London software testing news UK

Testing company could be going public

Posted in Software testing by testing in London on July 9, 2007

From Money control

In a bid to provide an exit option to venture capitalist (VC) investor Sequoia Captial and raise funds to fuel inorganic growth plans, an independent software testing company, AppLabs, is preparing to go public in a few months.

“It is possible we will float an IPO on the Indian bourses to raise roughly USD 40 million within the next 12 months,” Sashi Reddi, AppLabs Founder- CEO, said on Thursday.

There is also an option of looking at private equity (PE) funding to finance our expansion plans, including acquisitions over the next few months, Reddi said while announcing the rebranding of the company.

Sequoia Captial had invested USD 17 million in the company three years back. The rebranding of the company is a consequence of the USD 37 million acquisition of IS Integration that AppLabs carried out in September last year.

AppLabs posted revenues of UDS 70 million last year, most of it from 120-odd customers in the US and 100 plus in the UK.

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