Existing early investors in the company have sold approximately $444m in equity to a group of new and existing shareholders, including the search giant. The company said this equity sale closed in late December. To complete the recapitalisation, SurveyMonkey now expects to raise an additional $350m in debt financing.

The proceeds from the debt will be used to buy shares from employees and shareholders as well as retire the company’s existing debt. Upon the closing of the transaction, Lee Fixel, partner at Tiger Global, will join SurveyMonkey’s board of directors. David Lawee, corporate development VP at Google, will also join the board as an observer.

SurveyMonkey CEO Dave Goldberg (pictured) said: “This transaction affords us all of the capital benefits of a public offering without the costs and distractions of an IPO and the demands of operating as a public company. Given SurveyMonkey’s momentum and growth profile, this transaction is an optimal way to reward employees and longtime shareholders with meaningful liquidity while also providing opportunities for Tiger Global, Google and other new investors who are drawn to our strong business model.”

ICONIQ Capital, Social+Capital Partnership and Laurel Crown Partners have also become new equity holders in the company. JP Morgan is leading a syndicate providing the debt financing. Bank of America Merrill Lynch, Goldman Sachs and SunTrust Bank are also participating in the debt financing.