SurveyMonkey maker Momentive Global has entered into a definitive agreement to be acquired by Symphony Technology Group (STG) in an all-cash transaction that values Momentive at approximately $1.5 billion.
The transaction was approved unanimously by the Momentive Board of Directors and is expected to close in Q2 or Q3 of 2023.
According to the terms of the agreement, Momentive shareholders will receive $9.46 per share. After the transaction has been finalized, Momentive stock will be taken off any public market.
"This new chapter will enable Momentive to advance our long-term strategy and mission. 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. Today’s volatile business climate necessitates that organizations consistently collect feedback from their stakeholders. That’s where we shine,” said Zander Lurie, Momentive CEO.
J.T. Treadwell, Managing Director at STG, stated that the private equity firm has 'long admired' the company during their 20-our history of investment in the insights and analytics sector. Momentive joins the firm's portfolio of companies which includes the likes of CAI, Trellix, and Symphony Talent.
“The transaction is the result of an extensive and careful process to review strategic alternatives by the Momentive board. The board believes this is the right path for delivering certain and attractive value for shareholders. The Momentive board voted unanimously in favor of the transaction,” said David Ebersman, Chair of the Momentive Board of Directors.
Back in October 2021, Zendesk attempted to acquire Momentive for $4.1 billion, however, to no avail. After a stormy few months, Zendesk failed to receive the approval of its stockholders, leading to the termination of the deal.
