Everstone Capital-backed VWO, which operates A/B testing platform Wingify, and French firm AB Tasty have entered into an agreement to combine operations. The development comes just a year after the Singapore-based PE firm bought a controlling stake in Wingify for $200 million.
The transaction, subject to customary closing conditions, will see the PE firm invest additional capital to remain the largest institutional shareholder in the combined entity. The firms, however, declined to disclose the deal size or the quantum of fresh capital being infused.
Global Market Presence
Delhi-based VWO, founded in 2010 as Wingify, serves over 3,000 brands including Forbes, Walt Disney, and Hilton Vacations. According to company filings, Wingify reported revenue of Rs 301.5 crore and net profit of Rs 61 crore in FY24. Paris-based AB Tasty, founded in 2014, counts over 1,000 clients including L’Oreal, Samsonite, and USA Today.
This means, that the xombined business will create a digital experience optimisation platform with over $100 million in annual revenue and more than 4,000 customers globally. It will have 800-plus employees across 11 offices in North America, LATAM, Europe, and APAC, with approximately 90% of revenue coming from the United States and Europe.
The firms said they will maintain both brands and product lines in the short term, with plans to integrate into a single platform over the medium term.
New Leadership Structure
Sparsh Gupta, co-founder and CEO of VWO, will lead the merged entity as chief executive officer. Ankit Jain will serve as chief product and technology officer. AB Tasty’s co-founders Rémi Aubert and Alix de Sagazan will take on roles as chief customer and strategy officer, and chief revenue officer, respectively.
All four executives will retain substantial individual ownership in the combined company, it said.
The companies did not comment on the exit or rollover of AB Tasty’s existing investors, including Summit Partners.
Shared Vision Philosophy
“In AB Tasty, we found a team that shares this philosophy and complements us strongly in product and organization capabilities, while having a strong alignment in culture, vision, and mission,” said Gupta.
“This combination gives us the opportunity to pursue the same ambition we’ve always had, but at a much greater scale and significantly expanded resources,” said de Sagazan.
Sandeep Singh, managing director at Everstone Capital, said the investment follows Everstone’s playbook of combining domain expertise with cross-geography perspective to build market leaders. The combined entity will have advisory support from industry experts and operators, he added.