GP Bullhound advises AB Tasty on its merger with Everstone Capital-backed VWO, with Everstone Capital investing significant additional capital to create a scaled platform.
AB Tasty and VWO, two pioneers in the optimisation software space, have entered into an agreement to combine, subject to customary closing conditions. This combination will create an industry-leading digital experience optimisation platform offering AI-led experimentation, real-time adaptive personalisation, behavioural insights and analytics.
The combined entity will have meaningful scale, surpassing $100 million in annual revenue from more than 4,000 customers globally. It will have a dominant presence in its two largest regions – the United States and Europe, accounting for ~90% of its revenue. With 11 offices and distributed teams across North America, LATAM, Europe, and APAC, this combination unlocks global reach with local execution. The goal is to forge deeper customer partnerships through in-market expertise and make significant investments in a full stack tech platform, offering AI-native capabilities.
“VWO was founded on the conviction that great products, strong fundamentals, and long-term thinking build enduring companies. In AB Tasty, we found a team that shares this philosophy and complements us strongly in product and organization capabilities, while having a strong alignment in culture, vision, and mission. Together, we see an opportunity to create a global leader that delivers greater scale, depth, and consistency to customers, while staying committed to the core value proposition that have made both companies successful”, said Sparsh Gupta, Co-Founder and CEO, VWO.
“Our ambition has always been to create a global leader in experimentation and experience optimisation that delivers tangible, measurable value to customers. Over the past few years, as we reflected on the next chapter for AB Tasty, it quickly became clear that the right path was about alignment – across ambition, culture, product, and geography. With VWO, the alignment was clear early on: shared ambition, shared values, complementary strengths, and a common commitment to customers. This combination gives us the opportunity to pursue the same ambition we’ve always had, but at a much greater scale and significantly expanded resources. GP Bullhound has been instrumental in helping us secure this partnership and design a transaction that sets strong foundation for the long-term success of the combined business” said Alix de Sagazan, Co-CEO, AB Tasty.
The transaction is led by Singapore-headquartered Everstone Capital, the private equity arm of the Everstone Group, which focuses on control investments in the mid-market space with strong focus on the technology sector. Everstone Capital is a majority shareholder in VWO and is investing significant additional capital to remain the largest institutional shareholder in the combined entity.
“This investment is a continuation of the Everstone playbook of combining deep domain expertise with cross-geography perspective to build a market leader, in this case a global, best-in-class digital experience optimization platform. Together, VWO and AB Tasty will have among the most comprehensive product offerings in the category and a well-balanced geographical footprint with a leading market share in multiple major regions. Everstone will also support the company with an advisory board drawing from some of the leading industry experts and operators”, said Sandeep Singh, Managing Director, Everstone Capital.
“We are proud to have advised AB Tasty on this highly strategic transaction and to have helped the Founders and the Board bring together two category-defining companies. AB Tasty and VWO share a clear strategic and cultural alignment, and this combination creates a uniquely positioned global leader in digital experience optimisation. We have valued the opportunity to work closely with the AB Tasty team on this important transaction at a key stage in the company’s development”, said Guillaume Bonneton, Partner, GP Bullhound.
About AB Tasty:
Founded in 2014 in Paris, AB Tasty is a leading experimentation and personalisation platform that enables global brands to optimise digital experiences through A/B testing, feature management, and AI-driven personalisation. It is used by more than 1000 leading global brands worldwide, including L’Oreal, Samsonite, USA Today and Ganni, and across multiple industries, including travel, retail, banking and insurance. For more information, visit abtasty.com
About VWO:
Founded in 2010, VWO is a unified experience-optimisation platform that product, marketing, growth, and engineering teams use to improve customer journeys and accelerate digital performance. With a connected suite of experimentation, analytics, personalisation, and feature-delivery tools, VWO enables organisations to make data-driven decisions at scale. Trusted by more than 3,000 brands like Forbes, Walt Disney, Amway, Hilton Vacations, TAP Portugal, Cigna across ecommerce, SaaS, travel, and media, VWO helps teams deliver consistent, measurable improvements to experience, conversion, and revenue. For more information, visit vwo.com
About Everstone Capital:
Everstone Capital, the private equity arm of the Everstone Group, is a Singapore-headquartered investment firm with $3.5 billion in assets under management and a presence across seven global offices. We focus on control-oriented, mid-market investments across high-growth sectors including Technology Services, Healthcare & Pharma, Consumer, Financial Services, and Industrials. Our platform-building approach combines operational expertise with strategic capital to unlock sustainable value and drive long-term growth.
With a team of ~100 experienced professionals, we bring deep domain knowledge, local insight, and an on-ground execution edge to every partnership. Our active ownership model and disciplined execution enable us to scale businesses, accelerate transformation, and consistently deliver strong risk-adjusted returns for our investors. For more information, visit everstonecapital.com
About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs. Founded in 1999, the firm has 11 offices across Europe, the US, and Asia.
Learn more at gpbullhound.com
Enquiries
For enquiries, please contact:
Guillaume Bonneton, Partner at GP Bullhound, guillaume.bonneton@gpbullhound.com
Joffrey Ezerzer, Director at GP Bullhound, joffrey.ezerzer@gpbullhound.com
