Medallia Shareholders Approve Acquisition by Thoma Bravo

Medallia, Inc. a global leader in customer and employee experience, announced that its shareholders voted to approve the acquisition of Medallia by Thoma Bravo, a leading software investment firm.

“Shareholder approval is an important milestone in our transaction with Thoma Bravo, which we believe will position Medallia to better deliver innovation to our customers,” said Leslie Stretch, President and CEO of Medallia. “On behalf of the Medallia Board of Directors, I thank our shareholders for their support of this transaction. We are confident that, as a private company, Medallia will be strongly positioned to build on its success and begin its next phase of differentiated growth.”

Marketing Technology News: Bluewater Media Bolsters Digital Team with Hire of Executive Kristy Andreadakis

“On behalf of the Medallia Board of Directors, I thank our shareholders for their support of this transaction. We are confident that, as a private company, Medallia will be strongly positioned to build on its success and begin its next phase of differentiated growth.”

The final voting results will be filed in a Form 8-K with the U.S. Securities and Exchange Commission.

As previously announced, under the terms of the merger agreement, Thoma Bravo will acquire Medallia in an all-cash transaction valued at $6.4 billion. Medallia shareholders will receive $34.00 per share in cash, which represents a premium of approximately 20% to Medallia’s unaffected closing stock price on June 10, 2021, the last full trading day prior to media reports regarding a possible transaction, and a premium of approximately 29% to Medallia’s unaffected 30-day average price.

The transaction is expected to close by November 1, 2021, subject to customary closing conditions. Upon completion of the transaction, Medallia’s common stock will no longer be listed on any public market. Medallia will remain headquartered in San Francisco.

Advisors

Morgan Stanley & Co. LLC is serving as lead financial advisor to Medallia, and BofA Securities and Wells Fargo Securities are also serving as financial advisors. Wilson Sonsini Goodrich & Rosati, Professional Corporation is serving as Medallia’s legal advisor. Kirkland & Ellis LLP is serving as legal advisor to Thoma Bravo. Debt financing for the transaction is being provided by Blackstone Credit, certain funds managed by affiliates of Apollo Capital Management, L.P., KKR Credit, Thoma Bravo Credit and Antares Capital.

Marketing Technology News: MarTech Interview with Gavin Laugenie, Global Head of Content at dotdigital