A new ownership group and $150 million in fresh capital set the stage for accelerated innovation across the company’s experience management platform

Medallia, Inc., the leading AI-driven platform for experience transformation, today announced the completion of its previously announced recapitalization agreement with its lenders. With the transaction now closed, Medallia has significantly reduced its outstanding debt and secured $150 million of new capital, and has officially transitioned ownership to an investor group led by funds managed by Blackstone, as well as Apollo, and FS KKR Capital Corp (FSK).

"Closing this transaction is a defining moment for Medallia," said Mark Bishof, CEO of Medallia. "With a stronger balance sheet and the full support of our new ownership group, we are ready to move even faster in delivering AI-led experience management to the world's most iconic brands. We are excited to deliver industry-leading innovation to our customers, our people, and our platform."

With the deal finalized, Medallia is turning its full attention to the road ahead: expanding its generative AI and automation capabilities, deepening integrations across existing enterprise systems and emerging agentic AI ecosystems, and continuing to build on its Frontline-Ready AI™ foundation. These investments are central to Medallia's vision of transforming experience management from a reporting function into an intelligent, predictive, and automated engine for business impact. The company recently shared examples of the transformational productivity its global enterprise customers are already seeing from Medallia’s generative AI capabilities, an area set to see significant investment as a result of this transaction.

"Today marks the beginning of an exciting new chapter," Bishof added. "We have the capital, the conviction, and the momentum to define what the next generation of experience management looks like — and we're just getting started."

About Medallia

Medallia is the #1 AI-driven platform for experience transformation, trusted by the world’s most iconic brands — including 7 of the Fortune 10. With Medallia, enterprise organizations turn billions of feedback signals into clear, prioritized business actions. With deep domain expertise, proven enterprise infrastructure, a powerful partner ecosystem, and consistent leadership recognition from top industry analysts, Medallia transforms customer experience into a strategic driver of business growth and continuous improvement. Learn more at www.medallia.com.

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Medallia announced the completion of its $150 million recapitalization agreement and its transition to new ownership, an investor group led by funds managed by Blackstone, Apollo, and FS KKR Capital Corp (FSK).