Welcome!

Mobile IoT Authors: Mauro Carniel, Rostyslav Demush, Pat Romanski, Elizabeth White, Liz McMillan

News Feed Item

SurveyMonkey Raises $800 Million in Debt and Equity Recapitalization

SurveyMonkey (“the Company”), the privately-held global leader in web-based survey solutions, today announced it has initiated an $800 million debt and equity recapitalization, led by CEO Dave Goldberg and Tiger Global Management, LLC, at a valuation of approximately $1.35 billion. Google Inc. is also becoming a new shareholder. The combined transaction represents one of the largest capital raises by a privately-held US internet company.

The recapitalization will consist of two stages. In the first step of the transaction, existing early investors in the Company sold approximately $444 million in equity to a group of new and existing shareholders. The equity sale closed in late December. To complete the recapitalization, SurveyMonkey expects to raise an additional $350 million in debt financing. The proceeds from the debt will be used to buy shares from employees and shareholders as well as retire the Company’s existing debt.

A number of factors have enabled the Company to remain privately held while pursuing a recapitalization of this size. These factors include: a strong, profitable business model that generates significant free cash flow; favorable credit markets; and institutional investors who are increasingly looking for growth opportunities in privately-held technology companies.

“This transaction affords us all of the capital benefits of a public offering without the costs and distractions of an IPO and the demands of operating as a public company,” said Dave Goldberg, SurveyMonkey CEO, who has significantly increased his ownership in the Company as part of this transaction. “Given SurveyMonkey’s momentum and growth profile, this transaction is an optimal way to reward employees and longtime shareholders with meaningful liquidity while also providing opportunities for Tiger Global, Google Inc. and other new investors who are drawn to our strong business model.”

Upon the closing of the transaction, Lee Fixel, Partner at Tiger Global, will join SurveyMonkey’s Board of Directors. David Lawee of Google Inc. will also join the Board as an observer.

“SurveyMonkey has established itself as the global leader in the online survey industry, and we are pleased to have the opportunity to increase our ownership in the company,” said Lee Fixel. “The Company is uniquely positioned for persistent growth both domestically and abroad, and I look forward to joining the Board as we continue to create shareholder value in the years ahead.”

“SurveyMonkey has experienced tremendous growth since we led a recapitalization of the Company in 2009. We are pleased that this transaction enables us to realize a compelling return on our investment today and allows us to participate in the Company’s further growth as a significant continuing shareholder," said Ben Spero, Managing Director at Spectrum Equity.

SurveyMonkey created the online survey tool market. Profitable since its inception in 1999, SurveyMonkey changed the traditional survey and market research industries by introducing its web-based platform, which flourished virally with no traditional marketing spending.

In 2009, an investor group led by Spectrum Equity Investors acquired the Company and appointed Dave Goldberg CEO. At the time, SurveyMonkey had 2.5 million free users and about 20 million unique monthly visitors to its website. Over the past four years, the Company has made a series of strategic investments and greatly expanded its international offerings.

Today, SurveyMonkey is the market leader with over 14 million free users, 360,000 paid customers and 65 million monthly visitors to its website. Having pioneered and perfected the high-margin freemium business model to achieve scale, the Company now sits squarely at the intersection of several key technology trends including cloud-based software-as-a-service, data analytics and the consumerization of enterprise software.

ICONIQ Capital, Social+Capital Partnership and Laurel Crown Partners have also become new equity holders in the Company. JP Morgan is leading a syndicate providing the debt financing. Bank of America Merrill Lynch, Goldman Sachs and SunTrust Bank are also participating in the debt financing.

About SurveyMonkey

SurveyMonkey is the world's largest survey company, with over 1 million survey responses every day. SurveyMonkey has revolutionized the way people give and take feedback, making it accessible, easy and affordable for everyone. The company was founded in 1999 with a focus on helping people make better decisions, and has built technology based on over 10 years of experience in survey methodology and web development. Customers include 99% of the Fortune 500, academic institutions, organizations and neighborhood soccer leagues everywhere.

The company has over 200 employees throughout the United States and Portugal, with headquarters in Palo Alto, CA. For more information, visit www.surveymonkey.com.

About Tiger Global Management, LLC

Tiger Global Management, LLC is an investment firm that deploys capital globally through its private investment and hedge fund partnerships. The firm’s private investment funds have ten-year investment horizons and focus on growth-oriented private companies in the global Internet and technology sectors. Tiger Global’s private investments include Facebook, Linkedin, Square, Yandex, Mail.ru Group, Ctrip, New Oriental, 360buy, Flipkart, Makemytrip, Justdial, Netshoes, Despegar, MercadoLibre, Trendyol, and Eventbrite. The firm’s fundamentally oriented hedge funds invest primarily in public equities with an emphasis on long-term trends in the global technology, telecom, media, and consumer sectors. Tiger Global Management, LLC was founded in 2001 and is based in New York with affiliate offices in Beijing and Singapore.

About Spectrum Equity

Spectrum Equity is a private equity firm focused on investing in innovative growth stage businesses in the information economy. Spectrum has been an active investor in digital media and SaaS businesses including Ancestry.com, Animoto, Demand Media, iPay Technologies (acquired by Jack Henry & Associates), ITA Software (acquired by Google), NetQuote (acquired by Bankrate), RiskMetrics Group (acquired by MSCI), Seamless, Seisint (acquired by LexisNexis/Reed Elsevier), and SurveyMonkey. Founded in 1994 with offices in Boston and Menlo Park, Spectrum has raised $4.7 billion in capital across six funds.

About Google Inc.

Google is a global technology leader focused on improving the ways people connect with information. Google’s innovations in web search and advertising have made its website a top Internet property and its brand one of the most recognized in the world.

Google is a trademark of Google Inc. All other company and product names may be trademarks of the respective companies with which they are associated.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.