NEWS4 November 2010

SurveyMonkey gets $100m in debt financing from major banks

Financials North America

US— DIY survey software firm SurveyMonkey has raised $100m in senior debt financing, some of the proceeds of which could be used to fund further acquisitions.

CEO Dave Goldberg said “the new capital structure will help us achieve our expansion plans”. The borrowings will be used to pay-off existing debt, for general corporate purposes as well as giving it “added flexibility” for future M&A activity, the company said.

SurveyMonkey expanded from online into telephone research earlier this year with the acquisition of Precision Polling. It has also been making inroads into the European market.

The company has borrowed from a consortium of banks led by Bank of America Merrill Lynch and SunTrust Robinson Humphrey.

Goldberg said: “We are pleased with this demonstration of confidence by our banking partners in our rapidly growing business.”