Thoma Bravo Completes Acquisition of Medallia

Thoma Bravo, a leading software investment firm, today announced the completion of its acquisition of Medallia, a global leader in customer and employee experience, in an all-cash transaction valued at $6.4 billion. The acquisition was previously announced on July 26, 2021 and approved by Medallia shareholders on October 14, 2021.

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“We are thrilled to support Medallia’s long-term growth and leverage Thoma Bravo’s operational and software expertise to capitalize on a rapidly growing market opportunity in experience management”

Subject to the terms of the merger agreement, 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. Medallia’s common stock has ceased trading and is no longer listed on the NYSE. Medallia will remain headquartered in San Francisco.

“The close of this transaction is an important milestone in Medallia’s history as we embark on our next chapter of growth as a private company,” said Leslie Stretch, President and CEO of Medallia. “I am incredibly proud of all that we have achieved since our founding in 2001 and am confident that our new partnership with Thoma Bravo will catalyze Medallia’s ability to deliver continued innovation to the market, bolster our position as an innovation leader and set us apart as we maximize value for our stakeholders.”

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“With its best-in-class SaaS platform and AI capabilities, Medallia is leading and redefining the experience management market,” said Scott Crabill, a Managing Partner at Thoma Bravo. “We are excited to officially join forces with the Medallia team and look forward to working together to expand the company’s customer reach and begin a new phase of differentiated growth.”

“We are thrilled to support Medallia’s long-term growth and leverage Thoma Bravo’s operational and software expertise to capitalize on a rapidly growing market opportunity in experience management,” added Peter Stefanski, a Principal at Thoma Bravo. “Leslie and his team have built the leading company in the sector and we’re confident that our partnership will help the company achieve even greater success.”

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.

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