Thoma Bravo and Sunstone Partners have acquired customer research and insights platform company UserTesting for an all-cash transaction valued at approximately $1.3 billion.

Following the closing of the transaction, Thoma Bravo and Sunstone Partners intend to combine UserTesting and UserZoom, which Thoma Bravo acquired majority control of in April this year, the companies said in a statement. UserTesting’s CEO Andy MacMillan is expected to lead the combined company.

The transaction is expected to close in the first half of 2023, subject to customary closing conditions and regulatory approvals.

Morgan Stanley is serving as exclusive financial advisor and Fenwick & West  is serving as legal counsel to UserTesting. Kirkland & Ellis is serving as legal counsel to Thoma Bravo and Goodwin Procter is serving as legal counsel to Sunstone Partners.

[Image courtesy: UserTesting]