Thoma Bravo and Sunstone Partners Complete Acquisition of UserTesting

UserTesting, Inc., a leader in video-based human insight, announced the completion of its acquisition by Thoma Bravo, a leading software investment firm, and Sunstone Partners, in an all-cash transaction valued at approximately $1.3 billion.

The agreement to be acquired was previously announced on October 27, 2022 and approved by UserTesting stockholders at the Special Meeting of Stockholders held on January 10, 2023.

With the completion of the transaction, UserTesting stockholders are entitled to receive $7.50 per share in cash for each share of UserTesting common stock they owned. UserTesting’s common stock has ceased trading and will be delisted from the New York Stock Exchange.

As previously announced, UserTesting will be combining with UserZoom, which Thoma Bravo acquired majority control of in April 2022. UserTesting’s CEO, Andy MacMillan, will lead the combined company.


Morgan Stanley & Co. LLC served as exclusive financial advisor and Fenwick & West LLP served as legal counsel to UserTesting. Kirkland & Ellis LLP served as legal counsel to Thoma Bravo and Goodwin Procter LLP served as legal counsel to Sunstone Partners. Jefferies LLC served as financial advisor to Thoma Bravo and Sunstone.

About UserTesting

UserTesting has fundamentally changed the way organizations get insights from customers with fast, opt-in feedback and experience capture technology. The UserTesting® Human Insight Platform taps into our global network of real people and generates video-based recorded experiences, so anyone in an organization can directly ask questions, hear what users say, see what they mean, and understand what it’s actually like to be a customer. Unlike approaches that track user behavior then try to infer what that behavior means, UserTesting reduces guesswork and brings customer experience data to life with human insight. UserTesting has more than 2,500 customers, including more than half of the world’s top 100 most valuable brands according to Forbes. UserTesting is headquartered in San Francisco, California.

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About Thoma Bravo

Thoma Bravo is one of the largest software investors in the world, with more than $120 billion in assets under management as of September 30, 2022. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector expertise and strategic and operational capabilities, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20 years, the firm has acquired or invested in more than 420 companies representing over $235 billion in enterprise value.1 The firm has offices in Chicago, London, Miami and San Francisco.

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1 Includes control and non-control investments.

About Sunstone Partners

Sunstone Partners is a growth-oriented private equity firm that makes majority and minority investments in technology-enabled services and software businesses. Sunstone Partners first invested in UserZoom in 2016 and remains a significant minority owner. Founded in 2015, the firm has over $1.7 billion committed to its three funds. Sunstone Partners has been recognized as one of Inc. magazine’s “Founder-Friendly Investors” in 2020, 2021, and 2022.

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