Everstone Capital acquires majority stake in SaaS startup Wingify for $200M

Singapore-based private equity firm Everstone Capital on Friday said it acquired a majority stake in Wingify, a provider of marketing technology SaaS product, Visual Website Optimizer (VWO). 

The startup provides SaaS solutions to online businesses, helping them enhance conversion rates through its flagship tool VWO.

The deal includes a significant investment to drive VWO’s product innovation and international expansion. Sparsh Gupta, Co-founder and CEO of Wingify, along with the leadership team, will retain a significant equity stake in the company maintaining a majority ownership, the company said in a statement. 

“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,” said Sandeep  Singh, Managing Director of Everstone Capital. 

According to TechCrunch, which first reported the development, the deal is estimated to be valued at $200 million.

“We are confident that our partnership with Everstone will enable us to accelerate our expansion plans and further strengthen our global footprint. This paves the way for us to scale new heights in innovation and market reach,” Gupta added. 

Paras Chopra, Founder of Wingify, will continue to be a shareholder and remain on the board of the company. He said, “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.”  

The acquisition stands out as one of India's most notable software buyouts. Wingify is among a select few India-bred SaaS companies that have clocked over $50 million in ARR, with a global market presence in the US and Europe, which account for 90% of its revenue. 

“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),” said Avnish Mehra, Vice Chairman, Head of Private Equity at Everstone Capital.

Everstone Capital, the PE arm of the Everstone Group, manages assets worth over $8 billion globally. It specialises in mid-market, control growth, and cross-border opportunities across technology, healthcare, financial services, and industrial sectors.