International private equity group Bridgepoint has purchased a majority stake in Israeli software testing firm Qualitest, from global investment firm Marlin Equity Partners, the companies said last week.
Financial details were not disclosed but Reuters cited a source that said the deal was valued at $420 million.
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Marlin will retain a minority holding in Qualitest, the companies said.
Founded in 1997, Qualitest uses AI-powered engineering for quality assurance and independent software testing. The company has a base in Petach Tikva, Israel but also has offices in the US, the UK, Romania, and India. The company serves mid to large-sized tech firms in the technology, financial services area as well as retail, telecom, healthcare, insurance, aerospace, media, and utilities sectors.
Bridgepoint’s “long-term capital commitment provides us with the platform to accelerate the next stage of our development and execute our global acquisition strategy,” said Qualitest CEO Norm Merritt.
Bridgepoint is a pan-European private equity investor focused on acquiring leading middle market businesses valued up to €1 billion ($1.129 billion.)