MENLO PARK, Calif.--(BUSINESS WIRE)--SurveyMonkey, the world’s leading provider of web-based survey solutions, announced today it has successfully completed a $100 million senior debt financing from a group of top tier banks. Proceeds from this financing are being used to retire the company’s existing debt and for general corporate purposes. The financing was led by Bank of America Merrill Lynch and SunTrust Robinson Humphrey, Inc., who acted as joint lead arrangers and joint book managers. Other banks participating in the syndicate include JPMorgan Chase Bank, N.A., Royal Bank of Canada, Webster Bank, N.A. and Zions First National Bank. The financing, which closed Friday, October 29, 2010, lowers SurveyMonkey’s overall cost of capital while giving it added flexibility for future acquisitions.
"We are pleased with this demonstration of confidence by our banking partners in our rapidly growing business,” said Dave Goldberg, CEO of SurveyMonkey. “SurveyMonkey continues to be the market leader in providing online survey tools for individuals, corporations, non-profits, governments and schools and we believe there is incredible opportunity for growth in front of us. This new capital structure will help us achieve our expansion plans.”
Currently, SurveyMonkey handles over 25 million online survey responses per month. Earlier this year the Company expanded into telephone-based surveys when it acquired Precision Polling.
Founded in 1999, SurveyMonkey is the world’s leading provider of web-based survey solutions. Powerful, yet easy-to-use, SurveyMonkey helps millions of people gain the insights they need to make more informed decisions. Customers include 100% of the Fortune 100, as well as other businesses, academic institutions, and organizations of all shapes and sizes. And they count on SurveyMonkey to gather just about every type of feedback possible -- from customer satisfaction and course evaluations, to event scheduling and employee performance reviews. SurveyMonkey is privately held and its investors include Spectrum Equity Investors and Bain Capital Ventures. The company is headquartered in Menlo Park, CA. For more information, visit surveymonkey.com.