Thoma Bravo and Sunstone Partners take UserTesting private in ~$1.3B deal
On October 27, 2022, UserTesting, Inc. (then NYSE: USER) announced a definitive agreement to be acquired by Thoma Bravo and Sunstone Partners for $7.50 per share in cash, in a transaction valued at approximately $1.3 billion. The price was a premium of about 94% to the prior day's close. The company announced completion of the deal on January 12, 2023, after stockholders approved it on January 10, 2023; its shares were delisted from the New York Stock Exchange and it became privately held.
San Francisco-based UserTesting is a video-based human insight company whose platform helps organizations understand how real people experience their products, services and ideas. Thoma Bravo and Sunstone said they would combine it with UserZoom, a UX research company in which Thoma Bravo had acquired majority control in April 2022. Sunstone had first invested in UserZoom in 2016 and remained a significant minority owner. The two companies announced their merger under the UserTesting name on April 3, 2023, led by UserTesting CEO Andy MacMillan.
