SmartBear Software has announced that Francisco Partners, a leading global technology-focused private equity firm, has acquired a majority stake in the company designed to support the company’s accelerated growth. SmartBear is highly profitable and has been growing at double digit rates for more than five years. The investment by Francisco Partners will help support the company’s growth which has been fueled by the demand for solutions to manage the application lifecycle and the rapidly expanding API economy.
SmartBear products include TestComplete, QAComplete, Collaborator, AlertSite and CrossBrowserTesting. SmartBear’s portfolio of products also includes some of the largest open source and commercial products for API design and testing, including SoapUI and Swagger. The acquisition by Francisco Partners marks a transition in lead investors from SmartBear’s original 2007 investor, Insight Venture Partners. During Insight’s period of investment, the company grew from a single product company for U/I testing into an important supplier in software quality tools for teams with multiple product lines and over 20,000 customers.