TH Global Capital advises TestDevLab, a leading AI-led Quality Engineering and Software Development company, on its strategic sale to Xoriant

Nov 2025
united-states
Has been acquired by

Software Testing Services & Test Automation IP

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TH Global Capital advises TestDevLab, a leading AI-led Quality Engineering and Software Development company, on its strategic sale to Xoriant
Seller TestDevLab
Buyer Xoriant
Focus Sector Software Testing Services & Test Automation IP
Date November 2025

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.

quote 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.
Andrejs Frišfelds Co-Founder and Co-CEO, TestDevLab
Ervins Grīnfelds Co-Founder and Co-CEO, TestDevLab

Founded in 2011 and headquartered in Riga, Latvia, with over 500 employees across Europe and the USA, TestDevLab provides quality engineering and digital engineering services to Fortune 500 enterprises in the Hi-Tech, FinTech and Telecom sectors globally. Leveraging their cutting-edge lab, TestDevLab specialises in test automation, battery and performance testing, audio-video quality testing, competitive intelligence and AI testing solutions, positioning themselves at the forefront of a new era of tech-enabled, highly specialised software testing and engineering services. 

The partnership between TestDevLab and Xoriant combines TestDevLab’s 14 years of quality engineering expertise with Xoriant’s broader engineering capabilities and international presence across 28 offices in the USA, Europe and Asia. TestDevLab’s Baltic and Macedonian delivery centers will further strengthen Xoriant’s European presence with access to top engineering talent and EU innovation ecosystems. 

“With TestDevLab joining Xoriant, we’re bringing intelligence and quality even closer together. It enhances our leadership in Quality Assurance for intelligent systems through model validation, fairness and bias testing, explainability, and safety evaluations across AI and language models,” said Rohit Kedia, CEO, Xoriant. “This acquisition not only accelerates our vision of AI as Applied Intelligence, empowering clients to leverage the true power of Artificial Intelligence but also fuels our growth journey towards becoming the most transformative AI-native digital engineering firm globally,” he further added. 

“This acquisition was considered thoughtfully, with careful attention to what it means for our team and clients. TestDevLab was seeking to expand its global reach, while Xoriant was looking to strengthen its quality engineering capabilities. The alignment made this a natural next step for both companies,” said Ervins Grīnfelds, Co-Founder and Co-CEO of TestDevLab. 

“The dedication and expertise of our team over the years made this partnership possible. Together with Xoriant, we will create new opportunities for employees across both organizations,” said Andrejs Frišfelds, Co-Founder and Co-CEO of TestDevLab. 

Vivek Subramanyam, Founder and CEO of TH Global Capital, said “We are thrilled to announce this landmark transaction in the Baltics, 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, President at TH Global Capital, added “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 European presence and our deep understanding of global tech services and quality engineering market.” 

Aditya Heda, Vice President at TH Global Capital, shared “Working with Andrejs and Ervins has been a genuine privilege. From day one, we were confident in achieving an exceptional result for the company. Their strong leadership, trusted client partnerships, and vibrant, skilled engineering team have positioned the business exceptionally well in the market. This transaction marks a significant milestone in the quality engineering sector, and we are proud to have guided it to completion.” 

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