Qualtrics

Qualtrics is an American experience management company, with co-headquarters in Seattle, Washington and Provo, Utah the United States. The company was founded in 2002 by Scott M. Smith, Ryan Smith, Jared Smith, and Stuart Orgill.[4]

Qualtrics International Inc.
TypePublic
IndustryExperience management
Founded2002 (2002)
FoundersScott M. Smith
Ryan Smith
Jared Smith
Stuart Orgill
HeadquartersSeattle, Washington
Provo, Utah, U.S.
Other offices:
Dublin, Ireland
London, England
Krakow, Poland
Munich, Germany
Sydney, Australia
Tokyo, Japan
Singapore
Toronto, Canada
Washington, D.C.
Dallas, Texas
Raleigh, North Carolina
Chicago, Illinois
Key people
Ryan Smith (executive chairman)[1]
Zig Serafin (CEO)
Chris Beckstead (president)
ProductsQualtrics XM Platform
Revenue US$723 Million (2020)[2]
OwnerSAP (82.8%)[3]
Number of employees
3,300+
WebsiteQualtrics.com

Qualtrics offers a cloud-based subscription software platform for experience management,[5] which it launched in March 2017.[6]

On November 11, 2018, it was announced that Qualtrics would be acquired by SAP for US$8 billion.[7] The acquisition was completed on January 23, 2019.[8] On July 26, 2020, SAP announced its intent to take Qualtrics public,[9] and on January 28, 2021, Qualtrics began trading on the Nasdaq.[10]

On January 11, 2021 technical trade media noted that Brad Anderson, a high level executive of Microsoft, was leaving for Qualtrics.[11]

History

Funding and valuation

In 2012, the company received a $70 million Series A investment from Sequoia Capital and Accel, generally considered two of the top venture capital firms in the country.[12][13] It was the largest joint investment to date by these two firms.[14] In September 2014, Sequoia Capital and Accel returned in Series B funding, led by Insight Partners worth $150 million, a record for a Utah-based company, and valuing the company at $1 billion.[15] In April 2017 Qualtrics received a Series C investment round of $180 million from returning investors Accel, Sequoia Capital, and Insight Venture Partners.[16] The Series C was raised at a $2.5 billion pre-money valuation.[17]

Filing for IPO

On October 19, 2018, Qualtrics filed their S-1 registration statement with the intention of raising gross proceeds of $200 million through an initial public offering (IPO) of its Class B shares.[18] At the time, the company listed 9,000 global customers. The company was meant to be listed on the NASDAQ exchange under the ticker "XM" in reference to their flagship experience management product, the Qualtrics XM Platform.

Plans for the IPO were scrapped when it was announced in November 2018 that Qualtrics would be acquired by SAP (NYSE: SAP).

Awards and ranking

In 2020, Qualtrics earned a ‘Leader’ designation in Gartner’s Magic Quadrant for Voice of Customer,[19] a ‘leader’ designation in Forrester’s Employee Experience for Enterprise wave,[20] and the top ranking in G2’s Experience Management category.[21] In 2016, Qualtrics was ranked #12 on the Forbes Cloud 100 list,[22] moving to #6 in 2017.[23] In March 2020, Qualtrics' CoreXM platform was named a 2020 gold winner by the Edison Awards in the Applied Technology category.[24][25]

Revenue

Qualtrics reported revenue of $190.6 million in 2016 and $289.9 million in 2017 representing year over year growth of 52%. In 2016, Qualtrics reported an overall net loss of $12 million with free cash flow of $3.4 million. In 2017, Qualtrics reported a $2.6 million net profit with free cash flow of $21.3 million.[18]

Acquisitions

In May 2016, Qualtrics acquired statistical analysis startup Statwing for an undisclosed sum. Statwing was a San Francisco-based company that created point-and-click software for advanced statistical analysis.[26][27]

In April 2018 Qualtrics acquired Delighted for an undisclosed sum. Delighted had more than 1,500 customers at the time of acquisition.[28]

Acquisition by SAP SE

In November 2018, SAP announced its intent to acquire Qualtrics. SAP acquired all outstanding shares of Qualtrics for US$8 billion in an all cash deal. SAP secured €7 billion in financing.[29] At the time it was announced, the Qualtrics acquisition was SAP's second-biggest purchase ever, behind the $8.3 billion acquisition of travel and expense management firm Concur in 2014.[30] The acquisition was formally closed January 23, 2019.[31]

Initial public offering (IPO)

On 26 July 2020, SAP announced its intent to take Qualtrics public through an IPO in the United States. The decision to go public was made due to the Qualtrics performance since the acquisition that outperformed SAP's expectations in excess of 40 percent. According SAP's announcement, SAP will remain the main shareholder.[32][33] On January 28, 2021, Qualtrics began trading on the Nasdaq at $41.85 per share.[10]

Experience Management

Qualtrics launched its experience management platform in March 2017. Experience management is the practice of designing and improving products, services, and experiences for businesses and other organizations. Qualtrics customers include BMW, Microsoft, Under Armour, Chobani, JetBlue, and Yamaha.[34]

Research

Quantitative statistical analysis performed with Qualtrics is cited in a number of professional and academic journals.[35] Qualtrics became the first employee management platform measuring employee experiences through key metrics powered by predictive intelligence.[36] Researchers often use Qualtrics as a survey tool and combine it with SPSS to analyze their survey data on employee experiences and many other types of survey data.

References
  1. Scott, Martin (27 August 2012). "Customer research easier in digital era". USA Today. Retrieved 20 February 2013.
  2. https://venturebeat.com/2020/12/29/sap-files-ipo-for-qualtrics-as-demand-for-experience-management-software-rises-36
  3. "Qualtrics Marks Stellar Debut Upon Separation From SAP SE". Forbes.
  4. Lizette Chapman. "Qualtrics Taps Accel, Sequoia For First-Ever VC Round". WSJ.
  5. "Qualtrics XM - Experience Management Software". Qualtrics. Retrieved 2020-12-28.
  6. Rogers, Bruce. "Ryan Smith's Qualtrics Capitalizes On The Rise Of The 'Experience Economy'". Forbes. Retrieved 2020-12-28.
  7. "XO Data Press Release".
  8. "SAP Completes Qualtrics Acquisition". SAP News Center. 2019-01-23. Retrieved 2019-03-07.
  9. "SAP Announces Intent to Take Qualtrics Public | Qualtrics IPO | SAP News". SAP News Center. 2020-07-26. Retrieved 2020-07-27.
  10. Bursztynsky, Jessica; Levy, Ari (28 January 2021). "Qualtrics closes up 51% after debut, valuing cloud software vendor at $27.3 billion". CNBC. Archived from the original on 28 January 2021. Retrieved 28 January 2021.
  11. Foley, Mary Jo, Corporate Vice President Brad Anderson is leaving Microsoft for Qualtrics, Zdnet, January 11, 2021
  12. "Venture Capital Power Rankings: VCs Rate VCs". CB Insights Research. 7 April 2016. Retrieved 17 June 2019.
  13. "The Top 10 VC Firms, According To InvestorRank". Retrieved 17 June 2019.
  14. Anthony Ha. "Qualtrics Raises $70M From Accel And Sequoia: "The Biggest Software Company You Haven't Heard Of"?". TechCrunch. AOL.
  15. Joshua Brustein. "How Qualtrics Turned Online Surveys Into a $1 Billion Business - Businessweek". Businessweek.com.
  16. "Qualtrics Crunchbase Profile".
  17. "Crunchbase - Qualtrics Series C Detail".
  18. "Qualtrics International INC. FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933". U.S. Securities and Exchange Commission. October 19, 2018.
  19. Qualtrics. "Qualtrics Named a Leader in Gartner's 2020 Magic Quadrant for Voice of the Customer". www.prnewswire.com. Retrieved 2020-12-28.
  20. Mitchell (CMO), Vanessa; 19 March, 2020 13:30. "Report: Forrester names employee experience leaders". www.cmo.com.au. Retrieved 2020-12-28.CS1 maint: numeric names: authors list (link)
  21. "G2: Best Experience Management Software". 28 December 2020.
  22. "Forbes Cloud 100". Forbes. Retrieved 29 October 2016.
  23. "Qualtrics on the Forbes Cloud 100 List". Forbes. Retrieved 2018-03-21.
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  25. "The Game Changing 2020 Edison Award Final Winner Announcement". News Break. Retrieved 2020-04-17.
  26. "Daily Research News Online no. 22721 - Qualtrics Buys Software Firm Statwing". www.mrweb.com. Retrieved 2016-06-29.
  27. "Qualtrics Acquires Y Combinator-Funded Startup Statwing, Making Data Science Easy for Anyone". Yahoo Finance. Archived from the original on 25 June 2016.
  28. "Qualtrics Inches Closer To IPO By Acquiring The Startup Behind Ratings For Postmates And Uber". www.forbes.com. Retrieved 2018-04-12.
  29. "SAP SE to Acquire Qualtrics International Inc., Sees Experience Management as the Future of Business - XOdata.com". XOdata.com. 2018-11-11. Retrieved 2018-11-12.
  30. Sherman, Alex (2018-11-11). "SAP is acquiring survey software maker Qualtrics for $8 billion". CNBC. Retrieved 2018-11-12.
  31. "SAP Completes Qualtrics Acquisition". SAP News Center. 2019-01-23. Retrieved 2019-06-04.
  32. https://news.sap.com/2020/07/sap-announces-intent-qualtrics-ipo/
  33. "SAP decision to spin out Qualtrics 20 months after spending $8B surprises industry watchers". TechCrunch. Retrieved 2020-12-04.
  34. "Qualtrics Customers | Trusted by +11,000 Leading Brands". Qualtrics. Retrieved 2020-12-28.
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    Feinberg, Fred M.; Kinnear, Thomas; Taylor, James R. (February 28, 2012). Modern Marketing Research: Concepts, Methods, and Cases (with Qualtrics Printed Access Card) 2nd Edition. South-Western College Pub. ISBN 978-1133188964.
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