Bhaskaran named Qualtrics, Medallia, and SurveyMonkey as large competitors in the survey and customer experience software market, describing them as well-funded public or institutional-backed companies. He did not provide specific revenue or customer figures for any of these rivals.
In discussing the broader M&A environment, Bhaskaran referenced Thoma Bravo's activity in the space. According to Bhaskaran, who was describing competitor transactions rather than company-confirmed figures, Thoma Bravo paid $800 million for a majority stake in UserZoom and $1.3 billion to acquire UserTesting in 2022. He estimated UserTesting's ARR at the time of acquisition at $75 million to $80 million, implying a 16 times revenue multiple, and used that figure to argue that QuestionPro's internal five-times multiple reflects a scale discount that would narrow once the company reaches $60 million to $70 million in revenue. These figures reflect Bhaskaran's stated analysis and are not confirmed by UserZoom, UserTesting, or Thoma Bravo.