Qualtrics Acquired By SAP For Staggering $8 Billion
Provo, Utah-based Qualtrics has been acquired by SAP, in a deal worth $8 billion in cash, the two companies said on Sunday. Qualtrics, makes "experience management" software, used to manage interactions with customers, employees, products, and brands. According to SAP, the price includes unvested employee incentive compensation and cash on the balance sheet at close. Qualtrics was backed by Grandview Holdings (the investment firm controlled by CEO Ryan Smith), plus Accel Partners, Insight Venture Partners, and Sequoia Capital. CEO Smith owned around 48% of Qualtrics before the acquisition, based on the company's IPO filing, meaning Smith is likely now worth aroudn $4 billion. Qualtrics had been on an IPO path, having filed for an IPO in October.
posted on Monday, November 12, 2018
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