Tech: Banyan Software Group’s acquisition of Element34
Armstrong is pleased to have provided sell-side support for Element34 prior to its acquisition from Banyan Software Group, a global software investor.
Swiss-based Element34 was founded in 2015 by industry-leading engineers Michael Palotas and Francois Reynaud. The software specialist is the leading provider for on-premises Selenium Grid infrastructure. The company’s flagship product Selenium Box (SBOX) has been developed for enterprises with high security, scalability and performance needs.
The acquisition allows Element34 to enter a new growth phase with plans to expand SBOX across Europe and the US and strengthen its position as the leading enterprise provider.
Armstrong’s Commercial Due Diligence (CDD) looked at market trends and competition, the regulatory landscape and conducted an in-depth customer referencing exercise.
Our sell-side due diligence allowed Element34 to map out the key questions for investors and provided valuable insight for future strategic initiatives.
Charlie Mundy, Senior Consultant, Armstrong, said: “Element34 is the market leader in behind-the-firewall automated testing space. Element 34 has successfully broadened the lead service proposition in a complex, fragmented market. Banyan Software and Element34 have the ability to grow organically and through acquisitions, and we look forward to seeing the further, successful growth of the firm.”
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Mike Callow, PartnerEmail Mike
Charlie Mundy, Senior ConsultantEmail Charlie