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  • Selling UserTesting to Private Equity Is Bad News for Unicorns • australiabusinessblog.com

Selling UserTesting to Private Equity Is Bad News for Unicorns • australiabusinessblog.com

News broke this morning that UserTesting, a former startup that went public last year, is selling to private equity (Thoma Bravo, Sunstone Partners) for $1.3 billion, or $7.50 per share in cash. The deal, which is expected to close in the first half of 2023, includes a “go-shop” period in case a better deal shows up.

Holders of UserTesting shares have reason to rejoice. The customer insight platform sells for what? it describes as a “premium of about 94% left” [its] closing price” yesterday. As a result, UserTesting shares rose today as investors digested the news.

User Testing This morning income dropped coupled with the deal news, giving us a peek into its health. We can compare those numbers to the final price UserTesting will charge on sale to improve our understanding of the value of smaller tech companies — at least when compared to the giants in their industry.

The lessons of that are pretty simple and not great for still-private unicorns.

Looking at the deal, it’s clear that single-digit SaaS multiples are not only real, but also sustainable. UserTesting comes out with a premium of almost 100% for a fraction of the price at which it went public last year. Unless the company is a financial mess, that’s terrifying for unicorns who raised money last year.

Shreya has been with australiabusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider australiabusinessblog.com, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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