Image via OnlyCFO
Medallia: Ma Activity
Thoma Bravo's $5B equity stake in Medallia (acquired 2021 for $6.4B) has been wiped out. Lenders (led by Blackstone with $1.8B debt) took control after refusing to 'amend & extend' the debt in late 2025. This represents the largest PE-backed software company failure where lenders take control.
Source: OnlyCFO
The leadership read
Consolidation of this kind shifts demand toward integration and transformation leadership bench strength in the sector.
Market context: the MitchelLake Talent Market Index reads 114.6 — Hot (+16.3 vs prior month); EMEA signal share is easing (-3.5pts).
MitchelLake in this thematic
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