King & Spalding advised the controlling shareholders of Neotys (including the founders of the company and French private equity funds Ardian and BPI) on the sale of the entire Neotys’ share capital and voting rights to Tricentis. The deal consideration is to be paid in cash and in a combination of ordinary and preferred shares to be issued by Tricentis.
Neotys was founded in 2005 by a group of software developers and IT project managers who recognized demand for a new software solution to test the performance of web applications before launch. Since then, Neotys has delivered software solutions to more than 2000 clients in 70 countries, with exports accounting for more than 75% of the company's annual turnover. Neotys’ primary product NeoLoad, is the most automated performance testing platform for enterprise organizations continuously testing from APIs to applications.
Tricentis is a software testing company founded in 2007 and headquartered in Mountain View, California. It provides software testing automation and software quality assurance products for enterprise softwares. In 2017, Tricentis received $165 million in series B funding from Insight Venture Partners and has since multiplied M&A transactions with a view to becoming a public company within the next two years.