Momentive Global, the maker of SurveyMonkey, has entered into a definitive agreement to be acquired by Symphony Technology Group (STG) in a deal valued at approximately $1.5 billion. The transaction is expected to close in the second or third quarter of 2023, and was approved unanimously by the Momentive board of directors.
Zander Lurie, Momentive’s CEO, said the acquisition will allow the company to advance its long-term strategy and mission. STG provide invaluable expertise, as Momentive looks to scale its customer base and product suite.
When SurveyMonkey filed to go public in 2018, it was valued at $2 billion. However, since then it has struggled to grow and its value has dropped. Third-party “big data” is becoming increasingly scarce, and companies are looking for first-party and declared zero-party data collected through surveys, which STG may see as an opportunity in this acquisition.
The company will continue to operate under the Momentive name, and the SurveyMonkey brand will be retained. 75% of marketers still rely heavily on third-party cookies, and this recent acquisition could signal a shift in the way big data is collected and used.
For technology-savvy business professionals, this acquisition is a reminder of the importance of collecting first-party and zero-party data, and the potential for growth when leveraging the right technology. Momentive Global and SurveyMonkey are two companies that are adapting to the changing times, and with STG’s expertise, they may be able to capitalise on the potential of big data in the future.
Originally reported by Martech: https://martech.org/momentive-global-surveymonkey-acquired-by-symphony-technology-group/
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