German business software giant SAP SEA said it would return Qualitrix International Inc. to the public market, with at least 50% of the business value expected to be paid for the startup two years ago.
Prova, Utah-based Qualitrix, in a regulatory filing on Monday, sets the initial price range between $ 20 to 24 24, which, according to a person familiar with the matter, will determine the company’s value on a full-fledged basis between d 12 billion and 14 14.4 billion. Prices may vary depending on investor feedback from the day before the trading day of the company’s stock.
In July, SAP CEO Christian Klein said the company would disclose QualTrix to the public while remaining a majority shareholder. He said the deal would allow Qualitrix to better advance non-SAP business opportunities.
Shares of Qualitrix will trade on the Nasdaq under the ticker symbol XM. SAP will retain a controlling stake in Qualitrix in the wake of the planned IPO, which includes all Class B shares of the company that give it additional voting rights.
The list comes amid a turbulent period for the German tech company, part of which has been brought on by the epidemic. SAP left its dual-chief-executive composition in April, less than six months after adopting the leadership model. The company wrote the move to speed up decision-making during a health crisis after cutting its year-round guidance. In October, German-based company Waldorf cut its vision again as coronavirus cases began to rise again.
The acquisition of Qualitrix by SAP, which closed in 2019, helped the company improve its competitiveness in the cloud-computing market, SAP said. Shares of companies providing cloud services like Snowflake Inc.
And Service Now Inc.,
More businesses have embraced such services during the epidemic, led by former SEP CEO Bill M Kadermunt. Shares of SAP are down 12.5% this year.
In its filing, Qualtrix said technology investment firm Silver Lake would buy શેર 550 million of its shares, of which મિ 21.64 per share of 15 million shares and the rest at the IPO. Earlier this year, Silver Lake was financing the epidemic-affected RBNB. Inc.
With warrants, the company is valued at war 18 billion when used. When it launched in December, RBNB was valued at 47 47 billion on a completely thin basis at its IPO price. Its share price has more than doubled since its inception.
Qualitrix said in a regulatory filing that by the end of September, sales had risen to 50,550 million from 8,418 million in the year-ago period. It posted a net loss of 25 258 million in the first nine months, compared to a loss of 8 860.4 million in the same period a year earlier.
Qualitrix said it has more than 12,000 customers, and more than 3,300 employees spread across more than 25 countries. The company was founded in 2002 by Ryan Smith, who served as chief executive and chairman of the company until this summer. Former Micros .ft Zig Serafin Corpo.
The executive took over as CEO in July.
The planned IPO helps cap a year in which tech companies reached their highest level of valuation since the dot-com bubble in the early 2000s. RBNB is now valued at about $ 3 billion, far more than traditional lodging companies like Marriott International. Inc.
Or Hilton Worldwide Holdings Inc.
Data warehousing company Snowflake Inc. The company, which launched its business in September, is 180 times higher than its મહિના 89 million in October-October earnings of 12 months.
Write to Matt Grossman at [email protected] and Maureen Farrell at Mure [email protected]
Improvement and amplification
Qualitrix said sales rose to 550 million at the end of September from જે 8,418 million in the same period last year. An earlier version of this article incorrectly stated that sales had increased from 30 9,309 million to 4 5,415 million. (Retrieved December 29)
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