Investment firm Vista Equity Partners yesterday agreed to acquire Applause, a US-based digital brand services provider backed by professional services firm Accenture, for an undisclosed amount.
Originally known as UTest, Applause uses a software platform and a 300,000-strong network of what it calls on-demand digital experience experts to help brands ensure their websites, apps, internet-of-things products and in-store customer service is at a high quality.
The service means clients can utilise a combination of digital testing, user feedback and market intelligence to determine whether new software or products will be received well by customers.
Applause had raised more than $115m in funding, most recently closing a $35m series F round in September 2016 that was led by financial services firm Credit Suisse and backed by Accenture’s corporate venturing vehicle, Accenture Ventures.
Goldman Sachs Merchant Banking Division, financial advisory boutique Mesco and venture capital firms Longworth Venture Partners, Scale Venture Partners, QuestMark Partners and MassVentures also participated in the series F round. Egan-Managed Capital is also an investor.
Applause will continue to operate independently post-acquisition. Accenture will retain a small minority stak, with Vista the majority owner.
Doron Reuveni, the company’s president and CEO, said: “As we take Applause to our next stage of growth, we are delighted to partner with Vista’s second-to-none talent and expertise.”
Goldman Sachs was lead financial advisor to Applause for the transaction, while Jefferies provided financial advice to Vista. Latham & Watkins was legal advisor for Applause and Kirkland & Ellis advised Vista.
– This article was amended on December 28, 2017 to reflect Accenture’s retention of a stake in Applause.