The maker of SurveyMonkey, Momentive Global, has entered right into a definitive agreement to be acquired by Symphony Technology Group (STG), in a deal valued at roughly $1.5 billion.
The deal is anticipated to shut within the second or third quarter of 2023.
“The Momentive board voted unanimously in favor of the transaction,” said David Ebersman, chair of the Momentive board of directors, in a press release.
Scaling customer base and products. “This latest chapter will enable Momentive to advance our long-term strategy and mission,” said Zander Lurie, Momentive CEO, in a press release. “STG’s 20 years of investment experience in software, analytics, and data corporations will provide us with invaluable expertise as we scale our customer base and product suite.
The company will proceed to operate under the Momentive name and can retain the SurveyMonkey brand.
Why we care. When SurveyMonkey filed to go public in 2018, they were valued at $2 billion. Since then, they continue to be stuck at around 330,000 organizational domains, and their value has dropped. Times are changing, nevertheless. Third-party “big data” is becoming more scarce, and firms wish to hear directly from their customers in the shape of first-party and declared zero-party data collected through surveys. This may be a number of the opportunity STG sees of their acquisition, as they’re a personal equity firm focused on software and data technology.
Dig deeper: 75% of marketers still rely heavily on third-party cookies
Read the total article here
