US private equity investment firm Thoma Bravo today announced that it has made a strategic growth investment in Israeli visual test automation software company Applitools. Thoma Bravo has acquired control of the company while the announcem3ent said that, "co-founders Gil Sever, Adam Carmi and Moshe Milman will retain a significant ownership position in the company."
Financial details were not disclosed by Thoma Bravo but sources close to the matter say that the deal is worth $300 million including buying the stakes of existing shareholders and injecting new capital into the company.
Applittols was founded in 2013 and has raised $46 million, according to IVC, from Magma, Bessemer Venture Partners, iAngels, OpenView and private investors. With its headquarters in San Mateo, California and development center in Israel, the company has 100 employees.
Applitools provides software engineers with AI-based and cloud-powered solutions to help automate functional and visual testing for their applications and ensure a seamless user experience. The company’s Visual AI platform uses computer vision algorithms, enabling engineering teams to rapidly write, run, analyze, and maintain tests to ultimately release high quality applications at incredible speed and reduced cost. The investment can allow Applitools to leverage Thoma Bravo’s operating capabilities and deep experience in the software sector to accelerate its already impressive growth trajectory and further scale its innovative, market-leading platform.
"As digital transformation accelerates, more and more software developers are turning to Applitools’ cross-environment testing solutions to build and verify high quality software applications users can trust," said Gil Sever, CEO of Applitools. "At this moment of dynamic change, businesses are looking for peace of mind and reliable, AI-augmented toolkits to maintain continuity across digital touchpoints. We look forward to partnering with Thoma Bravo to double down on our significant business momentum, drive continued product innovation and take our unique technology to new heights."
Published by Globes, Israel business news - en.globes.co.il - on March 30, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021