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How Medallia’s $5B Wipeout Became One of Private Equity’s Biggest Losses
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Subscribe22 JUN 2026 / FINANCE
Private equity firm Thoma Bravo has handed over software firm Medallia to a lender group led by Blackstone, Apollo, KKR, and FSK following a failed deal model and growing debt; Thoma Bravo lost approximately $5 billion of equity from its 2021 takeover. The new owners plan to inject $150 million and reduce the company's debt, with Medallia's strategic focus now pivoting towards developing AI-driven tools to enhance customer and employee feedback analysis.
In private equity, the spreadsheet usually looks polite before the bill shows up. Medallia’s story is one of those deals that probably looked clean in the 2021 model: sticky enterprise software, a big customer experience market, recurring revenue, a tech...
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