Charlotte, NC; April 25, 2005 - DecisionPoint International, a boutique investment bank providing merger and acquisition services to middle-market services and technology clients, announced today that its client, AppLabs Technologies Pvt. Ltd ("AppLabs"), an offshore technology company providing software testing and development services to companies worldwide, has acquired Lab Acquisition Corporation dba KeyLabs ("KeyLabs"). Based in Utah, KeyLabs is a spinout from Exodus Communications and a recognized expert in software and hardware testing and specialized certification services.
The acquisition creates one of the world's largest independent software testing firms with a global marquee customer base. "KeyLabs brings a team of testing experts as well as a QA lab that is about the best equipped in North America, so the combination with AppLabs will immediately create a leader in technology testing", said Sashi Reddi, CEO of AppLabs. "In the last few years, we have seen an explosion of demand for software testing worldwide, whether for cost savings, independent third-party validation or operational efficiency. By combining our assets,AppLabs and KeyLabs will be more effective as one company with a stronger foothold to take on this $13 billion market opportunity," said Michael Fahnert, CEO, KeyLabs. "We look forward to joining the AppLabs family, and, together, expanding the combined company's expertise in software testing and forging a clear path to global leadership."
AppLabs is a portfolio company of WestBridge Capital Partners ("WestBridge"), a venture capital fund with approximately $140 million under management.
AppLabs is an IT services company based in Philadelphia, USA with a global delivery center based in Hyderabad, India. Its services include software testing as well as software development. Its customers are some of the leading technology companies in the world including SAP and InstallShield. AppLabs is a Microsoft Gold Certified Partner as well as being ISO 9001:2000 certified. AppLabs has also been assessed at CMM Level 5, the highest quality standard attainable in software engineering. For more information, visit www.applabs.com.
Since its inception in 1996, KeyLabs has led the testing industry in the development of a full suite of network testing services that includes e-commerce stress and security testing, SAN testing, performance analysis, scalability analysis, and proof-of-concept testing. KeyLabs provides custom testing services as well as specialized testing software development. In addition, KeyLabs develops and manages industry certification programs for software and hardware vendors, and assists corporations needing to validate technologies in large-scale environments. KeyLabs is a privately owned company. For more information, visit www.keylabs.com.
WestBridge Capital Partners is a Mauritius based leading US-India focused venture capital fund with approximately $140 million under management. The fund focuses primarily on cross-border U.S.-India technology and services companies that are targeting global markets. It invests in both Information Technology and Outsourced Services companies across all stages. WestBridge's investors include leading institutions and entrepreneurs across the globe. WestBridge has offices in Silicon Valley and Bangalore. For more information, visit www.wbcp.com.
DecisionPoint is a global leader in M&A advisory services for middle-market technology companies in the services, software, and communication sectors. For additional information on DecisionPoint, visit www.DecisionPointINT.com.
For further information, contact: Doug Ellis, Managing Partner; (704) 916-9070; DEllis@DecisionPointINT.com.