Medallia Completes Recap, Seeks Fresh Start

Customer experience firm Medallia has completed its previously announced recapitalization agreement with lenders. In addition to 'significantly reducing' its outstanding debt, the firm has $150 million of new capital to invest in transforming its solutions, with AI front and center.

The firm announced in May that creditors would take control of the company after its owner Thoma Bravo chose not to continue investing to service its debt. Medallia has now officially transitioned ownership to an investor group led by funds managed by Blackstone, as well as Apollo, and FS KKR Capital Corp (FSK).

CEO Mark Bishof (pictured) says the completion of the transaction is 'a defining moment for Medallia,' adding: 'With a stronger balance sheet and the full support of our new ownership group, we are ready to move even faster in delivering AI-led experience management to the world's most iconic brands.'

Web site: www.medallia.com .