Private equity firm Everstone Capital has orchestrated the merger of India’s Wingify, known for assisting businesses in enhancing sales and customer engagement through website optimization, with France’s AB Tasty. This union aims to establish a digital experience optimization company exceeding $100 million in annual revenue, following Everstone’s acquisition of a controlling stake in Wingify for $200 million the previous year.
The consolidated entity is set to cater to over 4,000 customers globally, with a revenue surpassing $100 million annually, predominantly from the U.S. and Europe. Sparsh Gupta, the co-founder of Wingify, is slated to lead the combined company as CEO, with Everstone retaining its position as the largest institutional shareholder.
This strategic move comes amidst a trend of convergence in digital experience tools, including A/B testing and personalization, as companies seek AI-driven solutions across marketing, product, and growth functions. Gupta highlighted the forthcoming emphasis on AI-led capabilities while ensuring continuity in customer experience and gradual platform expansion.
Everstone’s substantial capital infusion in the merger is geared towards streamlining AB Tasty’s structure and facilitating a seamless integration of the two firms. While financial specifics were undisclosed, Gupta mentioned a cash component alongside equity rollover for existing leadership, enabling them to retain ownership stakes in the new entity.
Source: TechCrunch