The UserTesting sale to private equity is bad news for unicorns

News broke this morning that UserTesting, a former startup that went public last year, is selling to private equity (Thoma Bravo, Sunstone Partners) for $1.3 billion, or $7.50 per share in cash. The deal, expected to close in the first half of 2023, does include a “go-shop” period, in case a better deal crops up.
Holders of UserTesting shares have some cause for joy. The customer insight platform is selling for what it describes as a “premium of approximately 94% over [its] closing stock price” yesterday. As a result, shares of UserTesting soared today as investors dige

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