Medallia Announces Milestone Agreement with Group Led by Blackstone, Apollo, and FSK to Transition Ownership and Position Company for Next Era of Growth

TYSONS, VA - June 17, 2026 - Medallia, the global leader in customer and employee experience, today announced that it has entered into a recapitalization agreement with its lenders that will strengthen its financial foundation for long-term growth. The transaction will significantly reduce Medallia's outstanding debt and provide $150 million of new capital, positioning the company to accelerate AI-driven innovation and customer-focused product investment. Upon completion of the transaction, Medallia will change ownership from Thoma Bravo to an investor group led by Blackstone, Apollo, and FS KKR Capital Corp (FSK).

Medallia has been at the center of enterprise experience management since its founding in 2001 - going public on the New York Stock Exchange in 2019 before being taken private in 2021. Eighteen months ago, a new executive team joined to reinvent the business for an AI-first market, modernizing operations, and sharpening strategic focus while maintaining strong profitability. Today's transaction advances Medallia's existing $500 million commitment to innovation over the next few years and provides the capital to accelerate it, moving the company beyond traditional experience management into a more intelligent, predictive, and automated platform.

"Today's announcement marks a significant milestone towards the next generation of AI-led enterprise experience management," said Mark Bishof, CEO of Medallia. "The transformation of Medallia has been well underway - what changes today is the pace. With a strengthened balance sheet and $150 million in new capital, we are accelerating our commitment to invest over $500 million in products and services for our customers over the next few years."

The committed support of Medallia's new owners reflects strong conviction in the company's leadership team, platform strategy, and long-term market opportunity. In addition to new capital, Medallia will benefit from the firms' collective expertise in scaling businesses globally, strategic relationships, and global resources to enhance Medallia's platform capabilities and market leadership.

"Medallia is a profitable business with a strong track record serving many of the largest companies in the world," said Brad Marshall, Global Head of Private Credit Strategies at Blackstone. "We're confident in the business under this new capital structure and look forward to supporting its plans to invest in this next phase of innovation and growth."

Medallia plans to expand its generative AI and automation capabilities across its platform, enabling organizations to more quickly identify emerging patterns, predict business impact, and orchestrate intelligent actions at enterprise scale. Building on its Frontline-Ready AI™ foundation, Medallia also plans to further evolve its platform with deeper integrations across contact center, CRM, workflow, and emerging agentic AI ecosystems. Leading organizations including Mayo Clinic Laboratories, Mazda North America, and Santander Bank are among the customers who recently shared how Medallia powers their experience management programs. The company's planned platform enhancements will empower enterprises to respond to their customer and employee needs with greater speed, precision, and operational impact.

The company expects to close the transaction prior to the end of the year, subject to customary closing conditions and regulatory approvals. As Medallia works with its financial partners to close the transaction, operations remain uninterrupted, with no anticipated impact or disruption to the company's customers, employees, or partners.

About Medallia
Medallia is the global leader in customer and employee experience, trusted by the world's most iconic brands - including 7 of the Fortune 10. Medallia's AI-driven platform helps enterprise organizations turn billions of feedback signals into clear, prioritized actions. With deep domain expertise, a powerful partner ecosystem, and consistent leadership recognition from top industry analysts, Medallia transforms customer experience into a strategic driver of business growth. Learn more at www.medallia.com.

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