Everstone Capital Drives Major Merger Between Wingify and AB Tasty
Singapore-based private equity firm Everstone Capital is actively merging its portfolio company Wingify with French content optimization specialist AB Tasty. This strategic move brings together two significant players in the digital experience optimization space.
Sparsh Gupta, co-founder and CEO of Wingify, confirmed the transaction to Mint. He revealed that Everstone has invested substantial capital to buy out AB Tasty's capitalization table, effectively consolidating the two entities. "We are cleaning up the majority of investors from the AB Tasty side," Gupta stated, though he declined to specify which backers have exited.
Investor Landscape and Transaction Details
AB Tasty previously counted several prominent investors among its supporters. These included Credit Mutuel Equity, Korelya Capital, Omnes Capital, Partech Partners, and XAnge. The French startup last secured funding in 2020, raising $40 million in a Series C round that brought its total funding to $64 million.
Gupta chose not to comment on specific transaction details. He did not reveal which investors sold their stakes to Everstone or what the final shareholding structure will look like once the deal closes.
Leadership and Governance Changes
The merger brings significant changes to leadership roles and board composition. AB Tasty co-founders Rémi Aubert and Alix de Sagazan have stepped down from their board positions but will retain voting rights in the combined company.
Aubert will assume the role of chief customer and strategy officer, while de Sagazan becomes chief revenue officer. Gupta emphasized that both he and Wingify's CTO Ankit Jain, along with the AB Tasty co-founders, remain significant individual shareholders deeply committed to the merged entity.
The new board will primarily consist of independent directors from Everstone Capital and Sparsh Gupta himself.
Strategic Significance and Market Context
This merger represents another milestone in the maturation of India's SaaS ecosystem. Experts observe that Indian SaaS companies are now reaching scale sufficient for public market consideration. Companies like Amagi are preparing for listings, while others including Leadsquared, BusinessNext, Zenoti, Icertis, Mindtickle, Juspay, and Whatfix are evaluating public market options.
Industry analysts predict that SaaS companies will dominate this year's technology initial public offerings, reflecting the sector's growing strength and investor confidence.
Financial Performance and Growth Trajectory
Gupta projected strong financial outcomes from the merger. "Both businesses, standalone, are profitable," he noted. "The combined entity will now have over $100 million in annual recurring revenue."
Wingify's recent financials show mixed performance. The company's operating revenue reached ₹386 crore in FY25, up from ₹288 crore the previous year. However, profits declined to ₹24 crore from ₹61 crore as employee expenses surged. Total expenses climbed to ₹376 crore in FY25 compared to ₹221 crore in FY24.
This transaction marks Wingify's second major announcement in a month. Just over a year ago, Everstone acquired a majority stake in the bootstrapped SaaS company for $200 million, a deal that saw co-founder Paras Chopra exit the business.
Expansion Through Acquisition Strategy
Gupta had previously indicated that Wingify would pursue acquisitions to drive growth. The company operates in the relatively niche website optimization space. According to market intelligence platform Tracxn, AB Tasty ranks fourth among Wingify's 561 global competitors.
In December last year, Wingify acquired Y Combinator startup Blitzllama, which specializes in AI-based user research. At that time, Wingify reported its annual recurring revenue was approaching $60 million.
Enterprise Focus and AI Integration
The merger accelerates Wingify's strategic shift toward enterprise clients. After focusing primarily on small and medium businesses, the company has recently begun pursuing larger enterprise deals.
"This helps our enterprise strategies because we'll now have access to local talent, more local support, and a broader platform," Gupta explained. "All those ingredients combined help us go for more enterprise deals."
The combined company plans significant investments in artificial intelligence. Wingify had already begun implementing AI in its platform, and the merger provides access to substantially more data points.
"We'll now have access to a lot more data points," Gupta elaborated. "This allows our platform to have more depth and breadth, giving us more context on users in a more nuanced manner. That in turn allows us to deliver more value to our customers."
The transaction demonstrates how private equity firms like Everstone Capital are actively shaping the global SaaS landscape through strategic consolidation and investment.
