TH Global Capital advises TestDevLab on its strategic sale to Xoriant
TestDevLab, a quality engineering and software development company from Latvia, has been acquired by Xoriant. TH Global Capital acted as the exclusive financial advisor to TestDevLab’s shareholders.
Founded in 2011 and headquartered in Riga, TestDevLab provides software quality engineering services, offering capabilities across test automation, performance, multimedia quality, accessibility, security, AI testing, and more. TestDevLab has a team of around 500 professionals.
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 US, Europe and Asia.
For TestDevLab, the transaction marks a major step forward in accelerating global scale, expanding its commercial reach, and broadening opportunities for its 500+ engineers. For Xoriant, the acquisition expands its quality engineering practice and enhances its presence across Europe, including through TestDevLab’s delivery centers in the Baltics and Macedonia.
The dealmaker: TH Global Capital
TH Global Capital, a global investment bank, acted as the exclusive financial advisor to 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 Global Capital 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 [the Co-CEOs of TestDevLab] 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.”
Reflecting on the collaboration, Andrejs Frišfelds and Ervins Grīnfelds, the Co-Founders and Co-CEO’s 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.”
In 2025, TH Global Capital was named ‘Investment Bank of the Year’ for international markets at the M&A Advisor Awards. The award recognised the firm’s global presence in 14 countries across 5 continents, and track record of closing deals in 30 countries.
