M&A · Tech · Services-Prepackaged Software
Thoma Bravo and Sunstone Partners to acquire UserTesting, Inc.
Announced Oct 27, 2022 · Closed Jan 12, 2023
Deal value$1.30BEV $915M
Premium94.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$7.50 per share
Transaction
- Acquirer
- Thoma Bravo and Sunstone Partners
- Target
- UserTesting, Inc.
- Buyer type
- Private equity
- Offer price per share
- $7.50
- Enterprise value
- $915M
- Status
- Closed Jan 12, 2023
Deal protections
- Break fee (target pays)
- $33.9M · 2.6%
- Reverse fee (buyer pays)
- $67.8M · 5.2%
- Go-shop
- Go-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- Jefferies
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $20.4M
Sector context · Tech
- Comparable deals
- 80 in the prior 24 months
- Premium
- 94.0% vs. 33.6% sector median
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- 2.6% vs. 3.0% sector median
Timeline
- AnnouncedOct 27, 2022
- Proxy filedNov 23, 2022
- Definitive proxyDec 6, 2022
- Shareholder voteJan 10, 2023
- ClosedJan 12, 2023
Valuation · fairness opinions
Trading comparables$3.80$6.46
Discounted cash flow$3.59$5.17
Analyst price targets$4.50$9.00
Analyst price targets$4.06$8.12
Leveraged buyout$5.43$7.47
Offer $7.50
Implied value per UserTesting, Inc. share by analysis, from Morgan Stanley · DCF discount rate 12.5%–14.5%.