SurveyMonkey Secures $100m Debt Financing

In the US, online DIY survey tools firm SurveyMonkey has secured $100m in debt financing from a group of banks. The firm plans to use the funds to retire its debt in preparation for making future acquisitions.

Founded in 1999 and headquartered in Palo Alto, CA, the company offers self-service, web-based solutions allowing businesses, academic institutions and individuals to create surveys and collect and analyze results.

Last year, the firm received a major round of funding from a group led by Spectrum Equity Investors. These funds were used earlier in the year to expand into telephone-based surveys through the acquisition of Precision Polling; a firm which enables people to design a survey on the web and automatically field it to a list of telephone numbers.

The firm's debt financing deal was led by Bank of America Merrill Lynch and SunTrust Robinson Humphrey, with participation from JPMorgan Chase Bank, NA, Royal Bank of Canada, Webster Bank, NA, and Zions First National Bank.

'We are pleased with this demonstration of confidence by our banking partners in our rapidly growing business,' states CEO Dave Goldberg (pictured). 'We believe there is incredible opportunity for growth in front of us and this new capital structure will help us achieve our expansion plans.'

Web site: www.surveymonkey.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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