M&A Deal Summary

Thoma Bravo and Sunstone Partners Acquire UserTesting

On October 27, 2022, private equity firm Thoma Bravo and growth capital firm Sunstone Partners acquired internet software and services company UserTesting for 1.3B USD

Acquisition Highlights
  • This is Thoma Bravo’s 23rd and Sunstone Partners’ 3rd transaction in the Internet Software and Services sector.
  • This is Thoma Bravo’s 28th and Sunstone Partners’ largest (disclosed) transaction.
  • This is Thoma Bravo’s 114th and Sunstone Partners’ 12th transaction in the United States.
  • This is Thoma Bravo’s 29th and Sunstone Partners’ 5th transaction in California.

M&A Deal Summary
Date 2022-10-27
Target UserTesting
Sector Internet Software and Services
Buyer(s) Thoma Bravo
Sunstone Partners
Deal Type Going Private
Deal Value 1.3B USD
Advisor(s) Morgan Stanley (Financial)
Fenwick & West (Legal)

Target

UserTesting

San Francisco, California, United States
UserTesting's office in downtown San Francisco, California.
UserTesting's office in downtown San Francisco, California.
UserTesting is a video-based human insight that taps into a client's global network of real people and generates video-based recorded experiences, so anyone in an organization can directly ask questions, hear what users say, see what they mean, and understand what it’s actually like to be a customer. The company reduces guesswork and brings customer experience data to life with human insight. It has more than 2,500 customers, including more than half of the world’s top 100 most valuable brands according to Forbes. UserTesting was founded in 2007 and is based in San Francisco, California.

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Buyer(S) 2

Buyer

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1980
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods/services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 127 of 140
Sector (Internet Software and Services) 23 of 26
Type (Going Private) 33 of 39
State (California) 29 of 31
Country (United States) 114 of 120
Year (2022) 10 of 12
Size (of disclosed) 28 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-11 ForgeRock

San Francisco, California, United States

ForgeRock is the digital identity management company transforming the way organizations interact securely with customers, employees, devices, and things. Organizations adopt the ForgeRock Identity Platform as their digital identity system of record to monetize customer relationships, address stringent regulations for privacy and consent (GDPR, HIPAA, FCC privacy, etc.), and leverage the internet of things. ForgeRock was founded in 2010 and is based in San Francisco, California.

Buy $2.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-12 Coupa

San Mateo, California, United States

Coupa is a cloud-based Business Spend Management (BSM) platform that unifies processes across supply chain, procurement, and finance functions. Coupa was founded in 2006 and is based in San Mateo, California.

Buy $8.0B
Buyer

Sunstone Partners

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2015
PE ASSETS 800M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Sunstone Partners is a private investment firm focused on growth equity investments in and majority buyouts of tech companies. The Firm targets opportunities throughout North American and seeks businesses with at least $10 million in revenues and at least 20% of yearly growth. Sunstone Partners was formed in 2015 from a team that previously worked together at Trident Capital. The Firm is based in San Mateo, California.

DEAL STATS #
Overall 13 of 16
Sector (Internet Software and Services) 3 of 3
Type (Going Private) 1 of 1
State (California) 5 of 5
Country (United States) 12 of 15
Year (2022) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-05 NetSPI

Minneapolis, Minnesota, United States

NetSPI is a provider of application and network security testing solutions that support organizations in scaling and operationalizing their threat and vulnerability management programs. NetSPI's clients consist of financial institutions, healthcare providers, retailers, and technology companies. NetSPI was founded in 2001 and is based in Minneapolis, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-14 EverService

Phoenix, Arizona, United States

EverService is a provider of tech-enabled business solutions for companies of all sizes, helping them to grow and scale with digital marketing, website design & development, scheduling & booking services, 24/7 answering services, inbound & outbound sales, live virtual receptionists, client & patient intake, and IT services. EverService is based in Phoenix, Arizona.

Buy -
Mergr

Product

Company

Legal