The market leader and creator of the Experience Management (XM) category, Qualtrics, a large, fast-growing and rapidly evolving market. HRTech leader SAP intends to stay the majority owner of Qualtrics. The primary objective of SAP for the IPO is to fortify the ability of Qualtrics to capture its full market potential within Experience Management. This will enhance the autonomy of Qualtrics and enable it to expand its footprint both within customer base of SAP and beyond.
Christian Klein, CEO of SAP said that “SAP’s acquisition of Qualtrics has been an incredible achievement and has outperformed our expectations with 2019 cloud growth in excess of 40%, demonstrating very strong performance in the present setup. As Zig Serafin, Ryan Smith, and I worked together, we decided that an Initial Public Offering would provide the greatest opportunity for Qualtrics to grow the Experience Management category, serve its clients, explore its own acquisition strategy and continue developing the best talent. SAP will remain Qualtrics’ largest and most important go-to-market and research and development (R&D) partner while giving Qualtrics greater independence to expand its base by partnering and building out the complete experience management ecosystem.”
Qualtrics, which is part of the cloud portfolio of SAP, has operated with greater autonomy than other organizations SAP had previously acquired. The founder and present management team of Qualtrics will continue to operate the company.
Ryan Smith, Founder of Qualtrics said that “When we launched the Experience Management category, our aim was always to help as many companies as possible leverage the XM Platform as a system of action. SAP is an extraordinary partner with unprecedented worldwide reach, and we couldn’t be more excited about proceeding with the partnership. This will permit us to continue building out the XM ecosystem over a broad array of partners.”
SAP acquired Qualtrics only 4 days before Qualtrics was to go public in the year 2018, identifying the capability of bringing together experience and operational data to help companies take action. SAP presently owns 100% shares of Qualtrics. SAP will retain majority ownership of Qualtrics and has no objective of spinning off or otherwise divesting its majority ownership interest. Ryan Smith intends to be the largest individual shareholder of Qualtrics.
SAP is completely committed to Experience Management and the Qualtrics XM Platform as a key element of its intelligent enterprise strategy. SAP will remain the closest and most important co-innovation and go-to-market partner of Qualtrics.
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Aashish Yadav
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Aashish is currently a Content writer at Martech Cube. He is an enthusiastic and avid writer. His key region of interests include covering different aspects of technology and mixing them up with layman ideologies to pan out an interesting take. His main area of interests range from medical journals to marketing arena.