Test Automation Group enters into a strategic partnership with TestingCo


Amsterdam – CFI is pleased to announce it acted as the exclusive corporate finance advisor to management of Test Automation Group for establishing a strategic partnership with TestingCo, a portfolio company of Exponent.

About Test Automation Group
Test Automation Group (‘TAG’) is the premier Dutch pure-play test automation specialist providing innovative test automation solutions for its longstanding client base and their mission-critical systems, consisting of the labels deTesters, TestCoders and TechChamps. Its highly skilled test automation professionals are fully embedded in clients’ core IT processes, contributing to the accelerated development and delivery of valuable software for its clients. TAG is seen as thought leader in the test automation market, continuously sharing knowledge through workshops and presentations at (inter)national conferences. TestCoders, deTesters, and TechChamps operate from offices in Utrecht and Groningen, the Netherlands and employ more than 50 professionals.

About TestingCo
TestingCo has developed into a leading independent software and application testing platform in the Netherlands. It provides comprehensive software testing and quality engineering solutions for its blue-chip client base. TestingCo consists of the labels Bartosz, Squerist and PTWEE, each with a specific client focus and a distinct brand identity and culture, backed by the scale and shared expertise of the TestingCo platform. The distinct identities of the labels are underpinned by their shared reputation for excellence and quality, as well as their employee-first approach.

About the transaction
The software testing market is rapidly growing, supported by the increasing complexity of software systems and applications. By joining forces with TestingCo, TAG will operate in a partnership, while retaining its own brand name, culture and specialisation, and benefit from the larger group. This strategic partnership positions TAG to contribute its expertise to the group’s expanded service offerings. The focus will be on further expansion of the platform in the Netherlands, retaining and attracting talents and maintaining the superior quality standards of its services.

About CFI’s role in the process
Following two successful exit processes with the majority shareholder BGC Investments, CFI was again invited to orchestrate a sales process to support the next growth phase for TAG. CFI attracted strong interest from both strategic platforms as well as financial sponsors in a competitive sales process. TestingCo and Exponent provided the best terms and strategic fit going forward and CFI led the negotiations that resulted into a successful transaction on 11 December 2023. 

Martijn Rijsdijk, Co-Director of TAG: “Our ambition is to remain a relevant player in the Dutch market. We believe that this strong partnership with TestingCo, will help us significantly to continue the steady growth path of the recent years. By joining their ecosystem, we can reinforce our position and preserve our own identity and culture. In addition, it offers many new possibilities. With a broader portfolio of services and expertise, we will be able to support our customers even better with more comprehensive solutions. On an organisational level, we become a more attractive working place for existing and new talents, offering access to many interesting projects with strong focus on learning, development and innovation.” 

Huub Jansen, Co-Director of TAG: “We are very grateful for the invaluable efforts provided by CFI throughout the sales process. Their strong marketing documents, meticulous due diligence support, strategic insights and adept negotiation skills were integral to the successful outcome of the deal. CFI’s professionalism and commitment fostered an environment of trust and collaboration, leading to a transaction that met the expectations of all parties involved. We appreciate their expertise and unwavering support during the entire process.”

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