Everstone’s Strategic Move: Acquiring a Majority Stake in Wingify
In an impressive turn of events, private equity firm Everstone has taken a substantial step by acquiring a majority stake in Wingify, a trailblazer among India’s bootstrapped software-as-a-service (SaaS) companies. This deal, valued at approximately $200 million, was confirmed by three individuals privy to the details, as reported by TechCrunch.
A Milestone for Wingify’s Founder
This acquisition signifies a remarkable milestone for Paras Chopra, the innovative mind behind Wingify. Since its inception in 2010, Chopra has steered the company without relying on external funding. His commitment has borne fruit, as the profitable Delhi-based startup has recently achieved an annualized revenue milestone of $50 million.
“It’s not just about the numbers; it’s about creating value that resonates globally,” said one source familiar with the transaction.
{TechCrunch Report}
Retaining a Stake and the Competitive Landscape
Despite the transaction, Chopra will still hold a minority share in Wingify, highlighting his continued belief in the company’s potential. As of now, both Wingify and Everstone have not provided official comments on this development.
Wingify’s flagship product, VWO, is renowned for its website testing services and serves over 4,000 clients across 90 countries. This positions the company in direct competition with global giants such as Optimizely and Google Optimize.
Everstone’s Growing Technology Portfolio
This acquisition aligns with Everstone’s strategic vision to expand its technology portfolio. By investing in profitable, bootstrapped companies that have a global reach, Everstone is capitalizing on promising opportunities within India’s burgeoning tech sector.
- Significant exit for Wingify’s founder
- Annualized revenue reaches $50 million
- Serves over 4,000 clients globally
- Competitive edge against major global players
In conclusion, Everstone’s acquisition of Wingify not only marks a significant exit for its founder but also underscores the firm’s commitment to investing in robust technology companies with proven track records and global ambitions.
