UserTesting Completes $140 Million IPO

Technology & Services

UserTesting IPO


UserTesting, Inc. (“UserTesting”) (NYSE:USER) recently completed an initial public offering of 10,000,000 shares of common stock at a public offering price of $14.00 per share, generating gross proceeds of $140.0 million. In addition, UserTesting granted the underwriters a 30-day option to buy an additional 1,500,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. UserTesting intends to use the net proceeds for working capital and other general corporate purposes.

Baird served as a co-manager on this offering.


UserTesting has pioneered a video-first, enterprise-grade SaaS platform that enables organizations to execute customer-centric visions by seeing and hearing the experiences of real people as they engage with products, designs, apps, processes, concepts, or brands. The UserTesting Human Insight platform captures diverse customer perspectives from targeted audiences, who have opted in to share their thoughts, whether for digital, real-world, or omnichannel experiences. The platform generates video-based Customer Experience Narratives, or CxN™, typically in less than a day, and often within a few hours. Using machine learning, the platform analyzes and surfaces key moments of insight rapidly and at scale. This helps organizations to free up time and resources and make better customer experience decisions. As of September 30, 2021, UserTesting had more than 2,100 customers, making up more than half of the world’s top 100 most valuable brands according to Forbes. UserTesting is headquartered in San Francisco, California.
Technology & Services

UserTesting IPO

November 2021
UserTesting, Inc.
Equity Capital Markets
Technology & Services
Application Software
Target Location
North America