August 18, 2022
FPE Capital LLP (‘FPE’), the software & services focused lower mid-market growth investor, announces that it has led a growth investment into Global App Testing, a global web and app testing platform to the software development community.
This marks the third investment from FPE Fund III, the successful final close of which was announced in May at a raised hard cap of £185m.
The investment from FPE will back the founders Ronald Cummings-John and Owais Peer and their management team as they accelerate the Company’s existing strong growth on the back of earlier stage investment.
Global App Testing was founded in 2013 and combines a proprietary autonomous testing platform with an intelligent crowd testing network to deliver fast, accurate bug testing to QA and Development teams at hundreds of leading brands including Google, Microsoft, General Electric and Booking.com. These customers now rely on Global App Testing’s impact-first approach to quality, allowing Agile and DevOps teams to release faster and more often. The business operates in a large and growing market for software crowd testing, estimated to be $1.3bn globally and forecast to grow at 17% p.a. to 2026. This market growth is underpinned by a raft of favourable drivers and these tailwinds have seen the company achieve 50% growth in ARR in recent years.
FPE Capital has a successful track record in backing software businesses with a focus on market leading, quality products and strong, client focused, cultures. With FPE’s support, the business is now planning to invest further into product development and autonomous testing, and to scale the business further in the US market.
Alongside FPE’s investment, Santander has provided debt facilities to finance the transaction.
The FPE investment was led by Henry Sallitt, Llewellyn John, Chris Kay and Claire Sweet. FPE was advised on the transaction by Stephenson Harwood (Legal), Fairgrove Partners (Commercial), Intechnica (IT Diligence), RSM (Financial), Continuum (Management) and FRP (Debt advisory).
Santander provided debt facilities to the Company as part of the investment.
The shareholders of Global App Testing were advised by AGC Partners (Financial), Grant Thornton (Tax), and Osborne Clarke and Ashfords (Legals).