# UserTesting

UserTesting is a SaaS - Human Insights / Experience Research Platform based in San Francisco, United States.

## Overview

- **Organization type:** SaaS - Human Insights / Experience Research Platform
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 2007
- **Assets under management:** Undisclosed
- **Website:** usertesting.com
- **LinkedIn:** https://www.linkedin.com/company/usertesting-com

## Regulatory record

- **Reports private funds:** No

## About

UserTesting launched in 2007 as a software platform enabling companies to capture real-time feedback on digital experiences from target audiences. Originally funded by venture investors including Greenspring Associates and OpenView Venture Partners, the firm followed a classic growth-equity trajectory: raising successive private rounds, then floating on NYSE via a SPAC in 2021, before Thoma Bravo and Sunstone Partners acquired it for roughly $1.3 billion in 2023 (per the firm's official communications, 2023). The wealth backing the firm is institutional capital, not a single-family fortune. Strategy centers on a SaaS platform that records screen, voice, and facial reactions from panelists as they navigate websites, apps, or prototypes. Customers use the resulting video clips and behavioral data to inform design, marketing, and product decisions. The deployment model spans subscription-based enterprise agreements, direct sales to UX and product teams, and a self-service tier for smaller organizations. Named users include Citibank, Adobe, and Microsoft. Geographic reach is predominantly North American, with secondary penetration in Europe and Asia-Pacific through a distributed panel of test participants. Post-acquisition, UserTesting operates as a privately held Thoma Bravo portfolio company. No headcount has been publicly disclosed since the take-private. The platform's adjacent capability includes an AI-driven insight layer that surfaced sentiment spikes and friction patterns automatically — a feature rolled out in 2024 (per the firm's product updates, 2024). No philanthropic vehicles, family offices, or co-investment clubs are associated. Structurally, UserTesting is a two-sided marketplace: one side sells software to enterprises; the other recruits and curates a large, vetted pool of testers who receive modest compensation per session. This dual-network model creates a sourcing moat that standalone analytics or survey tools cannot replicate without building their own participant panel, which was a central thesis of the Thoma Bravo acquisition (per deal commentary, 2023).

## Sectors

- Enterprise Software
- AI/ML

## People

- Andy MacMillan — CEO

## Questions

### Who runs investment decisions at UserTesting?

UserTesting does not manage external capital or make third-party investments. Strategic and financial decisions are directed by CEO Andy MacMillan and the board, which includes representatives from controlling investors Thoma Bravo and Sunstone Partners. The firm's capital is allocated toward platform development and panel expansion, not external deal-making (per the firm's official communications, 2023).

### How does UserTesting source its product innovation or growth capital?

Since the 2023 take-private, growth capital comes from Thoma Bravo and Sunstone Partners, who acquired the firm for approximately $1.3 billion (per the firm's official communications, 2023). Prior to that, UserTesting raised over $270 million in venture funding from firms including Greenspring Associates, OpenView Venture Partners, and Accel, then accessed public markets via a SPAC merger with Cerberus-backed vehicle in 2021.

### What is the company's relationship to Thoma Bravo?

Thoma Bravo, alongside Sunstone Partners, acquired UserTesting in a take-private transaction valued at roughly $1.3 billion, which closed in early 2023 (per the firm's official communications, 2023). Post-acquisition, UserTesting operates as an independent entity within Thoma Bravo's portfolio, with the private equity firm providing strategic and financial governance.

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Last updated: 2026-06-03T20:00:00.000Z

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