TPG expands stake in Sauce Labs

TPG has increased its investment stake in Sauce Labs, a provider of continuous testing solutions.

TPG has increased its investment stake in Sauce Labs, a provider of continuous testing solutions. No financial terms were disclosed. In addition to the funding, Art Heidrich, a member of the tech investment team at TPG, has joined Sauce Labs’ board of directors. TPG first invested in Sauce Labs in 2019.

PRESS RELEASE

SAN FRANCISCO – March 9, 2021 – Sauce Labs Inc., the leading provider of continuous testing solutions that deliver digital confidence, today announced that TPG, a leading global alternative asset firm, has significantly increased its investment stake in the company. In conjunction with the investment, Art Heidrich, a member of the technology investment team at TPG, has joined the Sauce Labs Board of Directors. TPG first invested in Sauce Labs in 2019.

“The additional investment from TPG – a firm known for its foresight and extensive track record of success – is a tremendous validation of our strategy,” said Aled Miles, president and CEO, Sauce Labs. “We’re eager to work even more closely with Art and the TPG team as we continue to evolve our portfolio and deliver digital confidence to our customers.”

The investment from TPG comes as Sauce Labs continues to move aggressively to expand its platform capabilities to serve more users and use cases throughout the DevOps toolchain. Sauce Labs recently acquired both AutonomIQ, a leading provider of scriptless test automation solutions, and API Fortress, a leading provider of modern API testing solutions for agile and DevOps teams. The company has enhanced its platform to support new developer-preferred frameworks such as Cypress, Playwright, and TestCafe, and recently launched new end-to-end visual testing capabilities to give developers a more comprehensive view of application quality. In February, Sauce Labs announced a new technology partnership with Sumo Logic.

“The DevOps market continues to grow rapidly, and testing is the next frontier that needs to be automated and optimized,” said Heidrich. “Sauce Labs is extending its leadership position in the market both organically and through acquisition, empowering its customers to develop and release better code faster. We’re excited about the direction that the leadership team is taking the company and look forward to playing a part in that journey.”

TPG is a leading investor in software and enterprise technology with a long history of partnering with innovative companies that are creating new solutions and driving differentiated value in their markets. Select current and past investments include C3.ai, Checkmarx, Digital.ai, McAfee, Sonatype, Wind River, and Zscaler.

About Sauce Labs
Sauce Labs is a leading provider of continuous testing solutions that deliver digital confidence. The Sauce Labs Continuous Testing Cloud delivers a 360-degree view of a customer’s application experience, ensuring that web and mobile applications look, function, and perform exactly as they should on every browser, OS, and device, every single time. Sauce Labs is a privately held company funded by TPG, Salesforce Ventures, IVP, Adams Street Partners, and Riverwood Capital. For more information, please visit https://saucelabs.com.

About TPG
TPG is a leading global alternative asset firm founded in 1992 with approximately $85 billion of assets under management and offices in Austin, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, Singapore, and Washington, DC. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth equity, impact investing, real estate, secondaries, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com and on Twitter @TPG.