Everstone strengthens tech portfolio with Wingify’s acquisition
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Everstone strengthens tech portfolio with Wingify’s acquisition

By Aman Rawat

  • 24 Jan 2025
Everstone strengthens tech portfolio with Wingify’s acquisition
Sandeep Singh, managing director, Everstone Capital

Singapore-based private equity firm Everstone Capital Friday said it has acquired a majority stake in software as a service (SaaS) company Wingify.

While the company didn’t share the financial details, media reports suggest that the PE firm has acquired the stake for $200 million (over Rs 1,700 crore).

The PE firm said the partnership includes a significant investment aimed at accelerating Wingify’s SaaS product Visual Website Optimiser (VWO).

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“Wingify is among a select set of highly profitable software companies emerging out of India that have carved a leading position globally. It is our second significant investment in the marketing technology space in the past 18 months,” said Sandeep Singh, managing director, Everstone Capital.

Wingify co-founder and chief executive officer Sparsh Gupta and the leadership team will continue to hold a substantial equity stake in Wingify.

“We are confident that our partnership with Everstone will enable us to accelerate our expansion plans and further strengthen our global footprint,” said Gupta.

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Founded by Paras Chopra, Wingify is a homegrown SaaS company that remained bootstrapped so far. It claims that its flagship product, VWO, serves over 3,000 global brands, helping them optimize digital experiences and drive business growth. It also claims to have an annual recurring revenue (ARR) exceeding $50 million, and a significant global presence, with approximately 90% of its sales generated from the US and Europe.

In the recent past, Everstone has been focusing on striking deals in the technology sector. Everstone Capital’s vice chairman and head of PE, Avnish Mehra, said the technology sector in general, and the software space in particular, are key components of the firm’s PE investment strategy.

“Wingify adds to the formidable technology franchise at Everstone Capital which has spanned investments in multiple sub-sectors including tech-enabled business services (Omega, Everise, MediaMint), digital engineering (Apexon, C Prime) and software (Acqueon),” Mehra added.

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