UserTesting, which provides an enterprise-grade SaaS platform for usability testing, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
UserTesting states that it has pioneered a video-first, enterprise-grade SaaS platform that enables organizations to see and hear the experiences of real people as they engage with products, designs, apps, processes, concepts, or brands. Its go-to-market model is based on a direct sales force that is optimized for the size and geography of a customer's organization. It has also started investing in creating channel partnerships and relationships with resellers, distributors, and strategic partners to broaden its reach. As of June 30, 2021, UserTesting had more than 2,000 customers, including 249 with at least $100,000 of ARR and nine with at least $1 million of ARR, and a 117% net dollar-based retention rate.
The San Francisco, CA-based company was founded in 2007 and booked $122 million in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol USER. UserTesting filed confidentially on June 14, 2021. Morgan Stanley, J.P. Morgan, Piper Sandler, Truist Securities, William Blair, Canaccord Genuity, Needham & Co., Oppenheimer & Co., Raymond James, and Baird are the joint bookrunners on the deal. No pricing terms were disclosed.
