SurveyMonkey, a platform that lets users easily create surveys, is valued at $1 billion, reports The New York Times.
The $1 billion valuation comes along side a partnership with TPG to acquire SurveyMonkey’s competitor, MarketTools.
“TPG will transfer some MarketTools assets to SurveyMonkey and take a minority stake in the service. TPG’s investment — which represents less than 10 per cent of SurveyMonkey’s total shares — values the company at roughly $1 billion, according to a person with knowledge of the matter,” writes Evelyn Rusli.
Twelve years ago, SurveyMonkey was founded by Ryan Finley. Sheryl Sandberg’s husband, David Goldberg, took over as CEO in 2009 when Spectrum Equity Investors and Bain Capital Ventures bought a majority stake. The company has seen rapid growth ever since and the MarketTools deal is its largest to date.