Funds advised by PDM support Bridgepoint’s acquisition of Qualitest, The world’s largest software testing specialist03 October 2019
Permira Debt Managers (“PDM”), one of Europe’s leading specialist debt investors, today announces that funds it advises are acting as senior secured lender in Bridgepoint’s acquisition of Qualitest (“the Company”). The Permira Credit Solutions Funds’ financing will support the continued high performance and growth of the business. The deal continues PDM’s strategy of supporting ambitious niche market leaders, especially with a focus on technology.
Founded in 1997, Qualitest is the world’s largest pure-play outsourced software testing and quality assurance provider. With over 2,500 employees worldwide and a service delivery platform that spans North America, Europe and South Asia, the company offers a wide range of AI-powered quality engineering and testing solutions, deploying engagement models tailored to the precise testing needs of key industries and technology platforms. The company serves some of the most innovative mid to large sized brands in the technology, financial services, retail, telecom, healthcare, insurance, aerospace, media and utilities industries.
Claire Harwood, Investment Director at PDM, said:
“We are delighted to have been able to support both Bridgepoint and Qualitest in providing a flexible credit solution to support their continued growth.
“Strong and resilient software is key to a modern company’s success and as more businesses go through digital transformation Qualitest’s market continues to grow. Qualitest has been a leader in this field for over 20 years and has a long-standing customer base with visible recurring revenues. As it continues to innovate in the sector, we are confident that it can build on its excellent financial track record.
“We have an excellent relationship with the Bridgepoint Group and look forward to working with them again to support Qualitest’s long term growth.”
The PDM funds have now supported over 150 ambitious and fast-growing European companies with over €8bn of capital since PDM’s inception in 2007.