovation in this space.”
The round of investment brings the total amount of funding raised by Receipt Bank to US$65 million.
About Receipt Bank
Receipt Bank has been revolutionising bookkeeping for small business since 2011. We pioneered automation in the collection and data extraction of receipts and expenses. Our award-winning artificial intelligence and automation technologies now help more than 5,000 accounting and bookkeeping firms across the globe create cost savings by unlocking the value of bookkeeping and real-time accounting. Backed by Insight Venture Partners and Kennet Partners we are signing up thousands of new customers every month and growing at more than 100% every year.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $13 billion and invested in nearly 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com or follow us on Twitter: @insightpartners.
Vienna, Austria -- January 23 2017 Tricentis, raises $165 million from Insight Venture Partners to Deliver Continuous Testing at the Speed of DevOps.
A little-known Austrian software company is looking to snatch business from established players HP Enterprise (HPE) and IBM in the market for software testing tools, after raising $165 million from a U.S. private equity firm.
Tricentis, founded in Vienna in 2009 and now headquartered in the Silicon Valley town of Los Altos, has emerged as a leader in automating how big businesses test and deploy software, despite having raised little outside funding previously.
On Monday, the company said it will receive $165 million in financing from Insight Venture Partners, a software-focused private equity firm based in New York. Previously, Tricentis relied on "bootstrap" funding from its own operations and had taken only one outside financing round, a $9 million early-stage investment from Frankfurt-based venture firm Viewpoint, now part of Kennet Partners, in 2012.
As part its investment, Insight bought out Kennet's stake in Tricentis and is now its sole outside shareholder. Pacific Crest Securities acted as financial advisor to Tricentis, it said. The company, which counts 120 employees in Vienna, 25 in the United States and roughly another 120 employees around the world, is looking to use its new financial backing to dramatically boost its sales efforts in the U.S. market, where it employed just five sales people, CEO Sandeep Johri said.
"We can take Tricentis into becoming a global company," Johri told Reuters. "We have all the ingredients to really scale it."
The company currently counts more than 400 corporate and government customers concentrated in Central Europe, the United States, Australia and India. They include Allianz, BMW, Starbucks, Deutsche Bank, Orange, Toyota and UBS.
Tricentis ranks as the leader in software test automation by research firms Gartner and Forrester, a market where it has made inroads against established players HPE (HPE, +3.57%), IBM (IBM, +0.71%), and a variety of startups by taking a highly automated approach to testing in contrast to older script-based approaches of rivals, Johri said. Demand for Tricentis tools is being propelled by the wider shift to "agile" programming techniques where software developers at big companies rely on small, informal teams and rapid development cycles to deliver software more efficiently.
Broadly speaking, the global software testing market is estimated to generate $34 billion in 2017, according to market research firm Nelson Hall. Companies such as HPE and IBM hold big chunks of this market with software testing lines that boast broad product offerings, but also date back up to 20 years.By focusing on automating up to 90% of the work of software testing, Johri said Tricentis can take market share from more manual testing approaches of rivals, in what he says is a multi-billion-dollar slice of the software testing market.
About Tricentis
Tricentis, the Continuous Testing Company, specializes in agile market leading software testing tools for enterprises. We help Global 2000 companies adopt DevOps and gain success by achieving automation rates of over 90%. Our integrated software testing solution, Tosca Testsuite, consists of a unique Model-based Test Automation and Test Case Design approach, encompassing risk-based testing, test data management and provisioning, service virtualization, and more. We are established as a reliable enterprise partner, helping to deliver significant performance improvements to testing projects.
Prominent analysts have recognized us as a Leader in both Software Test Automation and in Functional Automation Tools, with Model-based Test Automation as our standout feature. Tricentis’ 400+ customers include global names from the Top 500 brands such as ExxonMobil, HBO, Whole Foods, Toyota, Allianz, BMW, Starbucks, Deutsche Bank, Lexmark, Orange, A&E, Vantiv, Vodafone, Telstra and UBS.
Tricentis has offices in Austria, Australia, Germany, India, Netherlands, Switzerland, Poland, United States and the UK.
About Insight Venture Parnters
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth software, mobile and internet companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $13 billion and invested in more than 250 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit http://www.insightpartners.com or follow us on Twitter: @insightpartners.
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