Click here to close now.



Welcome!

API Journal Authors: Talend Inc., Greg O'Connor, Pat Romanski, SearchStorage.com News, Jason Bloomberg

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
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
The IoT's basic concept of collecting data from as many sources possible to drive better decision making, create process innovation and realize additional revenue has been in use at large enterprises with deep pockets for decades. So what has changed? In his session at @ThingsExpo, Prasanna Sivaramakrishnan, Solutions Architect at Red Hat, discussed the impact commodity hardware, ubiquitous connectivity, and innovations in open source software are having on the connected universe of people, thi...
WebRTC: together these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at WebRTC Summit, Cary Bran, VP of Innovation and New Ventures at Plantronics and PLT Labs, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it may enable, complement or entirely transform.
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, showed how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants received the download information, scripts, and complete end-t...
For manufacturers, the Internet of Things (IoT) represents a jumping-off point for innovation, jobs, and revenue creation. But to adequately seize the opportunity, manufacturers must design devices that are interconnected, can continually sense their environment and process huge amounts of data. As a first step, manufacturers must embrace a new product development ecosystem in order to support these products.
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, discussed how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the dat...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...