The digital testing company, which has raised $115 million, was acquired for several hundred million dollars.
US investment fun Vista Equity Partners has entered into a definitive agreement to acquire Israeli digital testing company Applause.
Applause has raised $115 million to date from investors including Accenture, Credit Suisse, Egan-Managed Capital, Goldman Sachs, Longworth Venture Partners, MassVentures, Mesco Ltd, QuestMark Partners, and Scale Venture Partners. No financial details have been disclosed but the acquisitions was believed to be for several hundred million dollars meaning that investors will see handsome returns.
The company was founded in 2008 by president and CEO Doron Reuveni and Head of Emerging Sales Roy Solomon.
Reuveni said, "This is a tremendous milestone for Applause, one which validates our mission: to deliver flawless digital experiences to the world. Our human-centric approach to software design and quality has become essential to ensure technology works as intended, by real people, in the real world. As we take Applause to our next stage of growth, we are delighted to partner with Vista's second-to-none talent and expertise."
Applause empowers the world's leading digital brands – including Google, Uber, Michael Kors, and FOX - to deliver flawless digital experiences to their customers on any device, in every location. Applause ensures software quality for websites, mobile apps, IoT products and in-store interactions in a way no other approach can – through its technology platform and managed global community of over 300,000 professional, on-demand, digital experience experts. Applause delivers authentic, real-world human input at every phase of software development, delivering insight into market requirements, user feedback and software quality. Companies that use Applause benefit from flawless digital experiences that build customer loyalty, drive revenue and accelerate innovation.
"We are delighted that Applause is joining the Vista family. We look forward to partnering with the Applause team to spur innovation, accelerate growth and extend its market leadership in community driven digital experiences," said Robert F. Smith, Founder, Chairman and CEO of Vista Equity Partners. "The market demand for Applause has never been stronger. It is fueled by businesses that understand that digital ‘customer experiences' are the primary way to compete. The Applause solution enables leading digital brands to ensure that their software works across any device, in every location."
Applause will continue to operate independently with no changes in executive leadership. The transaction is currently expected to close in the coming weeks and is subject to customary closing conditions and regulatory approvals.
Goldman Sachs & Co. LLC acted as the lead financial advisor to Applause. Jefferies LLC served as financial advisor to Vista. Latham & Watkins LLP served as legal advisor to Applause. Kirkland & Ellis LLP served as legal advisor to Vista.