Momentive, the maker of SurveyMonkey, has announced that it will be acquired by a consortium led by Symphony Technology Group (STG) in an all-cash transaction worth around $1.5 billion.
Momentive CEO Zander Lurie sees the acquisition as an opportunity to advance the company’s long-term strategy and mission, particularly in light of the current business climate that requires organizations to consistently collect feedback from stakeholders. STG’s expertise in software, analytics, and data companies will help Momentive scale its customer base and product suite, according to Lurie.
The Momentive board of directors voted unanimously in favour of the acquisition, which follows an extensive review of strategic alternatives. David Ebersman, chair of the board, believes the deal is the right path for delivering “certain and attractive value for shareholders.”
STG Managing Director J.T. Treadwell praised SurveyMonkey’s reputation as the most iconic brand in survey technology, noting the company’s impressive combination of ease of use and advanced enterprise capabilities and analytics. STG has a 20-year history of active investment in the insights and analytics sector and is excited to partner with Momentive to continue delivering exceptional value and innovation to individuals and enterprises globally.
The acquisition marks a significant development for the survey technology industry, as SurveyMonkey remains one of the most widely used platforms for collecting feedback and data from a broad range of stakeholders. The partnership with STG may help accelerate SurveyMonkey’s growth and expansion into new markets, potentially benefiting both users and shareholders alike.
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