Thoma Bravo, a software investment firm, and Sunstone Partners, a private equity firm, have acquired UserTesting Inc., a video-based human insight company.

The company was acquired for $7.50 per share in an all-cash transaction valued at approximately $1.3 billion. After closing, Thoma Bravo and Sunstone Partners look to combine UserTesting and UserZoom, of which Thoma Bravo acquired a majority control in April 2022. UserTesting’s CEO, Andy MacMillan, will lead the combined company. The combination works to benefit from the operating capabilities, capital support and industry experience of both Thoma Bravo and Sunstone Partners.

“Our acquisition of UserTesting is a testament to our belief that customer experience is mission critical to organizations, and the combined company will be well-positioned to further market expansion, accelerate innovation, and provide even greater insights to its customers,” comments A.J. Rohde, a senior parter at Thoma Bravo. “We look forward to leveraging the deep experience we have cultivated in the customer experience and user experience space to help the combined company capture the tremendous growth opportunities ahead.”

Morgan Stanley & Co. is serving as financial advisor and Fenwick & West LLP is serving as legal counsel to UserTesting. Kirkland & Ellis LLP is serving as legal counsel to Thoma Bravo and Goodwin Procter LLP is serving as legal counsel to Sunstone Partners.