The maker of SurveyMonkey, Momentive Global, has entered into a definitive agreement to be acquired by Symphony Technology Group (STG), in a deal valued at approximately $1.5 billion.
The deal is expected to close in the second or third quarter of 2023.
“The Momentive board voted unanimously in favor of the transaction,” said David Ebersman, chair of the Momentive board of directors, in a statement.
Scaling customer base and products. “This new chapter will enable Momentive to advance our long-term strategy and mission,” said Zander Lurie, Momentive CEO, in a statement. “STG’s 20 years of investment experience in software, analytics, and data companies will provide us with invaluable expertise as we scale our customer base and product suite.
The company will continue to operate under the Momentive name and will retain the SurveyMonkey brand.
Why we care. When SurveyMonkey filed to go public in 2018, they were valued at $2 billion. Since then, they remain stuck at around 330,000 organizational domains, and their value has dropped. Times are changing, however. Third-party “big data” is becoming more scarce, and companies want to hear directly from their customers in the form of first-party and declared zero-party data collected through surveys. This might be some of the opportunity STG sees in their acquisition, as they are a private equity firm focused on software and data technology.
Dig deeper: 75% of marketers still rely heavily on third-party cookies
Get MarTech! Daily. Free. In your inbox.
The post Momentive Global, SurveyMonkey acquired by Symphony Technology Group appeared first on MarTech.