Thoma Bravo, a private equity investment firm focused on the software and technology-enabled services sector, has made a strategic growth investment in Applitools, the leading provider of visual test automation software. Co-founders Gil Sever, Adam Carmi, and Moshe Milman will retain a significant ownership position in the company.
“As digital transformation accelerates, more and more software developers are turning to Applitools’ cross-environment testing solutions to build and verify high quality software applications users can trust,” said Sever. “At this moment of dynamic change, businesses are looking for peace of mind and reliable, AI-augmented toolkits to maintain continuity across digital touchpoints. We look forward to partnering with Thoma Bravo to double down on our significant business momentum, drive continued product innovation and take our unique technology to new heights.”
“Applitools is solving problems that developers, quality engineers, and digital product owners face every day, and we are thrilled to be partnering with the team as they continue to define and expand the visual and functional test automation market using groundbreaking Visual AI and cross-browser testing technologies,” said Annie Wei, a vice president at Thoma Bravo. “We are looking forward to leveraging Thoma Bravo’s operational capabilities to help drive continued growth and market leadership.”
Baird is serving as financial advisor to Thoma Bravo and Kirkland & Ellis is serving as legal counsel. William Blair is serving as financial advisor to Applitools and Meitar Liquornik Geva Leshem Tal and Sidley Austin are serving as legal counsel.