SurveyMonkey, the Palo Alto-based developer of web-based survey tools, said on Thursday it has launched an $800 million debt and equity recapitalization, led by CEO Dave Goldberg and Tiger Global Management. Google also will become a new shareholder through the deal, which values the company at $1.35 billion. The initial step of the recapitalization already has taken place, with early investors in the company selling approximately $444 million in equity to a group of new and existing shareholders. To complete the deal, SurveyMonkey expects to raise an additional $350 million in debt financing, which will be used to buy shares from employees and shareholders, as well as retire debt. “This transaction affords us all of the capital benefits of a public offering without the costs and distractions of an IPO and the demands of operating as a public company,” said Goldberg, who has significantly increased his ownership stake in the company. Read more.
Photo by Flickr user borman818, used under Creative Commons license