Medallia Acquisition, Valuation, Funding & Investors
Medallia was acquired by Blackstone in June 2026.
Medallia revenue
$200M
Series F · Jan 2019
Cumulative funding Medallia raised
$440M
across 5 funding rounds
Key investors in Medallia
Sequoia Capital
Apollo Global Management
Ankona Capital Partners
Wasatch Advisors
TriplePoint Venture Growth
FS KKR Capital
About Medallia
Medallia is a San Francisco-headquartered SaaS provider of customer and employee experience management through its AI-powered Experience Cloud platform. Founded in 2001, it aggregates data from surveys, social media, calls, and IoT devices for clients including Hilton, Lufthansa, and Citibank, enabling real-time interventions to boost retention and revenue across global operations.
Founded
2001
HQ
San Francisco, CAWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$200M (Jan 2019)
Valuation
$2.4B (Jan 2019)
Medallia Acquisition
Medallia was acquired by Blackstone for an undisclosed price on 16 June 2026.
Before the acquisition Medallia had raised $440M across 5 funding rounds.
A consortium of private credit lenders led by Blackstone Inc., including Apollo and KKR, acquired software firm Medallia from former owner Thoma Bravo through a recapitalization in June 2026, injecting $150 million in new equity capital while significantly reducing the company's outstanding debt. The transaction effectively transfers ownership to creditors as Thoma Bravo writes down its entire $5 billion investment to virtually zero, acknowledging it overpaid and overestimated growth potential when it acquired Medallia for $6.4 billion in 2021. Medallia, a global leader in customer and employee experience software, reported approximately $1.8 billion in annual revenue and $200 million in annual earnings (EBITDA) as of early 2026, with annual debt service reaching roughly $300 million that exceeded its earnings. The company's debt ballooned from $1.8 billion in 2021 to approximately $3 billion by 2026 due to add-on investments and payment obligations, with Blackstone's flagship non-traded BDC holding the largest exposure at over $1.1 billion in par value. The new ownership structure includes cash equity injection with meaningful debt reduction to turn the company's fortunes around, as Medallia's value has fallen since the pandemic and remaining value is effectively spoken for by creditors.
| Acquirer | Date | Type |
|---|---|---|
| 16 Jun 2026 | PE buyout |
Medallia Valuation
Medallia is currently valued at $2.4B, based on its Series F in January 2019.
The $70M round was led by Ankona Capital Partners, with participation from Wasatch Advisors, Sequoia Capital, TriplePoint Venture Growth and RGM Capital.
Medallia's valuation has grown 1.9x from $1.3B at its Series E in July 2015 to $2.4B in January 2019, across 2 priced rounds.
Medallia valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2019 | Series F | $2.4B | 12.0x |
| Jul 2015 | Series E | $1.3B | 1.0x |
Medallia Revenue
Medallia's latest recorded revenue is $200M, as of its Series F in January 2019. At a $2.4B valuation, that implies a 12.0x revenue multiple.
Revenue moved from $1.2B in July 2015 to $200M in January 2019, while the revenue multiple moved from 1.0x to 12.0x.
Medallia revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2019 | $200M | $2.4B | 12.0x | Series F |
| Jul 2015 | $1.2B | $1.3B | 1.0x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Medallia Funding History
Medallia has raised a total of $440M across 5 funding rounds.
Medallia's first fundraising round was a $20M Series C in February 2013. The most recent completed round was a $150M undisclosed-stage round in June 2026.
Medallia funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2026 | Undisclosed stage | Apollo Global Management; FS KKR Capital | $150M | - | A Blackstone-led consortium of lenders, including Apollo Global Management and KKR, has taken control of customer experience software company Medallia from private equity firm Thoma Bravo in one of the largest restructurings in private credit history. The lender group injected $150 million of new capital into Medallia to significantly reduce its outstanding debt load, which had climbed to approximately $3 billion by early 2026. This restructuring wipes out Thoma Bravo's entire $5.1 billion equity investment from its 2021 acquisition of Medallia for $6.4 billion. The new capital will be used to accelerate AI-driven innovation and customer-focused product investment. Medallia's annual debt service had reached about $300 million against roughly $200 million in annual earnings, with the breaking point being the expiration of Payment-in-Kind relief at the end of 2025 that allowed the company to defer cash interest. Prior to the restructuring, lenders had already marked down the debt, with Apollo Debt Solutions valuing it at 74 cents on the dollar and FS KKR Capital Corp at 79 cents. |
| Jan 2019 | Series F | Ankona Capital Partners (lead); Wasatch Advisors; Sequoia Capital; TriplePoint Venture Growth; RGM Capital | $70M | $2.4B | Medallia is a customer experience management platform that helps businesses collect and analyze customer feedback from online review sites, social media, contact centers, and surveys. The company's flagship product, Medallia Experience Cloud, provides real-time sentiment data and actionable insights to improve customer experiences, serving major customers including Sephora, Delta Air Lines, Lego, and Mercedes-Benz. In February 2019, Medallia raised $70 million in Series F funding at a $2.4 billion post-money valuation, with new shares priced at $15 per share. The company had previously raised $268 million across multiple rounds, including a $150 million Series E in 2015 that valued it at $1.25 billion. As of its fiscal year ended January 31, 2017, Medallia generated over $200 million in GAAP revenues, reflecting strong growth from $125 million in revenues in 2016. The Series F round was expected to be Medallia's final private funding before its public market debut, which occurred in July 2019 when the company completed a $326 million IPO on the NYSE at $21 per share, with shares surging 75% on the first day of trading. |
| Jul 2015 | Series E | Sequoia Capital (lead) | $150M | $1.3B | Medallia is a customer experience management (CEM) software platform that helps enterprises collect, analyze, and act on customer feedback in real time. Unlike traditional CRM platforms that focus on sales interactions, Medallia's platform aggregates data from online review sites, social media, and other sources to provide actionable insights for improving customer service. The company serves six vertical markets: retail, financial services, hospitality, telecommunications, autos, and B2B providers, with clients including SAP, Mazda, DIRECTV, Four Seasons, and Zurich Insurance Group. In July 2015, Medallia raised $150 million in a Series E round led by returning investor Sequoia Capital, bringing total equity funding to $255 million since the company began raising venture capital in late 2011. The round valued Medallia at $1.25 billion post-money. This was Medallia's fourth consecutive funding round led by Sequoia Capital, reflecting the investor's confidence in the company's growth trajectory and market opportunity. Medallia had achieved significant traction by the time of the Series E round. The company doubled its employee base to over 700 employees within 18 months and had grown large enterprise customer relationships substantially. The company planned to deploy the $150 million capital toward two primary objectives: developing new product capabilities and tools for its Insights service, and expanding its global operating footprint in major markets. Notably, Medallia had bootstrapped for its first ten years before taking institutional investment, building a clean cap table backed by Sequoia Capital, Saints Capital, TriplePoint Venture Growth, and Grotmol Solutions. Medallia's unique positioning included an analyst-driven Insights service that provided clients with dedicated expertise when implementing the platform. The company had established strategic partnerships with leading global systems integrators and customer experience consultants, including J.D. Power and Appirio, to accelerate customer implementations. According to a later industry ranking, Medallia was positioned as the #7 private SaaS company by Forbes in 2017. |
| Aug 2014 | Series D | Sequoia Capital (lead) | $50M | - | Medallia is a SaaS provider of Customer Experience Management (CEM) solutions that helps enterprises capture, understand, and act on customer feedback. The platform provides real-time customer data collected from online review sites and social media, enabling companies to improve customer experiences and business outcomes. In August 2014, Sequoia Capital invested $50 million in Medallia, marking a continuation of their sole-investor relationship with the company, which had already received $55 million from Sequoia in prior rounds (initial investment in late 2011 plus $35 million in September 2012). At the time of the August 2014 round, Medallia had tripled its revenue and workforce since Sequoia's initial investment 2.5 years earlier, expanded its customer base to over 500 brands including Shell, Marriott International, Nordstrom, Airbnb, and The LEGO Group, and operated across six continents supporting 70 languages. The company planned to use the new funding to increase its cloud footprint and infrastructure to accommodate millions of business users globally. |
| Feb 2013 | Series C | Sequoia Capital (lead) | $20M | - | Medallia, a SaaS provider of customer experience management solutions, used the 2015 funds for product development and global expansion, having doubled its team to over 700 employees in the prior 18 months. Later developments include a 2019 Series F filing for up to $70 million at $2.4 billion valuation and prior 2015 round at $1.25 billion post-money. |
Who has invested in Medallia?
7 investors have backed Medallia across its funding rounds, including Sequoia Capital, Apollo Global Management, Ankona Capital Partners, Wasatch Advisors, TriplePoint Venture Growth and FS KKR Capital.
Lead investors include Ankona Capital Partners and Sequoia Capital.
Medallia Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 4 | Lead | Feb 2013 | |
| Los Angeles, CA | 1 | Lead | Jan 2019 | |
| Salt Lake City, UT | 1 | Participant | Jan 2019 | |
| New York City, NY | 1 | Participant | Jun 2026 | |
| United States | 1 | Participant | Jun 2026 | |
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Start Free TrialAcquisitions by Medallia
Medallia has acquired 15 companies to date.
Last acquisition by Medallia was on July 11th 2022. Medallia acquired Mindful for undisclosed valuation.
Latest Acquisitions by Medallia
| Description | Mindful is a customer experience platform enhancing contact centers for Fortune 500 brands with channel-agnostic support across voice, digital, text, and in-person interactions. Features include no-code call scheduling, IVR callbacks, SMS status updates, and real-time feedback to boost metrics like average handle time and net promoter scores. Boulder-headquartered, it optimizes agent efficiency and customer satisfaction. | CX Team is a Mexico City-headquartered consulting firm specializing in customer experience strategy and insights for Latin American enterprises. It conducts voice-of-customer research, journey analytics, and UX design workshops. CX Team serves telecoms like Telcel and retailers such as Liverpool, deploying tools from Qualtrics and Medallia for NPS tracking and improvement roadmaps. | Medallia Experience Orchestration is a London-headquartered solution from Thunderhead, now part of Medallia, that designs customer journeys using real-time insights. It orchestrates personalized interactions across digital channels and touchpoints for sales, marketing, and service teams, fostering engagement through consistent messaging. | Fields Healthcare Research is a CMS-approved vendor for CAHPS surveys, specializing in patient experience data collection for hospitals and clinics. Based in Plymouth, Minnesota, it conducts telephone and mail surveys compliant with federal reporting requirements. | |
| HQ Country | |  |  | | |
| HQ City | Akron, OH | León | London | Cincinnati, OH | |
| Deal Date | 11 Jul 2022 | 21 Apr 2022 | 20 Jan 2022 | 23 Nov 2021 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Medallia Competitors
Medallia competitors include listed companies like SenseTime Group, Presight AI and Octave Intelligence, and private ones like Grafana Labs, Contentsquare and OneTrust.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | $748M | ($70M) | $6.2B | 5.8x | |
| New York City, NY | Private | $400M | - | $6B | 15.0x | |
 UAE | Publicly listed | $825M | $214M | $5.7B | 5.4x | |
 Paris | Private | - | - | $5.6B | - | |
| United States | Publicly listed | $1.6B | $530M | $5B | 3.3x | |
| Atlanta, GA | Private | $400M | - | $4.5B | 11.3x |
Medallia Public Comps
Medallia is no longer listed, but its public comps include SenseTime Group, Presight AI, Octave Intelligence, Sportradar, Geovis, Elastic, Teradata, Shanghai DZH, Karooooo and Dynatrace.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $748M | ($70M) | 6.9x | 5.8x | (73.5x) | 113.7x | |||
| $825M | $214M | 6.3x | 5.4x | 24.4x | 20.8x | |||
| $1.6B | $530M | 3.3x | 3.3x | 10.1x | 9.6x | |||
| $1.5B | $613M | 2.3x | 2.1x | 5.6x | 8.7x | |||
| $399M | $44M | 9.8x | 8.4x | 87.8x | - | |||
| $1.7B | $35M | 4.9x | 4.6x | 244.4x | 25.5x | |||
| $1.7B | $285M | 1.4x | 1.5x | 8.4x | 5.3x | |||
| $123M | ($545K) | 18.1x | - | (4082.3x) | - | |||
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Common questions about Medallia
| When was Medallia founded? | Medallia was founded in 2001. |
| Where is Medallia headquartered? | Medallia is headquartered in San Francisco, CA, United States. |
| Is Medallia publicly listed? | No, Medallia was acquired by Blackstone in June 2026. |
| Who acquired Medallia? | Medallia was acquired by Blackstone in June 2026. |
| What is Medallia's valuation? | Medallia was last valued at $2.4B in its Series F in January 2019. |
| How much funding has Medallia raised? | Medallia has raised $440M across 5 funding rounds. |
| What was Medallia's last funding round? | Medallia's last funding round was a $150M undisclosed-stage round in June 2026. |
| Who are Medallia's investors? | Medallia's investors include Sequoia Capital, Ankona Capital Partners, Wasatch Advisors, Apollo Global Management, FS KKR Capital, TriplePoint Venture Growth and RGM Capital. |
| What is Medallia's revenue? | Medallia's latest recorded revenue is $200M (January 2019). |
| What is Medallia's revenue multiple? | Medallia's latest valuation implies a 12.0x revenue multiple ($2.4B valuation on $200M of revenue). |
| Which companies are comparable to Medallia? | Companies comparable to Medallia include SenseTime Group, Grafana Labs, Presight AI, Contentsquare, Octave Intelligence and OneTrust. |
| How many companies has Medallia acquired? | Medallia has acquired 15 companies, including Mindful, CX Team, Medallia Experience Orchestration, Fields Research and Medallia Digital Experience Analytics. |
| What was the largest acquisition by Medallia? | The $160M acquisition of Medallia Digital Experience Analytics in March 2021 is the largest acquisition Medallia has made to date. |
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