TH Global Capital is pleased to announce that it has acted as the exclusive financial advisor to TestDevLab, a leading AI-Led quality engineering and software development company, on its strategic sale to Xoriant, a ChrysCapital-owned global engineering and technology services company. This transaction marks TH Global Capital’s deal in its 30th country – Latvia, reinforcing its position as the leading investment bank on the global stage.
The acquisition strengthens Xoriant’s rapidly expanding AI-driven quality engineering practice and enhances its presence across Europe. For TestDevLab, the transaction marks a major step forward in accelerating global scale, expanding its commercial reach, and broadening opportunities for its 500+ engineers.
Founded in 2011 and headquartered in Riga, TestDevLab is a globally recognized leader in software quality engineering, offering capabilities across test automation, performance, multimedia quality, accessibility, security, AI testing, and more. Its proprietary platforms, including Loadero and the AI-based Barko agent, further enhance Xoriant’s innovation portfolio.
Post-transaction, TestDevLab will continue operating under its own brand, with Co-Founders Andrejs Frišfelds and Ervins Grīnfelds remaining as Co-CEOs to ensure seamless continuity for clients and employees.
Co-founders Andrejs Frišfelds and Ervins Grīnfelds of TestDevLab, said, “Working with TH Global Capital has been an exceptional experience, and we are truly thankful for their partnership throughout this journey. Their understanding of global markets is remarkable, and their deep relationships with strategic buyers and global private equity funds added immense strategic value from day one. What stood out even more was their technical excellence and their unwavering, no-stone-unturned approach—nothing was ever too big, too detailed, or too complex for them to take on. They were there for us at every step, offering end-to-end guidance that was thoughtful, clear, and actionable. The level of preparation they brought to the process was outstanding, and their execution was simply unparalleled. We couldn’t have asked for a more committed, capable, and supportive advisory team.”
Vivek Subramanyam, Founder and CEO of TH Global Capital, shared “We are thrilled to announce this landmark transaction, marking Latvia as the 30th country where TH has successfully completed a deal. We are very pleased to have supported TestDevLab throughout this journey. Their market-leading expertise and exceptionally skilled engineering team add substantial scale to Xoriant’s fast-growing platform. We extend our best wishes to both the TestDevLab and Xoriant teams for the road ahead.”
Pablo Jorge, CFA, President at TH Global Capital, said “Congratulations to the TestDevLab team on this remarkable milestone. Their expertise in quality assurance and engineering is second to none. TestDevLab stands out as a true innovator, backed by cutting-edge engineering capabilities and an exceptional roster of clients. This deal reinforces TH Global Capital’s strong global reach and our deep understanding of global tech services and software quality engineering market.”
Find out more about the transaction here.