SurveyMonkey has found that after going public it truly is a jungle out there, thanks in part to its competitor Qualtrics International Inc.
Just after seeing its stock fall on word that Utah-based Qualtrics would go public weeks ago, the parent of SurveyMonkey, SVMK Inc. (SVMK) - Get Report , saw its shares climb slightly Monday on news that its rival was getting sold.
The deal is expected to close within the next eight months.
The news comes after California-based SVMK went public in late September with an initial public offering price of $12 a share. The stock closed its first day of trading at $17.24. Shares have been going on a downward trajectory ever since.
But SVMK's stock swung higher Monday to $10.80 after a Friday close of $10.77. It has moved between gains and losses since opening for trading.
SurveyMonkey was founded in 1999 with software used to create online surveys and has since grown into a big business with more than 750 employees and 16 million users around the world.
Qualtrics creates survey-related software for businesses that is used by more than 9,000 organizations.