SurveyMonkey Is Now Valued At $1 Billion
SurveyMonkey is an online survey company that is working with TPG Capital to acquire rival MarketTools. As part of the deal, TPG will transfer some of MarketTools assets to SurveyMonkey and will take a minority stake in the service. TPG’s ownership in SurveyMonkey would be less than 10% of the company’s total shares, which gives them a valuation of about $1 billion.
SurveyMonkey was launched 12 years ago by Ryan Finley. At the time, he was running the company out of his apartment in Madison, Wisconsin. The company has been profitable for quite some time.
The company has been bootstrapping since 2009 until an investor group led by Spectrum Equity and Bain Capital Ventures purchased a majority stake in the company. Since then former Yahoo! executive David Goldberg joined as CEO as part of the investment. Goldberg is the husband of Facebook COO Sheryl Sandberg. SurveyMonkey has skyrocketed ever since.
The company has grown from 12 to 100 in the last 3 years and monthly unique visitors have doubled to 40 million. The company has about 99% of the Fortune 500 as clients.
“Our goal is to help people make better decisions with quality data,” stated Goldberg. “Now, SurveyMonkey and Zoomerang customers will be able to offer surveys to panels of three million people and use TrueSample’s powerful technology to ensure the quality of their research.”
TPG will independently own other parts of MarketTools, which includes market research service company Research Solutions and high-end survey enterprise company CustomerSat. TPG plans on expanding those companies as well.
[NYTimes]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry