Wingify, a Bootstrapped SaaS Major, will be Acquired by Everstone for $200 Million
For over $200 million, private equity firm Everstone has concluded an agreement to purchase the bulk of the bootstrapped SaaS company Wingify. Paras Chopra, a co-founder, will remain a shareholder and serve on the board, Wingify stated. Wingify is certain that Sparsh and the Everstone team have the know-how and vision to guide the company through its next stage of expansion and success, said Chopra. He is eager to continue serving as a board member and stakeholder, offering direction and assistance to guarantee the business's ongoing success.
Sift of Roles in Wingify
For roughly $200 million, private equity firm Everstone is purchasing the majority of the bootstrapped SaaS giant Wingify. CEO and cofounder Sparsh Gupta will retain a "significant" share in the business, while cofounder Paras Chopra will leave. According to people acquainted with the situation, Gupta will also stay in his current position, a media outlet reported. Wingify is a SaaS startup based in Delhi that specialises in website optimisation and was founded in 2009 by Chopra. Visual Website Optimiser (VWO), its main product, is an A/B testing tool that helps businesses increase conversion rates. One notable user experience research technique is A/B testing, which contrasts two or more iterations of a variable to ascertain which works best.
Wingify is one of a small number of extremely successful software businesses that are coming out of India and have established a strong global presence, according to Sandeep Singh, Managing Director of Everstone Capital. In the last 18 months, Everstone has made two large investments in marketing technology. Everstone Capital congratulates Paras and Sparsh, the founders, on their accomplishments and looks forward to collaborating with Sparsh and his group as Wingify enters its next stage of expansion.
Indian SaaS Market is Witnessing Consolidation
Due to investor interest and pressures from the global economy, the aforementioned acquisition occurs at a time when the Indian SaaS sector is undergoing major consolidation. As strategic assets with reliable recurring revenue models, large private equity and venture capital organisations are increasingly purchasing mid-sized and bootstrapped SaaS businesses.
With businesses like Salesforce, Microsoft, and private equity firms undertaking strategic acquisitions to broaden their product portfolios, break into new markets, and realise economies of scale, this trend is picking up speed on a global scale. With a $50 billion market value, the Indian SaaS ecosystem is a good target for consolidation tactics because of its strong product development capabilities, affordable personnel, and growing global competitiveness.
Eka Software Solutions, a commodities trading and risk management (CTRM) software company based in Bengaluru, was purchased by the US-based private equity firm Symphony Technology Group (STG) last year.
Nitin Konde
