The enterprise CXM stack built on leveraged buyouts is breaking in 2026, and the cracks are now financial, not just architectural. Medallia — taken private by Thoma Bravo for $6.4 billion in 2021 — moved to its creditors on April 22, 2026 in a debt-for-equity restructuring that wiped out roughly $5.1 billion in equity against a ~$3 billion debt load.