Goldman Sachs’ merchant banking division and Everstone Group have agreed to acquire a “significant” stake in QMetry Inc, a provider of a continuous testing platform. No financial terms were disclosed.
SANTA CLARA, Calif.–(BUSINESS WIRE)–QMetry Inc., a leading QA products company offering continuous testing platform, has signed a definitive agreement to raise series A funding through significant stake sale to Goldman Sachs Merchant Banking Division and one of Asia’s premier investment firms Everstone Group. QMetry will utilize this opportunity to expand its sales, marketing, customer support and product development efforts. The company can also leverage the investor firms’ relationships, and capabilities of their domain specific operating partners to further expand globally.
Manish Mathuria, Founder of QMetry, shared, “We are delighted. This is an important milestone for QMetry. With Goldman Sachs and Everstone Group as our valued partners, we are well-poised to fuel our market expansion and build products that delight our customers.”
He added, “our continuous testing platform is already enabling quality outcomes for 1000+ customers across verticals like banking, financial services, healthcare services, technology, retail and media with some of the major brands as our customers.”
The market for software testing as per recent estimates is $34 billion according to Nelson Hall. DevOps adoption is on the rise with Gartner and Forrester reporting that transforming testing is a primary factor for DevOps success. QMetry’s continuous testing platform includes QMetry Test Management, QMetry Automation Studio and QMetry Test Management for Jira (a Jira App in Atlassian Marketplace) with focus on Test Management, Test Automation and Quality Analytics.
“QMetry has carved out a niche in the software quality tools marketplace through its innovative products and go-to-market strategies,” said Harsh Nanda, a Managing Director in the Goldman Sachs Merchant Banking Division. “QMetry’s strong brand presence coupled with innovation will help its growing customer base to improve customer experience of their digital offerings.”
Avnish Mehra, Senior Managing Director at Everstone Group said, “QMetry is on the path to become a leader in the continuous testing tools’ ecosystem with its leading continuous testing platform designed for Agile & DevOps teams and its drive to harness AI/ML to deliver better quality faster.”
About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities, and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate.
About Everstone Group
Everstone is one of Asia’s premier investment groups focused on cross border North America – Asia investments as well as domestic investments in India and Southeast Asia. The group has assets more than US$5 billion across private equity, real estate, infrastructure, and venture capital. Everstone has a significant resource base across its offices in New York, India, Singapore, London, and Mauritius, comprising best-of-breed investing, operations and strategic resources with significant experience and skills. For more information, visit www.everstonecapital.com
QMetry provides a combination of tools, methodologies, frameworks, and best practices enabling agile teams to build, manage and deploy high quality software faster and with confidence. QMetry’s tools are designed to help QA and DevOps teams manage their quality cycle more efficiently, increase levels of automation, gain actionable insights from analytics, and optimize their use of other leading tools and platforms in the DevOps ecosystem. Consistently rated as one of the top tools for test management, test automation and reporting, QMetry is trusted by over 1000+ customers globally across Finance, Healthcare, Travel, Hospitality, Retail and more. To know more about QMetry, visit www.qmetry.com