SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Securities Exchange Act of 1934
144 Townsend Street
San Francisco, California 94107
(888) 877-1882
1407 Broadway, 27th Floor
New York, NY 10018
Toll-free: 1-800-322-2885
Email: [email protected]
President, Chief Executive Officer and Chairperson
144 Townsend Street
San Francisco, California 94107
(888) 877-1882
TO BE HELD VIRTUALLY VIA THE INTERNET ON January 10, 2023
President, Chief Executive Officer and Chairperson
1407 Broadway, 27th Floor
New York, NY 10018
Toll-free: 1-800-322-2885
Email: [email protected]
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1407 Broadway, 27th Floor
New York, NY 10018
Toll-free: 1-800-322-2885
Email: [email protected]
1407 Broadway, 27th Floor
New York, NY 10018
Toll-free: 1-800-322-2885
Email: [email protected]
144 Townsend Street
San Francisco, California 94107
(888) 877-1882
c/o Thoma Bravo, L.P.
600 Montgomery Street, 20th Floor
San Francisco, California 94111
(415) 263-3600
c/o Thoma Bravo, L.P.
600 Montgomery Street, 20th Floor
San Francisco, California 94111
(415) 263-3600
Selected Comparable Company
|
| |
AV/ CY2023E
Revenue Multiple |
| |||
Selected Customer Experience Comparable Companies | | | | | | | |
Amplitude, Inc.
|
| | | | 6.0x | | |
Braze, Inc.
|
| | | | 5.6x | | |
Qualtrics International Inc.
|
| | | | 4.0x | | |
Sprinklr, Inc.
|
| | | | 2.7x | | |
Selected Software Financial Comparable Companies | | | | | | | |
BigCommerce Holdings, Inc.
|
| | | | 3.2x | | |
CS Disco, Inc.
|
| | | | 2.5x | | |
Couchbase, Inc.
|
| | | | 2.6x | | |
Semrush Holdings, Inc.
|
| | | | 4.8x | | |
Sumo Logic, Inc.
|
| | | | 1.9x | | |
WalkMe Ltd.
|
| | | | 1.3x | | |
Forecast Scenario
|
| |
Implied Value Per Share Range of
UserTesting Common Stock ($) |
| |||
Street Consensus
|
| | | | 3.84 – 7.15 | | |
October Financial Forecast
|
| | | | 4.08 – 7.51 | | |
Selected Software Transactions (Target/Acquiror)
|
| |
Announcement
Date |
| |
AV/NTM
Revenue Multiple |
| |||
Strategic Acquirors | | | | | | | | | | |
Callidus Software Inc. / SAP America, Inc.
|
| |
2018
|
| | | | 8.3x | | |
Carbon Black, Inc. / VMware, Inc.
|
| |
2019
|
| | | | 8.0x | | |
Carbonite, Inc. / Open Text Corporation
|
| |
2019
|
| | | | 2.7x | | |
Datto, Inc. / Kaseya Limited
|
| |
2022
|
| | | | 8.3x | | |
MobileIron, Inc. / Ivanti, Inc.
|
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2020
|
| | | | 4.1x | | |
VMware, Inc / Broadcom Inc.
|
| |
2022
|
| | | | 4.7x | | |
Financial Sponsor Acquirors | | | | | | | | | | |
Apptio, Inc. / Vista Equity Partners Management, LLC
|
| |
2018
|
| | | | 7.0x | | |
Athenahealth, Inc. / Veritas Capital Fund Management, L.L.C.
|
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2018
|
| | | | 3.9x | | |
Avalara, Inc. / Vista Equity Partners Management, LLC
|
| |
2022
|
| | | | 9.1x | | |
Cambium Learning Group, Inc. / Veritas Capital Fund Management, L.L.C.
|
| |
2018
|
| | | | 4.2x | | |
CDK Global, Inc. / Brookfield Business Partners L.P.
|
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2022
|
| | | | 4.5x | | |
Cision Ltd. / Platinum Equity Advisors, LLC
|
| |
2019
|
| | | | 3.5x | | |
Citrix Systems, Inc. / Vista Equity Partners Management, LLC
|
| |
2022
|
| | | | 5.0x | | |
Cloudera, Inc. / Clayton Dubilier & Rice, LLC; Kohlberg Kravis Roberts & Co. L.P.
|
| |
2021
|
| | | | 5.3x | | |
Ellie Mae, Inc. / Thoma Bravo LLC
|
| |
2019
|
| | | | 6.8x | | |
Endurance International Group Holdings, Inc. / Clearlake Capital Group
L.P. |
| |
2020
|
| | | | 2.7x | | |
Forescout Technologies, Inc. / Advent International Corporation; Crosspoint Capital Partners, LP
|
| |
2020
|
| | | | 4.9x | | |
ForgeRock, Inc. / Thoma Bravo LP
|
| |
2022
|
| | | | 8.3x | | |
Imperva, Inc. / Thoma Bravo LLC
|
| |
2018
|
| | | | 4.7x | | |
Instructure, Inc. / Thoma Bravo LLC
|
| |
2019
|
| | | | 6.6x | | |
LogMeIn, Inc. / Francisco Partners Management L.P.; Evergreen Coast Capital Corporation
|
| |
2019
|
| | | | 3.4x | | |
McAfee Corp. / Advent International Corporation; Permira Advisers LLC; Crosspoint Capital Partners, L.P.
|
| |
2021
|
| | | | 7.3x | | |
MINDBODY, Inc. / Vista Equity Partners Management, LLC
|
| |
2018
|
| | | | 6.8x | | |
Ping Identity Holding Corp. / Thoma Bravo LP
|
| |
2022
|
| | | | 7.9x | | |
Pluralsight, Inc. / Vista Equity Partners Management, LLC
|
| |
2020
|
| | | | 7.8x | | |
Proofpoint, Inc. / Thoma Bravo LP
|
| |
2021
|
| | | | 9.3x | | |
QAD Inc. / Thoma Bravo LP
|
| |
2021
|
| | | | 5.3x | | |
RealPage, Inc. / Thoma Bravo LP
|
| |
2020
|
| | | | 8.2x | | |
Sophos Ltd. / Thoma Bravo LP
|
| |
2019
|
| | | | 5.1x | | |
Talend S.A. / Thoma Bravo LP
|
| |
2021
|
| | | | 7.3x | | |
Ultimate Software Group, Inc. / Hellman & Friedman LLC
|
| |
2019
|
| | | | 8.2x | | |
Zendesk, Inc. / Hellman & Friedman LLC; Permira Advisors LLC
|
| |
2022
|
| | | | 5.4x | | |
Forecast Scenario
|
| |
Implied Value Per
Share Range of UserTesting Common Stock ($) |
| |||
Street Consensus
|
| | | | 7.12 – 11.10 | | |
October Financial Forecast
|
| | | | 6.92 – 10.77 | | |
Premia
|
| |
Representative
Range |
| |
Implied Value per
Share Range of UserTesting Common Stock ($) |
| |||
Premia to 1-Day Unaffected Share Price
|
| |
30% – 65%
|
| | | | 5.02 – 6.37 | | |
Premia to 30-day Average Unaffected Share Price
|
| |
30% – 55%
|
| | | | 4.96 – 5.92 | | |
Trading Periods
|
| |
Historical Per Share Range of
UserTesting Common Stock ($) |
|
Last 30 Days ending on October 26, 2022
|
| |
3.43 – 4.29
|
|
Last 90 Days ending on October 26, 2022
|
| |
3.43 – 6.42
|
|
Since IPO on November 17, 2021 and ending on October 26, 2022
|
| |
3.43 – 14.01
|
|
| | |
Management Case
|
| |
Extrapolations
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
CY2022E
|
| |
CY2023E
|
| |
CY2024E
|
| |
CY2025E
|
| |
CY2026E
|
| |
CY2027E
|
| |
CY2028E
|
| |
CY2029E
|
| |
CY2030E
|
| |
CY2031E
|
| |
CY2032E
|
| |
CY2033E
|
| |
CY2034E
|
| |
CY2035E
|
| |
CY2036E
|
| |||||||||||||||||||||||||||||||||||||||||||||
Revenue
|
| | | $ | 194 | | | | | $ | 220 | | | | | $ | 264 | | | | | $ | 348 | | | | | $ | 449 | | | | | $ | 567 | | | | | $ | 703 | | | | | $ | 853 | | | | | $ | 1,013 | | | | | $ | 1,178 | | | | | $ | 1,339 | | | | | $ | 1,489 | | | | | $ | 1,617 | | | | | $ | 1,714 | | | | | $ | 1,774 | | |
Gross Profit
|
| | | $ | 152 | | | | | $ | 170 | | | | | $ | 205 | | | | | $ | 274 | | | | | $ | 353 | | | | | $ | 446 | | | | | $ | 553 | | | | | $ | 671 | | | | | $ | 797 | | | | | $ | 926 | | | | | $ | 1,053 | | | | | $ | 1,171 | | | | | $ | 1,272 | | | | | $ | 1,348 | | | | | $ | 1,396 | | |
EBITDA(1) | | | | $ | (33) | | | | | $ | (26) | | | | | $ | (22) | | | | | $ | (14) | | | | | $ | (8) | | | | | $ | 3 | | | | | $ | 21 | | | | | $ | 46 | | | | | $ | 78 | | | | | $ | 119 | | | | | $ | 167 | | | | | $ | 220 | | | | | $ | 275 | | | | | $ | 330 | | | | | $ | 382 | | |
uFCF(2) | | | | $ | (59) | | | | | $ | (60) | | | | | $ | (48) | | | | | $ | (47) | | | | | $ | (50) | | | | | $ | (37) | | | | | $ | (16) | | | | | $ | 16 | | | | | $ | 57 | | | | | $ | 106 | | | | | $ | 151 | | | | | $ | 173 | | | | | $ | 192 | | | | | $ | 208 | | | | | $ | 217 | | |
| | |
CY2022E
|
| |
CY2023E
|
| |
CY2024E
|
| |
CY2025E
|
| ||||||||||||
Revenue
|
| | | $ | 195 | | | | | $ | 242 | | | | | $ | 308 | | | | | $ | 412 | | |
Gross Profit
|
| | | $ | 152 | | | | | $ | 186 | | | | | $ | 238 | | | | | $ | 321 | | |
Non-GAAP Net Income(1)
|
| | | $ | (40) | | | | | $ | (21) | | | | | $ | (14) | | | | | $ | 2 | | |
Calculated Billings(2)
|
| | | $ | 213 | | | | | $ | 261 | | | | | $ | 341 | | | | | $ | 455 | | |
Attention: Corporate Secretary
144 Townsend Street
San Francisco, California 94107
Name
|
| |
Number of
Shares Beneficially Owned |
| |
Percentage of Shares
Beneficially Owned (%) |
| ||||||
Named Executive Officers and Directors: | | | | | | | | | | | | | |
Andy MacMillan(1)
|
| | | | 6,858,939 | | | | | | 4.5 | | |
Jon Pexton(2)
|
| | | | 749,317 | | | | | | * | | |
David Satterwhite(3)
|
| | | | 1,398,238 | | | | | | 1.0 | | |
Darrell Benatar(4)
|
| | | | 6,176,674 | | | | | | 4.3 | | |
Andrew Braccia(5)
|
| | | | 29,777,251 | | | | | | 20.5 | | |
Tatyana Mamut(6)
|
| | | | 71,376 | | | | | | * | | |
Shannon Nash(7)
|
| | | | 56,932 | | | | | | * | | |
Cynthia Russo(8)
|
| | | | 56,932 | | | | | | * | | |
Alexander Wong(9)
|
| | | | 1,652,107 | | | | | | 1.1 | | |
All executive officers and directors as a group (13 persons)(10)
|
| | | | 50,681,321 | | | | | | 32.2 | | |
Other 5% Stockholders: | | | | | | | | | | | | | |
Entities affiliated with Accel Growth Fund III LP(11)
|
| | | | 29,760,041 | | | | | | 20.5 | | |
Entities affiliated with Insight Partners (Cayman) XI, L.P.(12)
|
| | | | 22,435,663 | | | | | | 15.4 | | |
Entities affiliated with OpenView Venture Partners IV LP(13)
|
| | | | 9,159,154 | | | | | | 6.3 | | |
Entities affiliated with StepStone Group LP(14)
|
| | | | 22,680,906 | | | | | | 15.6 | | |
Attn: Investor Relations
144 Townsend Street
San Francisco, California 94107
(888) 877-1882
1407 Broadway, 27th Floor
New York, NY 10018
Toll-free: 1-800-322-2885
Email: [email protected]
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THE MERGER
THE CLOSING
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
REPRESENTATIONS AND WARRANTIES
OF PARENT AND MERGER SUB
INTERIM OPERATION OF BUSINESS
GO-SHOP PERIOD & NO-SHOP RESTRICTIONS
COVENANTS AND AGREEMENTS
PRE-CLOSING TERMINATION OF AGREEMENT
MISCELLANEOUS
600 Montgomery Street, 20th Floor
San Francisco, California 94111
Attention: A.J. Rohde; David Tse; Sam Todd
300 N LaSalle Street
Chicago, Illinois 60654
Attention: Theodore A. Peto, P.C.; Aisha P. Lavinier; Eric Y. Cohen
144 Townsend Street
San Francisco, CA 94107
Attention: General Counsel
801 California Street
Mountain View, CA 94041
Attention: Ran Ben-Tzur; David K. Michaels; Einat Meisel
| | | | THUNDER HOLDINGS, LLC | | |||
| | | | By: | | |
/s/ A.J. Rhode
|
|
| | | | Name: | | | A.J. Rhode | |
| | | | Title: | | | President | |
| | | | THUNDER MERGER SUB, INC. | | |||
| | | | By: | | |
/s/ A.J. Rhode
|
|
| | | | Name: | | | A.J. Rhode | |
| | | | Title: | | | President | |
| | | | USERTESTING, INC. | | |||
| | | | By: | | |
/s/ Andrew MacMillan
|
|
| | | | Name: | | | Andrew MacMillan | |
| | | | Title: | | | Chief Executive Officer | |
DEFINITIONS
Term
|
| |
Section
|
|
ACCC | | |
7.2(a)
|
|
Agreement | | |
Preamble
|
|
Anti-Corruption Laws | | |
3.9(d)
|
|
Book-Entry Shares | | |
1.4(b)
|
|
Cancelled Shares | | |
1.4(c)
|
|
Certificate | | |
1.4(b)
|
|
Certificate of Merger | | |
1.2
|
|
Change of Recommendation | | |
7.3(d)
|
|
Clearance Date | | |
7.3(a)
|
|
Closing | | |
2.1
|
|
Closing Date | | |
2.1
|
|
CMA | | |
7.2(a)
|
|
Code | | |
2.5
|
|
Company | | |
Preamble
|
|
Company Approvals | | |
3.4(a)
|
|
Company Balance Sheet | | |
3.7
|
|
Company Balance Sheet Date | | |
3.7
|
|
Company Board | | |
Recitals
|
|
Company Common Stock | | |
1.4(b)
|
|
Company Disclosure Schedules | | |
Article 3
|
|
Company Employees | | |
7.7(c)
|
|
Company Liability Limitation | | |
8.3(d)
|
|
Company Material Contract | | |
3.18(a)(xiv)
|
|
Term
|
| |
Section
|
|
Company Permits | | |
3.9(b)
|
|
Company Preferred Stock | | |
3.2(a)
|
|
Company Recommendation | | |
3.3(a)
|
|
Company Registered Intellectual Property | | |
3.15(a)
|
|
Company Related Parties | | |
8.3(d)
|
|
Company SEC Documents | | |
3.5(a)
|
|
Company Severance Plans | | |
7.7(c)
|
|
Company Stockholder Approval | | |
3.3(b)
|
|
Company Stockholder Meeting | | |
7.3(b)
|
|
Company Termination Fee | | |
8.3(a)
|
|
Confidentiality Agreement | | |
9.10
|
|
Consents | | |
7.1
|
|
Continuation Period | | |
7.7(c)
|
|
Debt Financing | | |
4.4(a)
|
|
Definitive Agreements | | |
7.4(a)
|
|
DGCL | | |
Recitals
|
|
Dissenting Shares | | |
1.4(d)
|
|
Effective Time | | |
1.2
|
|
End Date | | |
8.1(b)(i)
|
|
Enforceability Exceptions | | |
3.3(d)
|
|
Equity Commitment Letter | | |
4.4(b)
|
|
Equity Financing | | |
4.4(b)
|
|
Equity Investor | | |
4.4(b)
|
|
Ex-Im Laws | | |
3.9(g)(i)
|
|
Fair Value | | |
4.13(d)
|
|
Financing Amounts | | |
4.4(e)
|
|
Foreign Plan | | |
3.11(c)
|
|
Go-Shop Period | | |
6.1
|
|
Governmental Entity | | |
3.4(a)
|
|
Guarantee | | |
4.5
|
|
HSR Act | | |
3.4(a)
|
|
Indemnified Party | | |
7.8(b)
|
|
Leased Real Property | | |
3.14
|
|
Lender Related Party | | |
8.3(e)
|
|
Material Customers | | |
3.18(a)(xii)
|
|
Material Vendors | | |
3.18(a)(xii)
|
|
Merger | | |
Recitals
|
|
Merger Consideration | | |
1.4(b)
|
|
Merger Sub | | |
Preamble
|
|
New Plans | | |
7.7(d)
|
|
No-Shop Period Start Date | | |
6.1
|
|
OFAC | | |
3.9(g)(iv)
|
|
Old Plans | | |
7.7(d)
|
|
Term
|
| |
Section
|
|
Parent | | |
Preamble
|
|
Parent Approvals | | |
4.3(a)
|
|
Parent Disclosure Schedules | | |
Article 4
|
|
Parent Liability Limitation | | |
8.3(e)
|
|
Parent Material Adverse Effect | | |
4.1
|
|
Parent Related Parties | | |
8.3(e)
|
|
Parent Termination Fee | | |
8.3(b)
|
|
Parties | | |
Preamble
|
|
Party | | |
Preamble
|
|
Paying Agent | | |
2.3(a)(i)
|
|
Payment Fund | | |
2.3(a)(i)
|
|
Permits | | |
3.9(b)
|
|
Permitted Claims | | |
8.3(f)
|
|
Proceeding | | |
7.8(b)
|
|
Proxy Statement | | |
3.4(a)
|
|
Representatives | | |
7.6
|
|
Restricted Person | | |
3.9(g)(ii)
|
|
Sanctioned Country | | |
3.9(g)(iii)
|
|
Sanctioned Person | | |
3.9(g)(iv)
|
|
Sanctions Laws | | |
3.9(g)(v)
|
|
Specified Acquisition | | |
5.2
|
|
Stockholder Litigation | | |
7.16
|
|
Surviving Corporation | | |
1.1
|
|
Termination Date | | |
5.1(a)
|
|
Trade Control Laws | | |
3.9(e)
|
|
Transaction Related Matters | | |
8.3(e)
|
|
Unvested Company Option | | |
1.5(a)(ii)
|
|
Unvested Company Option Consideration | | |
1.5(a)(ii)
|
|
Unvested Company RSA | | |
1.5(c)(ii)
|
|
Unvested Company RSA Consideration | | |
1.5(c)(ii)
|
|
Unvested Company RSU | | |
1.5(b)(ii)
|
|
Unvested Company RSU Consideration | | |
1.5(b)(ii)
|
|
Vested Company Option | | |
1.5(a)(i)
|
|
Vested Company Option Consideration | | |
1.5(a)(i)
|
|
Vested Company RSA | | |
1.5(c)(i)
|
|
Vested Company RSA Consideration | | |
1.5(c)(i)
|
|
Vested Company RSU | | |
1.5(b)(i)
|
|
Vested Company RSU Consideration | | |
1.5(b)(i)
|
|
UserTesting, Inc.
144 Townsend St.
San Francisco, CA 94107
| | | | Very truly yours, | | |||
| | | | MORGAN STANLEY & CO. LLC | | |||
| | | | By: | | |
/s/ Taylor Henricks
Taylor Henricks
Managing Director |
|