Take-Private Deal Activity - Week of March 13th, 2023

Qualtrics Acquired by Silver Lake and CPP Investments | Investissements RPC

On Monday, news broke that Qualtrics (NASDAQ: XM), a company that provides customer experience management software for the likes of Uber , 辉瑞 , and 可口可乐公司 , had reached an agreement to be acquired by Silver Lake and CPP Investments in an all-cash deal worth $12.5B. The transaction prices Qualtrics at ~8.6x revenue.

The move comes almost two years after SAP spun-out Qualtrics as a publicly-traded independent business. SAP had previously acquired Qualtrics for $8B in 2018. While the company performed exceptionally well in its first year of trading, its value plummeted over the last 12 months, seeing its market cap fall from $28B in early 2021 to around $5B by the end of 2022.

Momentive.ai Acquired by PE Consortium

Later on Monday, a consortium of private equity firms led by STG – Symphony Technology Group announced they had reached an agreement to acquire Momentive Global (NASDAQ: MNTV) in an all-cash deal worth $1.5B. The transaction values Momentive at ~3.1x revenue. Momentive shareholders will receive $9.46 per share, a 46% premium on the company’s closing stock price on October 19, 2022, the day before reports of the company’s potential sale first surfaced.

Momentive, which owns online survey provider SurveyMonkey, provides market research, customer experience, and enterprise feedback solutions. In 2021, the company reached an agreement to be acquired by Zendesk in a deal worth $4.1B. However, the deal ultimately fell through in February 2022.

Cvent Acquired by Blackstone

On Tuesday, Blackstone announced that they had agreed to acquire Cvent (NASDAQ: CVT), a provider of meetings and events management software, in a deal worth $4.6B. Cvent shareholders will receive $8.50 per share, a 52% premium on the volume-weighted average price over the 90 days leading up to January 31, 2023.?

Cvent first went public in 2013 after raising significant VC funding in 2011. In 2016, the company was acquired by Vista Equity Partners for $1.7B before being relisted on the NASDAQ five years later through Dragoneer Investment Group ’s Growth Opportunities II SPAC. While Cvent’s public market valuation peaked at around $4.7B in 2021, it fell to ~$2.5B in 2022, where it remained for much of the year.