B2B NewsPet industry newsMomentive Global, SurveyMonkey acquired by Symphony Technology Group

Momentive Global, SurveyMonkey acquired by Symphony Technology Group

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Changes are on the way for popular survey platform SurveyMonkey. The maker of SurveyMonkey, Momentive Global, is being sold to Symphony Technology Group (STG), in a deal valued at approximately $1.5 billion.

On the same day, SAP announced that it sold its stake in Qualtrics, a survey-based CX management solution aimed at the enterprise.

The SurveyMonkey deal is expected to close in the second or third quarter of 2023.

Scaling customer base and products. An expanded set of offerings could result from the sale as SurveyMonkey leadership looks to grow the userbase.

“This new chapter will enable Momentive to advance our long-term strategy and mission,” said Zander Lurie, Momentive CEO, in a statement. “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.”

The company will continue to operate under the Momentive name and will retain the SurveyMonkey brand.

Why we care. When SurveyMonkey filed to go public in 2018, it was valued at $2 billion. Since then, it has remained stuck at around 330,000 organizational domains, and the value has dropped. Times are changing, however. Third-party “big data” is becoming more scarce, and companies want to hear directly from their customers in the form of first-party and declared zero-party data collected through surveys. This might be some of the opportunity STG sees in its acquisition, as it is a private equity firm focused on software and data technology.

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