DIY survey technology firm SurveyMonkey has partnered with equity investment firm TPG Growth to acquire research software and services firm MarketTools. Financial terms of the deal were not disclosed, but sources say that it values SurveyMonkey at roughly $1 billion.
MarketTools has bases in San Francisco and London, and offers a range of branded technologies including data quality assurance technology TrueSample, online survey application Zoomerang and online sample via ZoomPanel.
The Zoomerang business will add approximately 1.7 million users to SurveyMonkey's existing registered user base of more than 9 million; while the addition of ZoomPanel will bring SurveyMonkey's panel offering to more than 2.5 million respondents worldwide.
Under the deal, TPG will acquire MarketTools and transfer the Zoomerang, ZoomPanel and TrueSample businesses to SurveyMonkey in exchange for a minority stake in its business. TPG will then separate and expand MarketTools' Research Solutions and CustomerSat operations from the online self-service survey businesses.
Dave Goldberg, SurveyMonkey CEO, says the MarketTools range 'perfectly complements' his firm's existing product portfolio.
'Now, SurveyMonkey and Zoomerang customers will be able to offer surveys to panels of 3 million people and use TrueSample's powerful technology to ensure the quality of their research. We are thrilled to partner with the flexible and creative team at TPG Growth to bring these two great companies together, and look forward to continuing to grow and invest in these successful businesses.'
MarketTools President and CEO Scott Arnold said his team looks forward to working with TPG Growth to build the Research Solutions and CustomerSat businesses, while collaborating with SurveyMonkey on research technology.
The transaction is expected to close in January 2012.
Web sites: www.surveymonkey.com and www.markettools.com .
All articles 2006-22 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.