Private equity firm Insight Partners is exploring a sale of Tricentis, in a deal that it is hoping could value the software provider for developer applications at more than $4 billion, according to four people familiar with the matter.

Insight is working with investment bank Evercore to solicit interest from potential buyers, which include other private equity firms, the sources said.

Insight Partners may decide to retain a minority stake in the company, one of the sources said.

The sources cautioned that no sale was guaranteed and spoke on condition of anonymity to discuss confidential information.

Insight, Tricentis and Evercore did not respond to requests for comment.

Tricentis, based in Austin, Texas, provides software that helps enterprise development teams fully automate the software testing process, using artificial intelligence.

The company said it has more than 2,500 customers, including Accenture, Coca-Cola and Nationwide Insurance.

Tricentis generates $430 million in revenue, which it expects to increase by 24% in 2025, according to one of the sources. The business produces nearly $86 million in earnings before interest, taxes, depreciation, and amortization, the source said.

Tricentis was founded in Vienna, Austria in 2007. Insight Partners invested in the company in 2017, leading their $165 million financing round.

  - Reuters