Everstone Capital Strengthens Its Technology Portfolio
Singapore-based private equity firm Everstone Capital has acquired a majority stake in Wingify, a prominent marketing technology company known for its SaaS product, VWO. This decision comes as a part of Everstone’s strategic focus on enhancing its investment in the technology sector, particularly within SaaS and marketing technology in India and Southeast Asia.
Investing in Innovation and Global Reach
This partnership includes a substantial financial commitment towards VWO, designed specifically to expedite product innovation and facilitate international growth. The acquisition spotlights Wingify’s established capabilities and its solid market position as a leading SaaS solution, making it an ideal candidate for Everstone's investment strategy.
Leadership Voices
Sandeep Singh, Managing Director at Everstone Capital, stated, “Wingify stands out among a select group of highly successful software companies from India. It’s exciting to be part of their journey and support their next phase of growth.” This second strategic investment in the technology space within a mere 18 months underscores Everstone's commitment to nurturing software innovation.
Founders on the Future
Sparsh Gupta, Co-founder and CEO of Wingify, and his leadership team are set to maintain a significant equity stake, ensuring their active collaboration with Everstone towards achieving the company's ambitious growth trajectory. Sparsh expressed confidence in the partnership, stating, “We believe this collaboration will enable us to elevate our innovation and expand our market presence.”
Prominent Software Buyout
This investment is seen as a landmark software buyout in the Indian technology landscape. Wingify is one of the few Indian SaaS companies that have attained considerable scale, recording over $50 million in annual recurring revenue (ARR) with robust profitability.
Global Market Presence
Remarkably, around 90% of Wingify's revenue is derived from the US and European markets, indicating the company’s strong international presence. This highlights the growing confidence in India's SaaS capabilities and market potential.
Everstone's Broader Investment Strategy
Avnish Mehra, Vice Chairman and private equity head at Everstone Capital, commented, “The software and technology sectors are vital to our private equity strategy. Wingify complements our extensive technology investment portfolio, which includes companies across a range of subsectors, from tech-enabled services to digital engineering.”
About Everstone Capital
Everstone Capital represents the Private Equity sector of the Everstone Group, which manages assets exceeding USD 8 billion. With a steadfast mission to foster economic growth and build exceptional enterprises, Everstone Capital is dedicated to pursuing mid-market growth opportunities across various sectors including Technology, Healthcare, Financial Services, and Industrials.
About Wingify
As one of India’s leading SaaS companies, Wingify achieves success with its flagship product, VWO. Serving over 3,000 global brands, VWO is pivotal in optimizing digital experiences that drive business performance. With a notable annual recurring revenue figure exceeding $50 million, it demonstrates significant profitability and a dominant market presence.
Frequently Asked Questions
What did Everstone Capital acquire?
Everstone Capital acquired a majority stake in Wingify, a major player in the marketing technology sector.
What is VWO?
VWO is a marketing technology SaaS product developed by Wingify that helps brands optimize their digital experience.
What was the focus of the acquisition?
The acquisition aims to accelerate VWO's product innovation and boost its international market presence.
Who are the key leaders involved in this deal?
Sandeep Singh from Everstone Capital and Sparsh Gupta, Co-founder, and CEO of Wingify, are pivotal figures in the partnership.
What does this acquisition signify for India's tech scene?
This deal highlights significant confidence in India's technology sector, particularly in SaaS companies achieving scale and profitability.
