Transaction overview
We are delighted to announce the successful completion of our latest transaction, advising Element34, a leading software provider of Selenium Grid automated testing focused on global enterprise clients, on its acquisition by Banyan Software group.
In this process, the founders of Element34 were seeking to find a partner with shared client-focused values and a track record of scaling software businesses. The acquisition allows Element34 to enter a new growth phase with plans to elevate SBOX to become global industry standard within the automated testing sector. Specifically, it will expand across Europe and the US, and strengthen its position as the leading enterprise provider of behind-the-wall Selenium Grid infrastructure.
Element34 was founded by Michael Palotas and François Reynaud, highly specialist developer-engineers who were among the original creators behind Selenium, the world’s largest open-source umbrella project for a range of tools and libraries aimed at supporting browser automation.
About Element34
Founded in 2015 and headquartered in Switzerland, Element34 is a leading provider of behind-the-firewall Selenium Grid Infrastructure. The company was founded by industry-leading engineers Michael Palotas and Francois Reynaud.
Element34’s propriety product, SBOX, is a unique automated testing solution for large Enterprise customers with high security, scalability and performance needs. SBOX is maintenance free and helps enterprises simplify their on-premises Selenium and Appium infrastructure for cross browser and mobile tests.
About Banyan Software
Founded in 2016, US-based Banyan Software specialises in acquiring and growing niche vertical market software businesses. Backed by a world-class group of CEOs and investors with deep technology experience, Banyan operates across a number of sectors including healthcare, education, media, transportation and financial services. The Group has invested into a number of portfolio companies across the US, Canada, the UK, Europe and APAC regions. Banyan has a long-term ‘buy and hold for life’ strategy for profitable, growing software companies that serve specialized vertical markets.
Ciesco’s role
Ciesco was the exclusive sell-side advisor for Element34 and its shareholders and was selected based on its specialist sector expertise and strong network of senior-level buyer and investor relationships including Private Equity firms, leading technology groups, global software providers, financial, and trade buyers. Ciesco team led the transaction from start to finish, generating an exceptionally strong global interest and leading the deal to completion with Banyan Software.
Client testimonials
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"It was clear to us from the start that Ciesco were the best placed advisors to guide us on this journey through to deal completion. The team provided us with amazing support throughout the entire process and ultimately delivered a fantastic outcome, not only for myself and Francois, but for everyone involved in the transaction. A huge part of this success was due to the hard work and commitment of the Ciesco team. It was amazing to see the high level of interest in our business, and in Banyan Software, we have a partner that can help elevate Element34 and SBOX to the next level."
"We are thrilled to have advised Element34 and its shareholders during this process; Element34 has gained an excellent partner in Banyan Software which will help drive the growth of the business and establish SBOX as the industry standard for automated software testing."