Smartesting Steps Up Its International Growth and Completes a 2 Million Euros Fundraising Round

Smartesting, the leading software provider for model-based testing, has completed a fourth 2 Million Euros fundraising round with its long-time partners, I-Source and Siparex, in an initiative to accelerate its international development.

Bangalore, December 7, 2010: Smartesting, the leading software provider for model-based testing, has completed a fourth 2 Million Euros fundraising round with its long-time partners, I-Source and Siparex, in an initiative to accelerate its international development.

This fundraising further confirms the relevance of Smartesting's strategy and helps boost its international expansion. Its aim is to finance the company's strong growth and its operations development in the United States: after Bangalore (India), Smartesting is planning to expand its international presence by opening a first subsidiary in the United States in 2011.

On the occasion, Laurent Py, Chairman of Smartesting's Board of Directors commented, "The renewed confidence of I-Source and Siparex is proof of the relevance of our economic model and our strong growth potential in the flourishing software testing market, which is valued at more than $17 billion in 2010 according to IDC. This campaign will enable Smartesting to finance the material and human investments needed to speed up the development of our offering, strengthen our leadership position in the European market and expand our international presence with the opening in 2011 of a subsidiary on the East Coast of the United States."

Eric Harl, I-Source partner, adds: "Software testing and information system qualification has emerged as one of the key sectors of the IT market over the past 10 years and becomes a strategic activity in the software and IT services industry. By again supporting Smartesting, we are reaffirming our commitment to help the company grow and acquire market share in this promising sector."

Andreas Gall, Siparex partner, states: "Smartesting is entering this new phase with a proven economic model: its products and solutions have already attracted numerous IT leaders who are convinced that automated testing strategies implemented with the help of the tools enhance flexibility. Following the successful opening of a subsidiary in India in 2008, Smartesting is now positioned to accelerate its international expansion. The Siparex Group, an early investor in the company, is committed to supporting Smartesting over the long term."


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