SAP to put Qualtrics on the stock market

by   CIJ Linguistics
2020-07-27   11:00

German SAP is planning to spin off Qualtrics, the US-based competitor of Salesforce it bought in 2018 in an $8 billion acquisition. At the time, Qualtrics had been heading towards an IPO. Having increased its revenues by 34 percent during the coronavirus-impaired second quarter of 2020, SAP clearly thinks now is the ideal time to cash in on the investment. The advantage for Qualtrics is that it will be able to make its own acquisitions on an independent basis and pursue clients that are outside the SAP world. Founder and CEO Ryan Smith is expected to remain as the company's largest individual shareholder and at this point, SAP appears intend retaining majority control of the company. "Ever since we founded Qualtrics, our goal has been to help companies have a conversation at scale about the experiences their employees and customers are having and leverage our system to take action," Smith told Forbes magazine. "This is an exciting time to be part of Qualtrics and SAP, and we’re excited to continue building out the XM ecosystem.”