JERUSALEM (Reuters) - Private equity group Bridgepoint has agreed to buy a majority stake in Qualitest, and Israeli software testing firm, from Marlin Equity Partners, the companies said on Wednesday.
Financial terms were not disclosed but a source close to the deal said the purchase price is about $420 million.
Marlin will retain a minority holding in Qualitest, which sells a range of artificial intelligence-powered engineering and testing products.
Qualitest said it serves mid to large-sized tech firms in the technology, financial services, 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 estimates that Qualitest operates in a market that is growing at 13% a year driven by the increasing needs of a $32 billion global outsourced market where software performance has become more critical for businesses.
Reporting by Steven Scheer