TechTaffy

tech:

taffy

Google Becomes Shareholder, SurveyMonkey Valued At $1.35B

By TechTaffy Desk

SurveyMonkey

[Techtaffy Newsdesk]

SurveyMonkey, a privately-held company that offers Web-based survey solutions, has initiated an $800 million debt and equity recapitalization, led by CEO Dave Goldberg and Tiger Global Management. Google is also becoming a new shareholder. The recapitalization pegs the company at a valuation of approximately $1.35 billion.

Upon the closing of the transaction, Lee Fixel, Partner at Tiger Global, will join SurveyMonkey’s Board of Directors. David Lawee of Google will also join the board as an observer.

 

The recapitalization will consist of two stages. In the first step of the transaction, existing early investors in the Company sold approximately $444 million in equity to a group of new and existing shareholders. The equity sale closed in late December. To complete the recapitalization, SurveyMonkey expects to raise an additional $350 million in debt financing. The proceeds from the debt will be used to buy shares from employees and shareholders as well as retire the Company’s existing debt.

 

Just in

Around the web

Windows 11 Start menu ads are now rolling out to everyone — The Verge

Microsoft is starting to enable ads inside the Start menu on Windows 11 for all users, writes Tom Warren. 
Around the web

Biden signs TikTok ‘ban’ bill into law, starting the clock for ByteDance to divest it — The Verge

President Joe Biden signed a foreign aid package that includes a bill that would ban TikTok if China-based parent company ByteDance fails to divest the app within a year, writes Lauren Feiner.
IT

IBM to acquire HashiCorp for $6.4B

IBM and HashiCorp have entered into an agreement for IBM to acquire HashiCorp, a provider of infrastructure and security management products, for $6.4 billion.
AI

OpenAI introduces new enterprise features

OpenAI announced new features aimed at enterprise users on Tuesday, at the wake of Meta's recent LLama 3 announcement.
Around the web

Oracle is moving its world headquarters to Nashville to be closer to health-care industry — CNBC

Oracle Chairman Larry Ellison said Tuesday that the company is moving its world headquarters to Nashville, Tennessee, to be closer to a major health-care epicenter, writes Ashley Capoot.