| SAN FRANCISCO
SAN FRANCISCO Jan 17 Online survey company
SurveyMonkey has started an $800 million recapitalization that
will allow it to cash out early shareholders and investors, the
company said on Thursday.
The financing underscores an increasing tendency in Silicon
Valley to delay initial public offerings long beyond the time a
company reaches revenue and profitabilty benchmarks that would
have made it an IPO shoo-in in years past.
"We're not saying we're never going public," said chief
executive Dave Goldberg. "This was a better path for us, and it
would save us some of the hassles of running a public company."
SurveyMonkey's financing, first reported by the AllThingsD
web site, comprises a $444 million equity component plus a $350
million debt financing.
The equity tranche is led by Tiger Global Management, whose
partner Lee Fixel will join SurveyMonkey's board of directors.
Google is also participating, with its executive David
Lawee joining the board as an observer.
The company also expects to raise $350 milllion in debt
financing, Goldberg said. SurveyMonkey had revenue of $113
million and earnings before interest, depreciation, taxes and
amortization of $61 million in 2012, he added.
SurveyMonkey was started in 1999. Goldberg, a former
executive at the music division of Yahoo became chief
executive 10 years later.
Social network Facebook delayed going public long
beyond the point when many analysts thought it should tap public
markets and may have contributed to its troubled IPO. Widely
used microblogging service Twitter is considered by many
analysts to merit an IPO, but with no announced plans for one.