Premier software development agency, Test Double, forms Employee Stock Ownership Plan

Test Double is pleased to announce the sale of 100% of the Company to an Employee Stock Ownership (ESOP) Trust. Test Double, Inc. is a consultancy that helps businesses rapidly build & enhance software systems while promoting improvements to collaboration, operations, and quality.

Lazear Capital Partners, an investment banking firm in Columbus, Ohio, was engaged to arrange the transaction and serve as Test Double’s exclusive financial advisor. The flexibility of an ESOP gives co-founders Todd Kaufman and Justin Searls a solution that allows them to continue to lead the organization as directors and officers while simultaneously creating a way to better reward, retain, and recruit talent.

“Thank you to Lazear Capital Partners. They were extremely knowledgeable and professional. They were able to create a customized sale specific to our needs, with us every step of the way and delivering on every aspect of the deal.”

Since its founding in 2011, Test Double has been on a mission to identify and fix all the ways software fails businesses and their customers. “We started Test Double to create an environment where companies can obtain the highest quality IT consultants focused on solving problems to create lasting maintainability,” Todd Kaufman, CEO and co-founder said. “We have come a long way since 2011 and my co-founder Justin and I knew it was time to create an environment where our Agents (employees) feel empowered to lead Test Double into the future. Once Lazear Capital Partners helped me realize there was a viable scenario to receive a fair value for the sale of our Company while at the same time providing the employees with a fully employer-driven benefit, I was hooked. It was important that the employees see direct value in the growth and future success of the business. They will now make decisions as owners and see the potential for significant economic benefit for those efforts.”

Test Double has served multiple clients in an array of industries including GitHub, Gusto, Betterment, Gusto, GitHub, CoverMyMeds, Shutterstock, Blue Apron, PGA of America, Cars.com, and more.