EXCLUSIVE-Thoma Bravo nears agreement to turn software firm Medallia over to creditors, source says

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Blackstone Inc.

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By Milana Vinn and Isla Binnie

NEW YORK, April 22 (Reuters) - Private equity firm Thoma Bravo is nearing an agreement to hand over troubled software firm Medallia Inc. to its lenders, wrapping up months of restructuring negotiations, according to a person familiar with the matter.

The move will wipe out $5.1 in equity for Thoma Bravo and its co-investors, who bought the customer service software company for $6.4 billion in 2021, the person said.

Medallia has struggled in recent months under the weight of $3 billion in debt, which it owes to Blackstone BX.N, KKR and Apollo, among others.

Thoma Bravo and KKR KKR.N declined to comment. Apollo and Medallia didn't immediately return requests for comment.


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