UserZoom Acquisition, Valuation, Funding & Investors

UserZoom was acquired by UserTesting for $800M in April 2023.

UserZoom acquisition price

$800M

Acquired by UserTesting · Apr 2023

UserZoom revenue

$100M

Undisclosed stage · Apr 2021

Cumulative funding UserZoom raised

$136M

across 3 funding rounds

Key investors in UserZoom

UserZoom Overview

About UserZoom

UserZoom is a user-experience research and insights software company founded in Barcelona in 2007 from the earlier Xperience Consulting business. Its cloud platform enables product, design, and research teams to conduct remote usability testing, surveys, card sorting, benchmarking, participant studies, and other qualitative and quantitative research. Enterprise customers use the resulting evidence to improve websites, applications, and digital customer journeys. Active Venture Partners invested EUR 1.7 million in Xperience Consulting in 2008 to support international launch of the UserZoom software and expansion in the United States. The company later established its principal United States base in the San Jose area while retaining teams in Spain and the United Kingdom. Active fully exited during the 2015 financing led by TC Growth Partners and other United States investors. Revenue comes primarily from recurring software subscriptions and associated research services.


Founded

2007

HQ

United StatesSan Jose, CA

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$100M (Apr 2021)

Valuation

$800M (Apr 2021)

UserZoom Acquisition

UserZoom was acquired by UserTesting for $800M on 3 April 2023.

Before the acquisition UserZoom had raised $136M across 3 funding rounds.

UserTesting acquired UserZoom in a merger announced on 3 April 2023, three months after Thoma Bravo and Sunstone Partners completed their $1.3 billion all-cash acquisition of UserTesting at $7.50 per share. Thoma Bravo had taken majority control of UserZoom in April 2022 at an $800 million valuation, and Sunstone, which first invested in UserZoom in 2016, remained a significant minority owner, so the combination is an add-on to the UserTesting platform. The merged company kept the UserTesting name and is led by UserTesting chief executive Andy MacMillan with a combined executive team. UserTesting said the merger creates an end-to-end experience research offering and that the two companies would innovate faster for customers. The combined business serves 75 of the Fortune 100 and more than 3,400 customers in over 45 countries, and more than 100 companies already used both platforms. UserTesting contributes an enterprise-scale platform, a proprietary contributor network and AI-driven insights, while UserZoom contributes broad research capabilities, consultative services and its QX Score benchmarking method. UserTesting plans to consolidate the technology onto a single platform over the following year.

UserZoom acquisition details
AcquirerDateTypePrice
  • UserTesting
3 Apr 2023PE buyout$800M

Sources: thomabravo.com, destinationcrm.com, thomabravo.com

UserZoom Valuation

UserZoom is currently valued at $800M, based on its undisclosed-stage round in April 2021. Read the announcement ↗

The $100M round was led by Blue Owl Capital Inc..

UserZoom valuation by funding round

UserZoom valuation by funding round
DateStageValuationRevenue Multiple
Apr 2021Undisclosed stage$800M8.0x

UserZoom Revenue

UserZoom's latest recorded revenue is $100M, as of its undisclosed-stage round in April 2021. At a $800M valuation, that implies a 8.0x revenue multiple.

UserZoom revenue by funding round

UserZoom revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2021$100M$800M8.0xUndisclosed stage

* 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.

UserZoom Funding History

UserZoom has raised a total of $136M across 3 funding rounds.

UserZoom's first fundraising round was a $2M Series A in October 2008. The most recent completed round was a $100M undisclosed-stage round in April 2021.

UserZoom funding rounds

UserZoom funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2021Undisclosed stageBlue Owl Capital Inc. (lead)$100M$800MUserZoom is the leader in Experience Insights Management (XIM), a platform that helps businesses connect user experience (UX) and customer experience (CX) strategies to gain organization-wide visibility of digital experience performance. The company's solution enables businesses to measure and optimize their digital experiences across all stages of the product lifecycle, both pre and post-launch. In April 2021, UserZoom announced a $100 million funding round led by Owl Rock Capital, with proceeds designated for expanding the XIM solution and acquiring complementary technology. As part of this strategic expansion, UserZoom acquired EnjoyHQ, a customer feedback and insights platform, with integration planned for the second half of 2021. The company demonstrated strong momentum during this period, achieving 'rule of 40' financial performance in 2020 and building a customer base of 1,000+ clients globally. In March 2022, Thoma Bravo made a majority investment in UserZoom at an $800 million valuation, adding 100 full-time employees in 2021. Subsequently, in October 2022, UserTesting was taken private by Thoma Bravo and Sunstone Partners, with plans announced to combine UserTesting with UserZoom under Thoma Bravo ownership.
Oct 2015Series ASunstone Partners (lead); StepStone Group; Trident Capital$34M-On 15 October 2015, UserZoom announced a USD 34 million financing led by TC Growth Partners, with participation from Trident Capital and StepStone Group. The transaction gave the Barcelona-founded user-experience software company capital and experienced United States investors for further international expansion. UserZoom provides cloud tools for remote usability testing, surveys, benchmarking, and other digital-experience research used by enterprise product and design teams. Active Venture Partners, which had invested EUR 1.7 million in the predecessor Xperience Consulting in 2008, fully divested its interest as part of the 2015 transaction. Public reporting also expressed the round as approximately EUR 30 million at the time. The database amount of USD 34 million is retained and no duplicate exit row is created.
Oct 2008Series AActive Venture Partners$2M-On 18 October 2008, Molins Capital Inversion completed a EUR 1.7 million investment in Xperience Consulting, the Barcelona usability consultancy that developed UserZoom. The financing supported international launch of UserZoom’s software-as-a-service product and expansion in the United States and United Kingdom. UserZoom operated as a separate company rather than as a fund, brand-only label, or internal asset. The transaction is separated from later financings and acquisitions so that the buyer-side history remains event-specific. The target's products, customers, commercial model, headquarters, and ownership context were reviewed against the transaction-period evidence and the companion company profile. Operating scale is included only where contemporaneous material supplies it, and no current figure is projected backward.

Who has invested in UserZoom?

5 investors have backed UserZoom across its funding rounds, including StepStone Group, Blue Owl Capital Inc., Active Venture Partners, Trident Capital and Sunstone Partners.

Lead investors include Blue Owl Capital Inc. and Sunstone Partners.


UserZoom Investors

Investors in UserZoom by funding rounds participated
InvestorHQRoundsRoleFirst check
Blue Owl Capital Inc.United StatesNew York City, NY1LeadApr 2021
Sunstone PartnersUnited StatesSan Francisco, CA1LeadOct 2015
StepStone GroupUnited StatesNew York City, NY1ParticipantOct 2015

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Acquisitions by UserZoom

UserZoom has acquired 5 companies to date.

Last acquisition by UserZoom was on May 19th 2022. UserZoom acquired TESTAPIC for undisclosed valuation.


Latest Acquisitions by UserZoom

TESTAPIC
EnjoyHQ
Validately
WhatUsersDo
Description
TESTAPIC is a Poland-based crowdsourcing platform for usability testing of websites and mobile applications. The service leverages a global panel of testers to deliver video-recorded sessions, feedback reports, and quantitative metrics. Clients from e-commerce, fintech, and SaaS sectors use TESTAPIC to identify UX issues and optimize digital experiences pre-launch.
EnjoyHQ was a London research-operations software company originally founded in 2015 as NomNom Insights. Its platform centralized interview notes, survey responses, support conversations and other qualitative customer evidence in a searchable repository. Product, design and research teams used tagging, transcription and collaboration tools to turn scattered feedback into reusable insights. The service was sold to technology and consumer businesses through recurring software subscriptions. EnjoyHQ developed integrations with common research and workplace tools so findings could be shared beyond specialist researchers. UserZoom acquired the company in 2021 to combine its insight repository with a broader user-experience research and testing platform. The repository preserved research evidence over time so teams could avoid repeating studies and trace product decisions to customer feedback.
Validately is a New York-based user research platform founded in 2013 for UX testing on mobile and desktop. It supports unmoderated studies, live interviews, and prototypes with tools used by teams at Google, Salesforce, Amazon, and Citi. The platform recruits from a 100,000-participant panel and integrates with Figma and UserTesting for rapid insights.
WhatUsersDo is a London-based usability testing platform offering remote video sessions with a pan-European panel of internet users. Clients observe screen recordings and hear verbal feedback on website prototypes and live sites. Founded in 2008, it serves major brands including TUI, BT, and Comet alongside thousands of small and medium enterprises across Europe.
HQ CountryFranceUnited StatesUnited StatesUnited Kingdom
HQ City
Paris
Los Angeles, CA
New York City, NY
London
Deal Date19 May 202215 Apr 202120 Jun 20198 Jan 2018
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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UserZoom Competitors

UserZoom competitors include listed companies like Clarivate, Appen and Wolters Kluwer, and private ones like GWI, Morning Consult and Alida.

Public and private companies comparable to UserZoom
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GWIUnited KingdomLondonPrivate--$850M-
Morning ConsultUnited StatesWashington, DCPrivate$50M-$1B-
ClarivateUnited KingdomUnited KingdomPublicly listed$2.5B$829M$1.5B2.4x
AlidaCanadaTorontoPrivate--$1.5B-
AppenAustraliaAustraliaPublicly listed$231M$9M$199M0.6x
Wolters KluwerNetherlandsNetherlandsPublicly listed$6.9B$2.5B$22B3.8x

UserZoom Public Comps

UserZoom is no longer listed, but its public comps include Beijing Join-Cheer, WingArc1st, Similarweb, Cognyte Software, Plus Alpha Consulting, GlobalData, Happiest Minds Technologies, Mitsubishi Research, Red Violet and Innodata.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Beijing Join-Cheer$388M$11M1.7x-60.0x-
WingArc1st$196M$69M3.5x3.3x10.1x10.5x
Similarweb$283M($15M)2.5x2.2x(48.1x)23.4x
Cognyte Software$400M$21M1.4x1.3x25.8x8.8x
Plus Alpha Consulting$108M$36M4.5x3.9x13.7x9.7x
GlobalData$433M$140M1.9x1.8x5.7x5.4x
Happiest Minds Technologies$246M$43M1.9x1.8x11.0x9.9x
Mitsubishi Research$768M$87M0.5x0.4x4.0x4.2x

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Common questions about UserZoom

When was UserZoom founded?UserZoom was founded in 2007.
Where is UserZoom headquartered?UserZoom is headquartered in San Jose, CA, United States.
Is UserZoom publicly listed?No, UserZoom was acquired by UserTesting in April 2023.
Who acquired UserZoom?UserZoom was acquired by UserTesting in April 2023.
How much was UserZoom acquired for?UserZoom was acquired for $800M in April 2023.
What is UserZoom's valuation?UserZoom was last valued at $800M in its undisclosed-stage round in April 2021.
How much funding has UserZoom raised?UserZoom has raised $136M across 3 funding rounds.
What was UserZoom's last funding round?UserZoom's last funding round was a $100M undisclosed-stage round in April 2021, led by Blue Owl Capital Inc..
Who are UserZoom's investors?UserZoom's investors include Blue Owl Capital Inc., Sunstone Partners, StepStone Group, Active Venture Partners and Trident Capital.
What is UserZoom's revenue?UserZoom's latest recorded revenue is $100M (April 2021).
What is UserZoom's revenue multiple?UserZoom's latest valuation implies a 8.0x revenue multiple ($800M valuation on $100M of revenue).
Which companies are comparable to UserZoom?Companies comparable to UserZoom include GWI, Morning Consult, Clarivate, Alida, Appen and Wolters Kluwer.
How many companies has UserZoom acquired?UserZoom has acquired 5 companies, including TESTAPIC, EnjoyHQ, Validately, WhatUsersDo and YouEye.

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