TPG Growth, the mid-market and growth equity platform of global private equity firm TPG Capital, has partnered with web-based survey platform SurveyMonkey to buy MarketTools, a provider of software and services for market research and enterprise feedback management (EFM). Financial terms of the deal were not disclosed.
MarketTools is a privately held market research company whose products include Zoomerang, an online survey application; ZoomPanel, an online sample provider; TrueSample, a data quality assurance technology; Research Solutions, a custom market research provider; and CustomerSat, an enterprise feedback management platform.
TPG will acquire MarketTools and transfer the Zoomerang, ZoomPanel and TrueSample businesses to SurveyMonkey in exchange for a minority stake in SurveyMonkey, which is currently backed by Bain Capital Venture Partners. TPG will separately retain and expand the Research Solutions and CustomerSat businesses, the firm said in a statement.
The Zoomerang online survey business will add around 1.7 million users to SurveyMonkey’s user base, which currently has more than nine million registered users. ZoomPanel will dramatically expand SurveyMonkey’s current panel offering, enabling customers to easily extend the reach of their surveys with access to more than 2.5 million high-quality respondents worldwide. Completed surveys are validated with TrueSample, a patent-pending data quality solution that ensures each respondent is real, unique and engaged and uses the industry-leading SurveyScore technology to measure and benchmark survey quality.
William McGlashan Jr, a managing partner at TPG Growth, said, “We are delighted to be investing in two market-leading innovators in online market research, SurveyMonkey and MarketTools. Separating Research Solutions and CustomerSat from the online self-service survey businesses should allow us to further grow these businesses and provide even more value to their customers. We are also excited to help build the SurveyMonkey platform with new and enhanced services.”
In June TPG Growth also made an equity investment in IT and managed communications network services company Artel, alongside Torch Hill Investment Partners.
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