Thoma Bravo and Sunstone complete take-private acquisition of UserTesting

The deal is valued at about $1.3 billion.

  • According to terms of the agreement, UserTesting stockholders will receive $7.50 per share in cash
  • UserTesting’s common stock has ceased trading and will be delisted from the New York Stock Exchange
  • UserTesting will merge with UserZoom, which Thoma Bravo acquired majority control of in April 2022

Thoma Bravo and Sunstone Partners have closed their previously announced take-private buyout of UserTesting, a San Francisco-based human insight platform. The deal is valued at about $1.3 billion.

According to terms of the agreement, UserTesting stockholders will receive $7.50 per share in cash. UserTesting’s common stock has ceased trading and will be delisted from the New York Stock Exchange.

UserTesting will merge with UserZoom, which Thoma Bravo acquired majority control of in April 2022. UserTesting’s CEO Andy MacMillan will lead the combined company.

Morgan Stanley & Co. LLC served as financial advisor and Fenwick & West LLP served as legal counsel to UserTesting. Kirkland & Ellis LLP served as legal counsel to Thoma Bravo and Goodwin Procter LLP served as legal counsel to Sunstone Partners. Jefferies LLC served as financial advisor to Thoma Bravo and Sunstone.

Thoma Bravo has more than $120 billion in assets under management as of September 30, 2022. The firm targets the software and technology sectors.

Sunstone Partners invests in technology-enabled services and software businesses. Founded in 2015, the firm has over $1.7 billion committed to its three funds.