Qualtrics

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Qualtrics International Inc.
Private
IndustryExperience Management
Founded2002; 16 years ago (2002)
FoundersScott M. Smith
Ryan Smith
Jared Smith
Stuart Orgill
HeadquartersProvo, Utah, U.S.
Seattle, Washington, U.S.
Other offices: Dublin, Ireland
Sydney, NSW, Australia
London, England, U.K.
Munich, Germany
Melbourne, Australia
Washington, D.C., U.S.
Dallas, Texas, U.S.
Key people
Ryan Smith, CEO[1] Co-founder, Scott M. Smith, Co-founder, Jared Smith, Co-founder, and Stuart Orgill, Co-founder
ProductsQualtrics XM Platform, Qualtrics Research Core, Customer Experience, Employee Experience, Product Experience, Brand Experience, Online Sample
Number of employees
1,300+
WebsiteQualtrics.com

Qualtrics is a privately held experience management company, with co-headquarters in Provo, Utah and Seattle, Washington, in the United States. The company was founded in 2002 by Scott M. Smith, Ryan Smith, Jared Smith and Stuart Orgill.[2]

Qualtrics is a subscription software for collecting and analyzing data[1] for market research, customer satisfaction and loyalty, product and concept testing, employee evaluations and website feedback.[3]

On November 11, 2018 it was announced that Qualtrics would be acquired by SAP.[4] The acquisition is expected to close in the first half of 2019.

History[edit]

Funding & Valuation[edit]

In 2012, the company received a $70 million investment from Sequoia Capital and Accel Partners, generally considered two of the top venture capital firms in the country.[5][6] It was the largest joint investment to date by these two firms.[7] In September 2014, Sequoia Capital and Accel Partners returned in Series B funding, led by Insight Venture Partners worth $150 million, a record for a Utah-based company.[8] In April 2017 Qualtrics received a Series C of $180 million by funded by returning investors Accel, Sequoia Capital, and Insight Venture Partners.[9] The Series C was raised at a $2.3 billion pre-money valuation.[10]

Over its lifetime, Qualtrics has raised a total of $400 million from Accel, Insight Venture Partners and Sequoia Capital.[9]

Filing for IPO[edit]

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[11]. The company will list under the NASDAQ under the ticker "XM" in reference to their flagship experience management product, the Qualtrics XM Platform.

When it was announced in November 2018 Qualtrics would be acquired by SAP (NYSE: SAP) plans for an IPO were scrapped.

Ranking[edit]

In 2016, Qualtrics was ranked #12 on the Forbes Cloud 100 list,[12] moving to #6 in 2017.[13]

Revenue[edit]

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[11].

Acquisitions[edit]

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.[14][15]

In April 2018 Qualtrics acquired Delighted for an undisclosed sum. Delighted had over 1500 customers at the time of acquisition.[16]

In June 2018, Tango Card, a digital rewards and incentives provider collaborated with Qualtrics to improve management of digital incentives and distribution of gift cards.[17]

Acquisition by SAP SE[edit]

In November 2018, it was announced that it would be acquired by SAP. SAP will acquire all outstanding shares of Qualtrics for $8 billion USD in an all cash deal. SAP secured €7 billion in financing.[18] At the time it was announced, the Qualtrics acquisition will be SAP's second-biggest purchase ever behind the $8.3 billion acquisition of travel and expense management firm Concur in 2014.[19]

Research[edit]

Quantitative statistical analysis performed with Qualtrics is cited in a number of professional and academic journals.[20][21][22][23][24][25][26][27][28][29][30][31] Qualtrics became the first employee management platform measuring employee experiences through key metrics powered by predictive intelligence.[32]

References[edit]

  1. ^ a b Scott, Martin (27 August 2012). "Customer research easier in digital era". USA Today. Retrieved 20 February 2013.
  2. ^ Lizette Chapman. "Qualtrics Taps Accel, Sequoia For First-Ever VC Round". WSJ.
  3. ^ "Qualtrics: Online Survey Software & Insight Platform". Qualtrics.
  4. ^ "XO Data Press Release".
  5. ^ CB Insights Venture Capital Power Rankings 2016
  6. ^ TechCrunch Top 10 VC Firms
  7. ^ Anthony Ha. "Qualtrics Raises $70M From Accel And Sequoia: "The Biggest Software Company You Haven't Heard Of"?". TechCrunch. AOL.
  8. ^ Joshua Brustein. "How Qualtrics Turned Online Surveys Into a $1 Billion Business - Businessweek". Businessweek.com.
  9. ^ a b "Qualtrics Crunchbase Profile".
  10. ^ "Crunchbase - Qualtrics Series C Detail".
  11. ^ a b "Qualtrics International INC. FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933". U.S. Securities and Exchange Commission. October 19, 2018.
  12. ^ "Forbes Cloud 100". Forbes. Retrieved 29 October 2016.
  13. ^ "Qualtrics on the Forbes Cloud 100 List". Forbes. Retrieved 2018-03-21.
  14. ^ "Daily Research News Online no. 22721 - Qualtrics Buys Software Firm Statwing". www.mrweb.com. Retrieved 2016-06-29.
  15. ^ "Qualtrics Acquires Y Combinator-Funded Startup Statwing, Making Data Science Easy for Anyone". Yahoo Finance. Archived from the original on 25 June 2016.
  16. ^ "Qualtrics Inches Closer To IPO By Acquiring The Startup Behind Ratings For Postmates And Uber". www.forbes.com. Retrieved 2018-04-12.
  17. ^ "Tango Card partners with Qualtrics for gift card management - Cards International". www.verdict.co.uk. Retrieved 2018-06-25.
  18. ^ "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.
  19. ^ Sherman, Alex (2018-11-11). "SAP is acquiring survey software maker Qualtrics for $8 billion". CNBC. Retrieved 2018-11-12.
  20. ^ Albaum, G. S., & Smith, S. M. (2006). Handbook of Marketing Research . London, United Kingdom: Sage Publications. byu.edu (PDF)
  21. ^ Strutz, M.L. (2008). A Retrospective Study of Skills, Traits, Influences, and School Experiences of Talented Engineers. ASEE North Central Section Conference ilin.asee.org (PDF)
  22. ^ University of North Carolina at Chapel Hill, Carolina Population Center (CPC), Measure Evaluation, September 2007, (57) p. (SR-07-39| USAID Cooperative Agreement No. GPO-A-00-03-00003-00), db.jhuccp.org[permanent dead link]
  23. ^ Brunson, K. W. (2008). Electronic Textbooks: An Empirical Study of Adoption Potential. The Liberty Business Review VI.1, 44–55, works.bepress.com
  24. ^ (Winter 2007–2008). Journal of New Communications Research, 100, books.google.com
  25. ^ Zikmund, William G.; Babin, Barry J. Essentials of Marketing Research (with Qualtrics Card) 4th Edition.
  26. ^ Zikmund, William G.; Babin, Barry J.; Jon C. Carr, Jon C.; Griffin Business Research Methods, Mitch (March 12, 2012). Business Research Methods (with Qualtrics Printed Access Card) 9th Edition. South-Western College Pub;. ISBN 978-1111826925.
  27. ^ 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.
  28. ^ Churchill, Gilbert A.; Brown, Tom J.; Suter, Tracy A. (April 22, 2009). Basic Marketing Research 7th Edition. South-Western College Pub;. ISBN 978-1439041390.
  29. ^ Iacobucci, Dawn; Churchill, Gilbert A. (October 20, 2009). Marketing Research: Methodological Foundations (with Qualtrics Card) 10th Edition. South-Western College Pub; 10 edition. ISBN 978-1439081013.
  30. ^ Malhotra, Naresh K. (September 18, 2008). Basic Marketing Research & Qualtrics Pkg / Edition 3. Prentice Hall. ISBN 9780137155934.
  31. ^ Sue, V. M., & Ritter, L.A. (2007). Conducting Online Surveys. United States of America: Sage Publications.
  32. ^ Qualtrics Simplifies Closing the Employee Experience Gap With Powerful New Methodology

External links[edit]