Thoma Bravo makes strategic investment in Applitools

The company's co-founders, Gil Sever, Adam Carmi and Moshe Milman, will retain significant ownership stakes in the company.

Thoma Bravo made a strategic growth investment in Applitools, which provides visual test automation software. The company’s co-founders, Gil Sever, Adam Carmi and Moshe Milman, will retain significant ownership stakes in the company.

Press Release

Thoma Bravo, a leading private equity investment firm focused on the software and technology-enabled services sector, today announced it has made a strategic growth investment in Applitools, the leading provider of visual test automation software. Co-founders Gil Sever, Adam Carmi, and Moshe Milman will retain a significant ownership position in the company. Financial details were not disclosed.

Founded in 2013 and headquartered in San Mateo, CA, Applitools provides software engineers with AI-based and cloud-powered solutions to help automate functional and visual testing for their applications and ensure a seamless user experience. The company’s Visual AI platform uses computer vision algorithms, enabling engineering teams to rapidly write, run, analyze, and maintain tests to ultimately release high quality applications at incredible speed and reduced cost. The investment can allow Applitools to leverage Thoma Bravo’s operating capabilities and deep experience in the software sector to accelerate its already impressive growth trajectory and further scale its innovative, market-leading platform.

“As digital transformation accelerates, more and more software developers are turning to Applitools’ cross-environment testing solutions to build and verify high quality software applications users can trust,” said Gil Sever, CEO of Applitools. “At this moment of dynamic change, businesses are looking for peace of mind and reliable, AI-augmented toolkits to maintain continuity across digital touchpoints. We look forward to partnering with Thoma Bravo to double down on our significant business momentum, drive continued product innovation and take our unique technology to new heights.”

“Virtually every industry in our economy is undergoing a digital transformation, with customers demanding flawless user experiences, and Applitools is the leading innovator in the UX test automation market,” said Carl Press, a Principal at Thoma Bravo. “The pandemic has only accelerated this transformation, as businesses work to achieve high-level continuous quality across the full range of consumer devices. We couldn’t be more excited to partner with Gil and the Applitools team as they continue delivering best-in-class, AI-enabled solutions.”

“Applitools is solving problems that developers, quality engineers, and digital product owners face every day, and we are thrilled to be partnering with the team as they continue to define and expand the visual and functional test automation market using groundbreaking Visual AI and cross-browser testing technologies,” said Annie Wei, a Vice President at Thoma Bravo. “We are looking forward to leveraging Thoma Bravo’s operational capabilities to help drive continued growth and market leadership.”

Baird is serving as financial advisor to Thoma Bravo and Kirkland & Ellis is serving as legal counsel. William Blair is serving as financial advisor to Applitools and Meitar Liquornik Geva Leshem Tal and Sidley Austin are serving as legal counsel.

About Applitools

Applitools delivers a Next Generation Test Automation Platform through Visual AI and Ultrafast Test Cloud. Applitools enable engineering teams to release high quality web and mobile apps at incredible speed and at a reduced cost.

Applitools Visual AI modernizes important test automation use cases — Functional Testing, Visual Testing, Web and Mobile UI/UX Testing, Cross Browser Testing, Responsive Web Design Testing, Cross Device Testing, PDF Testing, Accessibility Testing and Compliance Testing — to transform the way organizations deliver innovation at the speed of CI/CD at a significantly lower Total Cost of Ownership (TCO).

Hundreds of companies from verticals such as Tech, Banking, Insurance, Retail, Pharma, and Publishing — including 50 of the Fortune 100 — use Applitools to deliver the best possible digital experiences to millions of customers on any device and browser, and across every screen size and operating system.

Applitools is headquartered in San Mateo, California, with offices in Tel Aviv, Israel and Melbourne, Australia. For more information, please visit

About Thoma Bravo

Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With more than $76 billion in assets under management as of December 31, 2020, Thoma Bravo partners with a company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. The firm has offices in San Francisco, Miami, and Chicago. For more information, visit