Market Updates
Qualtrics Agrees to Go Private for $12.5 Billion
Scott Peters
13 Mar, 2023
New York City
Qualtrics International surged 6.7% to $17.66 after the company agreed to go private for $18.15 a share or $12.5 billion.
Silver Lake and Canada Pension Plan Investments agreed to acquire 100% of the cloud software firm and SAP agreed to sell its 61% stake on a fully-diluted basis in the company it acquired for $8 billion in 2018.
The deal was approved by the board of directors and the committee of independent directors of the company and SAP's board also approved the deal.
Qualtrics stock has declined 33% in the last 52-week of trading.
Qualtrics will continue to be led by Chief Executive Officer Zig Serafin, and the company will remain headquartered in Provo, Utah and Seattle, Washington.
After the deal is completed, Qualtrics and SAP intend to maintain a go-to-market and technology partnership to both service existing joint customers and target new customer opportunities.
Qualtrics' customer survey platform is used by more than 18,00 companies.
Total revenues in the full-year 2022 jumped to $1.5 billion and net loss expanded to $1.1 billion from revenue in $1.1 billion and a net loss of $1.6 billion in 2021.
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