• March 13, 2023

Qualtrics to be Acquired by Silver Lake and CPP Investments for $12.5 Billion

Private equity firm Silver Lake, in partnership with Canada Pension Plan Investment Board (CPP Investments), will acquire Qualtrics for approximately $12.5 billion. Upon completion of the deal, Qualtrics will become a privately held company.

Qualtrics will continue to be led by CEO Zig Serafin.

"Qualtrics is becoming central to how businesses make mission-critical customer and employee decisions that increase revenue and operational efficiency. With our AI-powered platform and automated actions, we help companies deliver exceptional experiences and build deep relationships with their customers and employees at scale," Serafin said in a statement. "We are incredibly excited to partner with the team at Silver Lake, who deeply understand our business and will help us continue to build a high-performing company, invest in our innovation, and expand our ecosystem to help our customers succeed."

SAP acquired a majority ownership interest in Qualtrics in 2019 for $8 billion.

"Silver Lake has both the operational expertise and the track record with software companies to help Qualtrics extend its leadership in the XM category it pioneered," said Christian Klein, CEO and member of the executive board of SAP, in a statement. "Since we acquired Qualtrics in 2019 the company has more than tripled its revenue while delivering profitability. SAP intends to remain a close go-to-market and technology partner, servicing joint customers and continuing to contribute to Qualtrics' success. The number of companies and brands using Qualtrics software has risen from 10,000 at the time of SAP's purchase to over 18,000 today."

"We are strong believers in the amazing technology platform that Ryan, Zig, and their phenomenal engineering and sales teams are building, and we're thrilled to support the continued efficient growth of Qualtrics into a generational, highly profitable platform company by enabling further investment across all aspects of the business, including areas such as AI and other powerful new technologies," said Egon Durban, Co-CEO of Silver Lake, in a statement. "This is a landmark transaction for Silver Lake, reflecting our confidence in the team and their vision. As they shape and continue to grow the next great enterprise software platform, they are the kind of leaders we have been most excited to partner with over many years of technology investing."

"This is a unique opportunity to invest in a category creator led by a strong management team that is shaping a rapidly growing market," said Hafiz Lalani, managing director and head of direct private equity at CPP Investments, in a statement. "We look forward to supporting the team in driving continued innovation as they help clients re-define their customer and employee experiences around the world."

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