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Latest News  + Alternative Assets  + Direct Investment  + Financial Advisory  + M&As  + Private Equity  + Wealth Management  | 
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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Inside The Story

Thoma BravoSunstone PartnersUserTesting

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.