Everstone brings together Wingify and AB Tasty to create a $100M+ digital experience optimisation platform

Private equity firm Everstone Capital has combined India-based Wingify and France’s AB Tasty to form a digital experience optimisation company valued at over $100 million, with annual revenue exceeding $100 million. The move comes just a year after Everstone acquired a controlling stake in Wingify for $200 million.

The merged business will serve more than 4,000 customers worldwide and generate over $100 million in yearly revenue, with nearly 90% of that coming from the U.S. and Europe. Its teams will operate across North America, Latin America, Europe, and the Asia-Pacific region, the companies announced on Tuesday. Wingify co-founder Sparsh Gupta will lead the combined entity as CEO, while Everstone will remain the most significant institutional shareholder.

The transaction reflects a broader consolidation trend in digital experience tools, including A/B testing and personalisation platforms, as enterprises increasingly seek integrated solutions that support AI-driven marketing, product, and growth initiatives without relying on multiple vendors. Gupta said the combined company plans to invest more aggressively in AI-led capabilities over time, while maintaining a consistent customer experience in the near term and gradually expanding the platform’s depth.

As part of the deal, Everstone is injecting additional capital, which Gupta described as primarily intended to simplify AB Tasty’s cap table and facilitate the integration of the two businesses under a single platform. While financial details were not disclosed, Gupta said the transaction includes a cash component and an equity rollover for existing leadership, allowing them to retain ownership stakes in the new company.

Gupta characterised the merger as a natural alignment between two long-standing competitors. He noted that both companies had operated as “friendly competition” for years and said the tie-up reflects increasing enterprise demand for more unified and comprehensive digital experience platforms.

Leadership of the combined company will draw from both organisations. In addition to Gupta as CEO, Wingify co-founder Ankit Jain will take on the role of Chief Product and Technology Officer. AB Tasty’s co-founders will also assume senior positions: Rémi Aubert will become Chief Customer and Strategy Officer, and Alix de Sagazan will serve as Chief Revenue Officer.

Both Wingify and AB Tasty are profitable, according to Gupta, and the merger is focused on platform expansion rather than cost reduction. He emphasised that no layoffs are planned as part of the transaction, describing the strategy as centred on “value creation at this point.”

Following the merger, the combined company will employ close to 800 people across 11 offices globally, with around 350 employees based outside India. The headquarters of the merged entity will be located in New Delhi.

Wingify was co-founded in 2010 by Paras Chopra and Sparsh Gupta and remained bootstrapped for more than a decade. Its flagship product, VWO, helps businesses improve online conversion rates through A/B testing and customer experience optimisation. Everstone acquired a majority stake in Wingify in January 2025, marking a significant exit for Chopra and laying the groundwork for Everstone’s platform-building strategy that ultimately led to the AB Tasty combination.

Wingify serves more than 3,000 brands, including Forbes, Walt Disney, Amway, Hilton Vacations, TAP Portugal, and Cigna, across industries such as e-commerce, SaaS, travel, and media. Founded in 2014 and headquartered in Paris, AB Tasty provides experimentation and personalisation software to more than 1,000 brands, including L’Oréal and Samsonite.

The merged company will compete with established players such as Optimizely and Adobe, giving Everstone and Wingify a more substantial presence in Europe while expanding the platform’s capabilities across testing, feature delivery, and AI-driven personalisation, subject to customary closing conditions and regulatory approvals.

The deal adds to a broader wave of consolidation in marketing and product software, as private equity firms and strategic buyers aim to build scaled, AI-ready platforms for global enterprise customers. According to a recent PitchBook report, enterprise SaaS M&A activity reached 270 deals worth $65 billion in the third quarter, with deal volumes rising 26.2% quarter over quarter and private equity accounting for 66.7% of transactions. PwC has also identified consolidation as a key value-creation strategy for private equity firms. At the same time, EY highlighted continued private equity-led momentum in tech M&A throughout 2024 as buyers pursue greater scale and AI capabilities.

Gupta said Everstone will retain a majority stake in the combined business and retain most board rights after the transaction. The board is expected to comprise five to six seats, including representatives from Everstone and Gupta, and three to four independent directors.

Everstone said it will continue to support the combined company with additional resources, including an advisory board made up of industry experts and operators. “Together, VWO and AB Tasty will have among the most comprehensive product offerings in the category,” said Sandeep Singh, managing director at Everstone Capital.