Blackstone (BX), Apollo Global Management (APO) and FS KKR Capital (FSK) are among creditors investing $150 million to take over software firm Medallia after its owner Thoma Bravo indicated it would not inject more funds into the company, Bloomberg reported Wednesday, citing a statement.
The customer and employee service software maker will use the cash as well as $500 million it already has on hand to advance its artificial intelligence efforts, the report said.
Blackstone, Apollo, FS KKR, and Medallia did not immediately reply to MT Newswires' request for comment.
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