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SAP says it plans to spin off Qualtrics and make it public less than two years after acquiring the survey software provider.
SAP said Sunday that it will retain majority ownership of Qualtrics’ shares.
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The German software giant announced in November 2018 that it agreed to pay $ 8 billion in cash for Qualtrics, just days before the company Provo, Utah, was set up for its initial sale of shares to the public. The deal closed in early 2019.
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| SAP | SAP SE | 158.62 | -2.65 | -1.64% |
SAP says Qualtrics has already been operating more autonomously than most SAP acquisitions, but going public will help it expand its customer base. Its products help companies get feedback from employees and customers.
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Qualtrics CEO Ryan Smith, who co-founded the startup in 2002, will continue to lead and be its largest individual shareholder. SAP says a final decision on the IPO is still pending, but it will happen in the US.
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The acquisition of Qualtrics by SAP was one of the biggest offerings for the Walldorf, Germany-based software giant. In 2014, SAP paid around $ 8.3 billion for Concur, which makes software to manage employee travel and expenses.
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