SAP Announces Qualtrics IPO to go Public
SAP SE announced on Sunday that it plans on taking Qualtrics public. In January of 2019, SAP announced the successful acquisition of the company, costing a hefty $8 Billion, but CEO Christian Klein has a new plan for the future of the company. SAP will remain the main shareholder and partner of Qualtrics, bringing an Initial Public Offering (IPO) to customers around the globe. The intent is to open the availability of shares of the Qualtrics survey-software. This partly unwinds the initial buy of the company, allowing both companies to operate independently, but benefitting off of their service offerings collectively.
In 2018, SAP announced their plan to acquire Qualtrics just four days before they went live with their own IPO. Today SAP currently holds 100% of the company's shares. Back in 2019, Qualtrics exceeded expectations when they reported that their cloud growth was over 40%, which solidified SAP's decision to create this IPO even more so.
“SAP is an incredible partner with unprecedented global reach, and we couldn’t be more excited about continuing the partnership. This will allow us to continue building out the XM ecosystem across a broad array of partners.”, Qualtrics Founder Ryan Smith said.
Qualtrics leads the market of Experience Management (XM) software. Partnering with Qualtrics, SAP wishes to expand their customer base, providing differentiated offerings for improved customer experience, through the use of the XM Platform to expand the Intelligent Enterprise's capabilities. Combing Operational Data (O) and experience data (X), SAP and Qualtrics will help businesses understand their customers' behaviors and feedback, leading to better business decisions.
Using advanced analytics, Qualtrics makes it easy to collect not only customer feedback, but the feedback of partners, suppliers, and employees. Using Machine Learning and Artificial Intelligence, their data is able to create accurate recommendations for a course of action, creating the ultimate positive customer experience. There are currently over 2 million users and 75% of Fortune 100 companies make up the bunch.
SAP has invested and partnered with Qualtrics in hopes of accelerating their growth and global reach. Back in 2018, Former SAP CEO, Bill McDermott stated, “The combination of Qualtrics and SAP reaffirms experience management as the groundbreaking new frontier for the technology industry. SAP and Qualtrics are seizing this opportunity as like-minded innovators, united in mission, strategy and culture. We share the belief that every human voice holds value, every experience matters and that the best-run businesses can make the world run better." Combining the power of SAP and Qualtric's XM platform, they will be able to drive brand loyalty, employee engagement, and business processes, from behind the scenes manufacturing and marketing to the store sales.
The release date of the IPO has not been announced, but we should expect to hear of a final decision in the future, depending on market conditions.
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