Qualtrics, a leader and pioneer in the Experience Management (XM) software category, has entered into a definitive agreement to be acquired by Silver Lake, a global leader in technology investments, in partnership with the Canada Pension Plan Investments (CPP). announced that it has been concluded. investment). hat ), in a cash transaction that values Qualtrics at about $12.5 billion.
Silver Lake and its co-investors, along with CPP Investments, will acquire 100% of his outstanding shares not already owned by Silver Lake. This includes all control of SAP. Qualtrics will be an independent, privately held company positioned to drive disruptive innovation and efficient growth at scale on its journey to becoming the next-generation leading enterprise cloud software platform.
Under the terms of the deal, his Qualtrics shareholders, including SAP, will receive $18.15 per share in cash. This represents a 73% premium over the 30-day volume-weighted average price on 25 January 2023. This is the last full trading day before SAP announces it is considering selling its stake in Qualtrics, leaving its January 25, 2023 closing price unaffected.
Qualtrics will continue to be led by CEO Zig Serafin and will continue to be headquartered in Provo, Utah and Seattle, Washington.
“I couldn’t be more excited for this step in our journey,”
“Silver Lake’s belief in our vision and their amazing track record of helping founders and management teams speaks for itself. We look forward to working together and driving category-defining growth to build the next great enterprise cloud platform.”
Ryan Smith, Qualtrics Founder and Executive Chairman.
“Qualtrics is becoming central to how businesses make mission-critical customer and employee decisions that increase revenue and operational efficiency. With our AI-powered platform and automated actions, we help companies deliver exceptional experiences and build deep relationships with their customers and employees at scale,”
“We are incredibly excited to partner with the team at Silver Lake, who deeply understand our business and will help us continue to build a high-performing company, invest in our innovation and expand our ecosystem to help our customers succeed.”
Zig Serafin, Chief Executive Officer at Qualtrics.
“We are strong believers in the amazing technology platform that Ryan, Zig and their phenomenal engineering and sales teams are building, and we’re thrilled to support the continued efficient growth of Qualtrics into a generational, highly profitable platform company by enabling further investment across all aspects of the business, including areas such as AI and other powerful new technologies,”
“This is a landmark transaction for Silver Lake, reflecting our confidence in the team and their vision. As they shape and continue to grow the next great enterprise software platform, they are the kind of leaders we have been most excited to partner with over many years of technology investing.”
Egon Durban, Co-CEO of Silver Lake.
“Silver Lake has both the operational expertise and the track record with software companies to help Qualtrics extend its leadership in the XM category it pioneered,”
“Since we acquired Qualtrics in 2019 the company has more than tripled its revenue while delivering profitability. SAP intends to remain a close go-to-market and technology partner, servicing joint customers and continuing to contribute to Qualtrics’s success. The number of companies and brands using Qualtrics software has risen from 10,000 at the time of SAP’s purchase to over 18,000 today.”
Christian Klein, CEO and Member of the Executive Board of SAP SE.
“We would like to thank SAP for their stewardship of Qualtrics over the past four years,”
“We are pleased to be joined by a high-quality investor and bank group in supporting Ryan, Zig and the rest of the Qualtrics team with a low-leverage capital structure designed to fuel the company’s next stage of growth, broadening the power of the Qualtrics technology platform.”
Kyle Paster, Managing Director at Silver Lake.
“This is a unique opportunity to invest in a category creator led by a strong management team that is shaping a rapidly growing market,”
“We look forward to supporting the team in driving continued innovation as they help clients redefine their customer and employee experiences around the world.”
Hafiz Lalani, Managing Director and Head of Direct Private Equity at CPP Investments.