Wolf Theiss has advised Tricentis, a Vienna-based company specializing in automated software testing solutions, on new financial investment into the company from Insight Venture Partners. Binder Groesswang advised Insight on the investment.
Insight Venture Partners is an American venture capital and private equity firm specializing in software and Internet companies. Since its foundation, Insight has raised more than USD 13 billion and invested in over 250 companies. The entry of Insight has been effected via the issuance of new shares and through the sale of existing shares of the previous shareholders, including the acquisition of all shares of the previous financial investor, Viewpoint/Kennet. The shareholders/managing directors of Tricentis will continue at the company both in their capacity as managing directors and as shareholders.
Tricentis' international clients include ExxonMobil, HBO, Whole Foods, Toyota, Allianz, BMW, Starbucks, Deutsche Bank, Lexmark, Orange, A&E, Vantiv, Vodafone, Telstra, and UBS. "As a result of this financing the company has additional capital available to invest in the business and to expand even more aggressively," commented Franz Fuchsberger, Co-Founder and Chief Sales Officer of Tricentis.
"This is a further example of a success story of an Austrian start-up," explained Wolf Theiss Partner Hartwig Kienast, who led the firm's team on the transaction. "As we have accompanied the firm for many years during financing rounds and on a day-by-day basis, we are particularly pleased with the successful conclusion of this transaction."
Partner Florian Khol, who led the Binder Groesswang team advising Insight, stated that: "Insight's investment has caught international attention - a sign of the great work of Tricentis and, in a sense, an award for the Austrian start-up and start-up scene, which is regularly underestimated in public. We, Binder Groesswang, are delighted to have advised Insight, one of the leading US PE funds in this complex transatlantic transaction in Austria."
In addition to Khol, the Binder Groesswang team consisted of Hemma Parsche and Christoph Schober, with assistance from Partners Gottfried Gassner, Angelina Pallwein-Prettner, and Christian Wimpissinger, Counsels Hellmut Buchroithner, Thomas Berghammer, and Isabell Innerhofer, Attorneys Florian Hutzl and Stefan Woda, and Lawyers Maria Gernerth Mautner Markhof, Mona Holzgruber, Sabine Apfl, Clemens Willvonseder, Barbara Gangl, Robert Wippel, Adrian Zuschmann, Markus Pinggera, and Stefanie Ziegler.