Private equity group Bridgepoint has is buying a majority stake in Israeli software testing firm Qualitest from Marlin Equity Partners, the companies have announced. No financial terms were disclosed but a source close to the deal told "Reuters" that it was at a company value of $420 million.
Based in Petah Tikva, Qualitest has developed a range of AI-powered engineering and testing products for tech firms in the technology, financial services, retail, telecom, healthcare, insurance, aerospace, media and utilities sectors.
Marlin, which bought Qualitest at a company value of $85 million in 2016, will remain a minority shareholder in the company. Qualitest was founded in the 1990s by Ayal Zylberman and president and Eli Margolin.
Qualitest CEO Norm Merritt said, "Bridgepoint’s long-term capital commitment provides us with the platform to accelerate the next stage of our development and execute our global acquisition strategy."
Published by Globes, Israel business news - en.globes.co.il - on July 10, 2019
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