## UserTesting's $1.3 Billion Takeover by Thoma Bravo and Sunstone Partners Now Official

The digital insights platform UserTesting has officially closed its acquisition deal, marking a major consolidation in the customer research technology sector. Thoma Bravo, one of the world's largest software-focused private equity firms, alongside growth equity investor Sunstone Partners, has completed the all-cash purchase valued at approximately $1.3 billion.

### Deal Specifics and Shareholder Settlement

UserTesting shareholders will receive $7.50 per share in cash, following approval at a special stockholder meeting held on January 10, 2023. The initial agreement was announced on October 27, 2022. With the transaction now complete, UserTesting's shares have been delisted from the New York Stock Exchange, ending its tenure as a public company.

### Strategic Merger with UserZoom

The acquisition sets the stage for a significant strategic combination: UserTesting will merge with UserZoom, another research platform that Thoma Bravo already controls (acquired majority stake in April 2022). Andy MacMillan, currently UserTesting's CEO, will lead the newly combined entity, positioning the merged company as a more comprehensive customer insights powerhouse.

### Company Overview: UserTesting's Market Position

UserTesting operates a Human Insight Platform that leverages a global network of participants to generate video-based customer feedback and experience data. The platform serves more than 2,500 clients worldwide, including over half of Forbes' top 100 most valuable brands. Based in San Francisco, the company has built its reputation on reducing guesswork in customer experience analysis by capturing authentic user perspectives rather than merely inferring behavior from tracking data.

### The Investors Behind the Deal

**Thoma Bravo** manages over $120 billion in assets and has become one of the world's most prolific software acquirers, having invested in or acquired more than 420 companies over the past two decades, representing over $235 billion in total enterprise value. The firm operates growth equity, private equity, and credit strategies across its offices in Chicago, London, Miami, and San Francisco.

**Sunstone Partners**, founded in 2015, manages over $1.7 billion in committed capital and focuses on technology-enabled services and software businesses. The firm previously invested in UserZoom in 2016 and maintains a significant minority stake in the platform.

### Advisory Team

Morgan Stanley & Co. LLC served as UserTesting's exclusive financial advisor, with Fenwick & West LLP providing legal counsel. Kirkland & Ellis LLP advised Thoma Bravo on legal matters, while Goodwin Procter LLP represented Sunstone Partners. Jefferies LLC acted as financial advisor to both Thoma Bravo and Sunstone Partners.