Private Equity Software Deals Face Uncertainty Amid Medallia Blowup

Published: June 22, 2026 • Reading Time: 6 min read • Reporting: Intelligence Division

Thoma Bravo handed over Medallia to lenders in April after a $6.4 billion acquisition in 2021, resulting in a $5.1 billion loss. The development raises concerns about the future of private equity deals in the B2B SaaS sector.

Thoma Bravo's decision to hand over Medallia to lenders has significant implications for the B2B SaaS industry. The collapse of the $6.4 billion deal highlights the risks associated with high-value acquisitions in the sector. Blackstone, KKR, Apollo, and Antares have taken control of Medallia, indicating a possible shift in the company's strategy.