As per the terms of the agreement, shareholders of the California-based publicly-listed firm will be paid $9.46 per share by Symphony Technology
US-based experience management company Momentive has agreed to be acquired by a consortium led by Symphony Technology Group (STG) in an all-cash deal that values the former at about $1.5bn.
As per the terms of the agreement, shareholders of the California-based publicly-listed firm will be paid $9.46 per share by Symphony Technology.
The consideration from Symphony Technology represents a premium of about 28% to the volume-weighted average closing price of Momentive stock for the 10 trading days ending on 13 March 2023.
Following the closing of the deal, Momentive will become a privately held company and its common stock will no longer be listed on any public market.
Momentive is the developer of SurveyMonkey, which is an artificial intelligence (AI)-driven survey software to develop and send surveys that offer insights rapidly.
The firm delivers intuitive experience and insights management solutions and claims to connect millions of users at over 330,000 organisations globally with AI-powered technology to help them shape the future for their products, industries, customers, employees, and the market.
Momentive CEO Zander Lurie said: “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 organisations consistently collect feedback from their stakeholders.”
The deal, which is subject to approval by Momentive’s shareholders, regulatory approvals, and other customary conditions, is expected to close in Q2 or Q3 2023.