Dow Jones Newswires: Zendesk to buy SurveyMonkey parent in $4.13 billion deal

Zendesk Inc. said Thursday it would buy the parent company of SurveyMonkey, an online questionnaire platform, in a stock deal valued at $4.13 billion.

a customer-service platform, said it would issue 0.225 shares of its stock to shareholders of Momentive Global Inc.

for each share they own. That works out to $28 a share, based on a 15-day volume weighted average price of Zendesk leading up to Oct. 26.

Zendesk shares closed Thursday at $119.01, down 2.98%.

Shares of Zendesk fell 14.3% in after-hours trading, while Momentive shares fell 7.3%.

Zendesk said the deal would add to earnings in 2023 and would accelerate its plan to grow revenue to $3.5 billion annually by 2024, a year ahead of its expectations.

Given each company’s customer bases and complementary capabilities, the companies said in a press release that there is significant opportunity for joint product adoption and to build on Momentive’s traction with enterprises.

“The SurveyMonkey brand is iconic and we’ve admired their business from afar since the inception of Zendesk,” Zendesk Chief Executive Mikkel Svane said in prepared remarks. “They truly democratized an industry-almost everyone in the world has responded to one of their surveys at some point.”

When completed, Momentive shareholders will own roughly 22% of the combined company.

What's your reaction?

In Love
Not Sure

You may also like

More in:News

Leave a reply

Your email address will not be published. Required fields are marked *

Next Article:

0 %