Banyan Software, the US private equity firm specialising in software deals, has acquired Swiss mobile testing expert, Element34, as it focuses on acquisitions in the UK and Europe.
Founded in 2015, Element34’s flagship product, SBOX, allows security and data privacy-minded enterprises to utilise secure on-premises Selenium testing for their web and mobile applications across multiple browsers and mobile devices. Acting within company networks to avoid the use of VPNs, SBOX is able to be run on physical servers or via cloud services for testing at scale.
Element34 customers are primarily European banks and insurance companies, but include government organisations and global brand owners.
The Element34 acquisition follows Banyan’s recent acquisition of Clockwork IT, the UK based provider of remote working tools, bringing the Banyan UK and European headcount to around 100 full-time employees.
“It was clear to us that there is a wealth of opportunity to partner with leading B2B software businesses in the UK and Europe, which led Banyan to invest in a dedicated team on the ground earlier this year,” said Graham Carney (pictured), UK and European M&A director at Banyan Software. “Now, having closed two acquisitions within weeks of each other, this is a testament to the value that our locally based investment team can bring. We’re delighted to welcome Element34 and Clockwork IT to the Banyan group, and we’re excited to build on our acquisition strategy in 2023.”
Headquartered in Atlanta, Banyan ranked 10th in Deloitte’s 2021 Technology Fast 500 and describes itself as a ‘long-term software investor’, serving specialised vertical markets with annual revenues between $2m and $30m.
