Private equity firm Everstone Capital just closed a major consolidation play in the digital optimization space, merging India's Wingify and France's AB Tasty into a single $100 million-plus revenue company. The move comes just one year after Everstone acquired a controlling stake in Wingify for $200 million, signaling an aggressive platform-building strategy aimed at competing head-to-head with players like Optimizely and Adobe.
The marriage between Wingify and AB Tasty represents something of a Silicon Valley paradox. Two rivals that have long operated in the same space - helping enterprises improve digital experiences through testing and personalization - are now joining forces under Everstone Capital's umbrella. It's a move that tells you a lot about where the market's heading and why pure-play startups are increasingly finding it hard to go alone.
Sparsh Gupta, Wingify's co-founder, will lead the combined entity as CEO. The new company will operate under both the Wingify VWO and AB Tasty brands initially, maintaining separate product lines before gradually consolidating the platform over time. Both businesses are profitable, a detail Gupta emphasized to underscore that this isn't a desperate fire sale but rather a calculated play to build something bigger.
"Both the businesses have been operating as friendly competition," Gupta told TechCrunch. The framing matters here - this is positioned as natural alignment rather than acquisition by necessity. The merger reflects what enterprises actually want: integrated, holistic platforms that don't require stitching together multiple vendors to cover testing, personalization, and feature delivery all in one place.
The numbers underscore the scale Everstone is assembling. The combined business will serve more than 4,000 customers globally, with roughly 90 percent of revenue coming from the US and Europe. We're talking about brands like Forbes, Walt Disney, Amway, L'Oréal, and Samsonite - enterprises across e-commerce, SaaS, travel, and media. Close to 800 employees will operate across 11 offices globally, with roughly 350 staff based outside India. The merged company will be headquartered in New Delhi.
Everstone is injecting "significant additional capital" into the deal beyond what was already committed when it acquired a majority stake in Wingify for $200 million in January 2025. Gupta described the fresh capital as primarily aimed at "cleaning up" AB Tasty's cap table - translation: paying off existing investors - and enabling the two businesses to operate as one. Financial terms weren't disclosed, though the structure includes cash and some equity rollover for existing leadership.
The executive team reflects the merging of two orgs. Alongside Gupta as CEO, Wingify co-founder Ankit Jain takes on Chief Product and Technology Officer duties. AB Tasty's co-founders - Rémi Aubert and Alix de Sagazan - become Chief Customer and Strategy Officer and Chief Revenue Officer respectively. Everstone will retain majority control and hold majority board rights, with a board structure of five to six seats including representation from Everstone, Gupta, and three to four independent directors.
Here's what's particularly noteworthy: there are no layoffs planned. Gupta framed this as "value creation" rather than cost-cutting, which is unusual for private equity deals but increasingly common in high-growth tech consolidations where scaling product matters more than cutting overhead.
The timing reflects a larger market shift. Enterprise SaaS M&A is on a tear. According to PitchBook data, the sector saw 270 deals worth $65 billion in Q3 alone, with deal volumes up 26.2 percent quarter-over-quarter and private equity accounting for 66.7 percent of those deals. Private equity firms have identified consolidation as a key value-creation strategy, and enterprise customers are increasingly demanding AI-ready, integrated platforms that can handle everything from A/B testing to personalization to feature flagging without vendor fragmentation.
This deal also positions Everstone to compete more directly against Optimizely, Adobe's experience cloud offerings, and other established players dominating the digital optimization category. By combining Wingify's 3,000-plus customer base with AB Tasty's 1,000-plus, Everstone gets instant scale and a deeper product suite. The focus now shifts to investing in AI capabilities - both companies have flagged this as a priority going forward - while maintaining the customer experience in the near term.
The deal is subject to customary closing conditions and regulatory approvals, but expect this to close relatively quickly. Everstone's backing suggests it has a clear roadmap for the combined company, likely involving further bolt-on acquisitions, deeper AI integration, and aggressive expansion in specific verticals where the merged platform can offer unique value.
Everstone's merger of Wingify and AB Tasty signals a clear bet that the future of digital optimization belongs to consolidated, AI-ready platforms rather than point solutions. For enterprise customers tired of integrating multiple vendors, this deal means fewer technical headaches and more comprehensive capabilities. For the broader SaaS market, it's another data point confirming that private equity sees consolidation as the path to building defensible, scaled businesses that can compete against entrenched players like Adobe. Watch for Everstone to announce additional acquisitions or partnerships as it works to cement this new platform's position at the center of enterprise digital transformation.
