Software service provider Zendesk announced Thursday that it will acquire Momentive Global, owner of the popular SurveyMonkey platform, for nearly $4 billion in an all-stock deal.<\/p>\n\n\n\n
Momentive shareholders will receive 0.225 shares of Zendesk stock for each share of Momentive stock they own, which is worth $28 per share at the time of the announcement.<\/p>\n\n\n\n
This will be the largest acquisition of the technology company.<\/p>\n\n\n\n
Zendesk’s stock fell 16% in post-market trading, while Momentive also rose 9% to $22.70 a share.<\/p>\n\n\n\n
Momentive, formerly known as Survey Monkey, went public in September 2018 at $12 a share, and the San Mateo, California-based company changed its name to Momentive in early 2021 as it looked to expand into a portfolio of experience management services.<\/p>\n\n\n\n
Zendesk, a provider of customer service software, faced challenges during the pandemic as its corporate clientele accelerated its digital transformation.<\/p>\n\n\n\n
The deal is expected to be sealed in the first half of 2022, after Zendesk and Momentive have given their final approval.<\/p>\n\n\n\n
Zendesk also announced that its quarterly revenue rose 32% to $347 million and expects the acquisition of Momentive to further improve its revenue plan to $3.5 billion in 2024, a year ahead of its earlier forecast.<\/p>\n\n\n