More experience economy
SAP takes over Qualtrics
With the USD 8 billion takeover, SAP wants to be successful in the increasingly experience-driven business world.
Qualtrics is one of the global pioneers in experience management (XM). The company's XM platform collects feedback and data in the four critical business areas of customer, employee, product and brand, which increasingly determine whether companies succeed or fail in the future experience economy. According to Qualtrics, companies can use the XM platform to develop products that customers really want, build a brand name and build loyalty.
Under the terms of the agreement, SAP will acquire all of the shares issued by Qualtrics for $8 billion in cash. SAP has secured financing totaling 7 billion euros to cover the purchase price and acquisition-related costs.
Qualtrics expects full-year 2018 revenue of over USD 400 million and future growth rates of over 40 percent, excluding potential synergies from being part of SAP.
Following the successful completion of the acquisition, Qualtrics will retain its existing management structure, employees, brand and corporate culture. Qualtrics will be part of SAP's Cloud Business Group. Ryan Smith will retain his position as CEO of Qualtrics. The corporate headquarters in Provo, Utah, and Seattle, Washington, will also be retained.
Subject to customary closing conditions and receipt of regulatory approvals, the acquisition is expected to be completed in the first half of 2019. The boards of SAP and Qualtrics have approved the transaction. The shareholders of Qualtrics have also approved the transaction.
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