Everstone Capital has acquired approximately 80% of Wingify, a software-as-a-service (SaaS) company, for nearly $200 million in a major cash deal for India’s enterprise software sector.

Founded in 2010 by Paras Chopra and Sparsh Gupta, Wingify is best known for its Visual Website Optimizer (VWO), a platform for web testing and conversion optimization used by businesses worldwide.

The company, which has been profitable and bootstrapped since its inception, also offers products like PushCrew for analyzing website activity and increasing conversions. Its client portfolio includes prominent names like Microsoft, General Electric, and Walt Disney, with an annual recurring revenue of $50 million.

Paras Chopra, who revealed the sale on Y Combinator’s Hacker News, will retain a stake in the company and remain on its board. CEO Sparsh Gupta will continue leading the company, while other senior officials will hold significant equity stakes.

Sandeep Singh, Managing Director at Everstone Capital, highlighted Wingify’s strong global standing as a profitable SaaS company. “This is our second major investment in the marketing technology space in the past 18 months,” Singh said.

Everstone has actively pursued opportunities in the SaaS sector, according to Avnish Mehra, Vice Chairman of Private Equity. He noted that Everstone has invested $1.3 billion in technology companies, achieving a 30% internal rate of return in its tech portfolio.

The acquisition aligns with Everstone's broader strategy. In recent years, the firm, managing $8 billion in assets, has also acquired technology consulting company Cprime and technology services firm Apexon, partnering with Goldman Sachs Asset Management for both investments.