SmartBear Secures Investment from Vista Equity Partners
SmartBear has announced that it has secured a significant investment from Vista Equity Partners, a prominent global investment firm.
FREMONT, CA: SmartBear, a leading provider of software development and quality tools, announced that it had secured a significant investment from Vista Equity Partners ("Vista"), a prominent global investment firm focused on enterprise software, data, and technology-enabled businesses. Francisco Partners, a leading global technology-based investment firm, will continue to be the investor with Vista and Francisco Partners as the company's equal owners.
In 2017 SmartBear was acquired by Francisco Partners. It is located in the greater Boston area and offers software development solutions utilized by almost 15 million developers, testers, and operations engineers at over 24,000 organizations. The SmartBear solutions support the rapidly increasing DevOps market that includes advanced technologies around API lifecycle management, test automation, test management, performance optimization, and collaboration. Such solutions are even utilized by big companies to increase the efficiency of design, development, and release of higher-quality software at scale.
"Speaking on behalf of everyone at SmartBear, I am thrilled to welcome Vista as investors," said Frank Roe, CEO of SmartBear. "Having the significant backing of two leading PE firms demonstrates the tremendous track record our products and employees have delivered so far, as well as the growth and demand in our markets. As every company is rapidly transforming to digital-first, we're seeing a dramatically increasing demand for SmartBear solutions from developers, testers and entire organizations focused on consistently delivering high-quality software at the speed that business demands."
"The SmartBear suite of best-in-class DevOps solutions and its commitment to open source communities is a validation of the strength of its products and positions the company for continued growth in this rapidly accelerating market," said Michael Fosnaugh, Co-Head of Vista Flagship Fund and Senior Managing Director of Vista. "We look forward to partnering with Frank and the SmartBear team along with Francisco Partners to continue providing innovative and valuable solutions to software teams around the world."