UserTesting to Be Sold to Thoma Bravo and Sunstone Partners for $1.3 Billion

Thoma Bravo and Sunstone Partners have entered into a definitive agreement to acquire UserTesting, a leader in video-based human insight. The all-cash transaction is valued at $1.3 billion, UserTesting announced.

Thoma Bravo, a leading software investment firm, and Sunstone, a private equity firm, will combine UserTesting with UserZoom, a majority of which Thoma Bravo acquired in April. Andy MacMillan, UserTesting’s Chief Executive Officer, will lead the new entity, which will utilize the operating capabilities, capital support, and industry expertise of the investment firms.

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“We believe the combination of UserTesting and UserZoom will unlock tremendous value for our customers by further integrating and expanding the suite of research methods, testing types, and measurement options available,” MacMillan said in a statement.

The combination of companies will create an end-to-end solution in the customer experience space, helping organizations drive revenue, manage risk, and innovate. Merging UserZoom’s multi-method research capabilities, benchmarking methodology, and research repository with UserTesting’s contributor network and enterprise-scale experience testing platform will let customers build improved product, employee, and brand experiences.

“We live in a digital experience-first world, one where the quality of the user and customer experience will distinguish the winners from the losers,” said Alfonso de la Nuez, Co-Founder and Chief Visionary Officer of UserZoom. “The combination . . . will help democratize experience insights to enable companies to make the right decisions, be innovative, and ultimately deliver experiences their customers love.”

The deal is expected to close in the first half of 2023, pending customary closing conditions including stockholder and regulatory approvals.