Vista Equity Partners’ Endeavor Fund leads investment to expand global operations and accelerate development of solutions to adjacent Quality Engineering challenges
Released Thursday, November 18, 2021 - mabl (the “Company”), the enterprise SaaS leader of intelligent test automation for quality engineering, today announced $40 million in Series C funding. The round was led by Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, with participation from existing investors including Amplify Partners, GV, Presidio Ventures, and CRV.
mabl’s low-code test automation solution enables software teams to dramatically reduce the effort to create, run, and manage reliable end-to-end user interface and API tests in a unified platform, resulting in faster delivery of high quality, business critical applications.
“mabl is fundamentally changing the way teams build and ship software,” said co-founder, Dan Belcher. “With intelligent low-code testing, all team members can finally contribute to test automation that provides fast, actionable insight into how their work impacts the customer experience when it comes to product quality.”
The investment in mabl is made by Vista’s Endeavor Fund, which is focused on mission-critical, high-growth enterprise software, data, and technology-enabled businesses seeking to expand their impact in the markets they serve. Endeavor partners with companies and their management teams, providing the capital, expertise, and support to build an operational foundation for sustainable growth while accelerating market leadership. After more than doubling global ARR in the last year, this funding round caps off a breakout 2021 for mabl and brings mabl’s total raised to date to $77 million. Shivan Patel, Senior Vice President at Vista, will join mabl’s Board of Directors.
“Dan, Izzy and the entire mabl team are leading the transformation of test automation in the modern software development process. We are impressed by their market leading SaaS-native platform that empowers its end users to save significant time on test creation and maintenance, and broaden overall coverage through automation,” said Rachel Arnold, Co-Head of Vista’s Endeavor Fund and Senior Managing Director. “Companies across industries are rolling out new products faster than ever, and their development teams need to feel confident they can run tests more quickly and efficiently without sacrificing quality or user experience. With Vista’s investment and partnership, we hope to accelerate mabl’s vision, support its continued upward trajectory, and further enable its customers to build the tools they need to compete in a digital world.”
mabl is a high-growth SaaS company whose solution’s ease of use, rich diagnostic data, auto-healing, cloud scalability, and native enterprise integrations have garnered an enthusiastic audience among global leaders in eCommerce, Technology, Finance, Travel, and more. With users in over 50 countries, mabl’s Fortune Global 2000 customer base has doubled in the last year and includes industry leaders like Barracuda, Charles Schwab, Chewy, DataRobot, Dollar Shave Club, jetBlue, NCR, and Stack Overflow.
The Company has won several prominent awards in 2021. It was recently recognized as a “Best Place to Work” by Built In Boston and “Best of Show” in Software Development Testing by SD Times. Looking towards 2022, mabl is hiring across all departments as the Company expands its test automation solution, scales its award-winning customer service team, and broadens its sales and marketing reach around the globe.
“From day one we committed to modernizing quality engineering by delivering a solution that breaks down silos and removes testing bottlenecks that inhibit rapid development,” said Izzy Azeri, co-founder of mabl. “Adoption is growing quickly around the world, and we look forward to partnering with the Vista team to serve broader customer needs, continue to deliver world-class customer support, and expand our reach into new markets and channels.”
About Vista Equity Partners
Vista is a leading global investment firm with more than $81 billion in assets under management as of June 30, 2021. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit, and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers, and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.