SAP plans an IPO for his high performer Qualtrics

The German software company SAP plans an initial public offering for Qualtrics, the US company that it bought for $8 billion two years ago. Christian Klein, SAP’s chief executive, said that while Qualtrics had “performed above and beyond all expectations” an IPO was now a “win-win” for both sides. The 40-year-old, who took full control of SAP in April after the departure of co-chief executive Jennifer Morgan, added that Qualtrics was “not that close to the core” of SAP and had not been integrated as tightly as other acquisitions. SAP swooped to buy Qualtrics in 2018 as the Utah-based company was preparing for an IPO. Founded in 2002, Qualtrics began as an online survey company, competing with the likes of SurveyMonkey, and initially specialised in software for academics to carry out research. It has grown to offer a suite of tools to survey customer and employee feedback, and its 12,000 customers include Microsoft, Volkswagen, Shell and the UK’s NHS… SAP will retain a majority shareholding and Ryan Smith, Qualtrics’ founder and chief executive, plans to be the company’s largest individual shareholder… Most recently SAP deployed Qualtrics to gather feedback from its customers’ employees about returning to workplaces in the wake of Covid-19. SAP did not reveal the timing of the planned IPO, saying it would be dependent on the market environment. 

Joe Miller