Singapore-based private equity firm Everstone Capital announced it acquired a majority stake in Wingify, a leading global provider of marketing technology SaaS product VWO. And this partnership includes a significant investment to accelerate VWO’s product innovation and international growth. This deal highlights Everstone’s focus on supporting two key technology sectors: SaaS and marketing technology across India and Southeast Asia.
Wingify co-founder and CEO Sparsh Gupta and the leadership team will continue to hold a substantial equity stake in Wingify, retaining a majority of their shareholding to collaborate with Everstone in driving the company’s next phase of growth. And Paras Chopra, Founder of Wingify, will continue to be a shareholder and remain on the board of the company.
This funding marks one of the most prominent software buyouts in India, underscoring Everstone’s confidence in the country’s thriving technology sector. And Wingify is among a select few, India-bred SaaS companies that have achieved reasonable scale, with over $50M in ARR, attractive margins, and high profitability. This firm has a considerable global market presence, with the US and Europe accounting for about 90% of revenue.
KEY QUOTES:
“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. We congratulate the founders, Paras and Sparsh, on their journey and look forward to working with Sparsh and his team in Wingify’s next phase of growth.”
– Sandeep Singh, Managing Director, Everstone Capital
“I am confident that Sparsh and the Everstone team possess the expertise and vision to lead the business through its next phase of success. I look forward to remaining involved as a shareholder and board member, providing guidance and support to ensure the company’s continued achievements.”
– Paras Chopra
“The technology sector in general, and the software space in particular, are key components of our private equity 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).”
– Avnish Mehra, Vice Chairman, head of private equity at Everstone Capital
