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Thoma Bravo-Backed QAD Buys Employee Productivity Platform Redzone for Nearly $1B

Thoma Bravo, Sunstone Partners to Take UserTesting Private for $1.3B 

Private equity firms Thoma Bravo and Sunstone Partners revealed plans to acquire UserTesting, Inc. for $7.50 per share, a premium of 94% over the $3.86 closing price on October 26 and 97% over its volume weighted average price for the previous 30 days. 

The all-cash deal worth approximately $1.3 billion is expected to close in the first half of 2023. 

The two firms intend to combine UserTesting and digital UX specialist UserZoom, in which both are investors, with Thoma Bravo the majority shareholder.  

UserTesting CEO, Andy MacMillan, will lead the combined company. 

The proposed deal includes a “go-shop” period which expires on 10 December, during which UserTesting is free to solicit and consider alternative proposals. 

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.