Qualtrics

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Qualtrics International Inc.
TypePublic
IndustryExperience management
Founded2002; 20 years ago (2002)
Founders
Headquarters
Key people
Ryan Smith (Executive Chairman)[1]
Zig Serafin (CEO)
Chris Beckstead (President)
ProductsQualtrics XM Platform, Design XM, Customer XM, Employee XM, Product XM, Brand XN, XM Services
RevenueIncrease US$1.08 billion (2021)[2]
Decrease US$−1.05 billion (2021)[2]
Decrease US$−1.06 billion (2021)[2]
Total assetsIncrease US$3.58 billion (2021)[2]
Total equityIncrease US$2.19 billion (2021)[2]
OwnerSAP (72.7%)[3]
Number of employees
4,808 (December 2021)[2]
Websitequaltrics.com

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

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[edit]

Funding and valuation[edit]

In 2012, the company received a $70 million Series A investment from Sequoia Capital and Accel,[12][13] It was the largest joint investment to date by these two firms.[14] In September 2014, the two firms 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]

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.[16] 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[edit]

In 2020, Qualtrics earned a ‘Leader’ designation in Gartner's Magic Quadrant for Voice of Customer,[17] a ‘leader’ designation in Forrester's Employee Experience for Enterprise wave,[18] and the top ranking in G2's Experience Management category.[19] In 2016, Qualtrics was ranked #12 on the Forbes Cloud 100 list,[20] moving to #6 in 2017.[21] In March 2020, Qualtrics' CoreXM platform was named a 2020 gold winner by the Edison Awards in the Applied Technology category.[22]

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, the firm reported an overall net loss of $12 million with free cash flow of $3.4 million. In 2017, it reported a $2.6 million net profit with free cash flow of $21.3 million.[16]

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.[23][24]

In April 2018 the firm acquired Delighted for an undisclosed sum. Delighted had more than 1,500 customers at the time of acquisition.[25]

Acquisition by SAP SE[edit]

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.[26] 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.[27] The acquisition was formally closed January 23, 2019.[28]

Initial public offering (IPO)[edit]

On 26 July 2020, SAP announced its intent to take Qualtrics public through an IPO in the United States. According to SAP, the decision to go public was made due to Qualtrics' performance since the acquisition, with 2019 cloud growth in excess of 40 percent. SAP's stated intent is to remain the majority shareholder. While acknowledging that the spinoff made financial sense due to market conditions, Patrick Moorhead, founder and principal analyst at Moor Insight & Strategy, felt there was also a corporate culture clash. In his view, SAP couldn't find a way to co-exist with the younger, more nimble Qualtrics.[29][30] On January 28, 2021, Qualtrics began trading on the Nasdaq at $41.85 per share.[10] After reaching an intraday high a week later above $57, the stock settled into a trading range from approximately $30 to $40 for the remainder of the first half of 2021. As of June, 2022, the stock had fallen as low as $12.71 and generally hovered around $13.25.

In May 2022, Qualtrics announced that they will go live on Amazon Web Services (AWS) cloud infrastructure in London in the second half of 2022. Qualtrics customers will be able to access Qualtrics XM/OS platform locally via AWS London region. Furthermore, Qualtrics announced that they will be opening a London office and customer experience centre.[31]

Experience management[edit]

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.[32]

Research[edit]

Quantitative statistical analysis performed with Qualtrics has been cited in a number of professional and academic journals.[33] Qualtrics became the first employee management platform measuring employee experiences through key metrics powered by predictive intelligence.[34] Researchers have used it as a survey tool and combine it with SPSS to analyze their survey data on employee experiences and many other types of survey data.

See also[edit]

References[edit]

  1. ^ Martin, Scott (August 27, 2012). "Customer research easier in digital era". USA Today. Retrieved 20 February 2013.
  2. ^ a b c d e f "FORM 10-K for the fiscal year ended December 31, 2021". sec.gov. 1 March 2022.
  3. ^ "Qualtrics 2022 Proxy Statement (DEF 14A)". U.S. Securities and Exchange Commission. 15 April 2022.
  4. ^ Chapman, Lizette (15 May 2012). "Qualtrics Taps Accel, Sequoia For First-Ever VC Round". The Wall Street Journal.
  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. ^ a b 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 (24 September 2014). "How Qualtrics Turned Online Surveys Into a $1 Billion Business - Businessweek". Businessweek.com.
  16. ^ 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.
  17. ^ "Qualtrics Named a Leader in Gartner's 2020 Magic Quadrant for Voice of the Customer". www.prnewswire.com. Retrieved 2020-12-28.
  18. ^ Mitchell, Vanessa (19 March 2020). "Report: Forrester names employee experience leaders". www.cmo.com.au. Retrieved 2020-12-28.
  19. ^ "G2: Best Experience Management Software". 28 December 2020.
  20. ^ "Forbes Cloud 100". Forbes. Retrieved 29 October 2016.
  21. ^ "Qualtrics on the Forbes Cloud 100 List". Forbes. Retrieved 2018-03-21.
  22. ^ "Qualtrics Wins 2020 Edison Award for Its Industry-Leading CoreXM Solution". SalesTech Star. 2020-03-31. Retrieved 2020-04-17.
  23. ^ "Daily Research News Online no. 22721 - Qualtrics Buys Software Firm Statwing". www.mrweb.com. Retrieved 2016-06-29.
  24. ^ "Qualtrics Acquires Y Combinator-Funded Startup Statwing, Making Data Science Easy for Anyone". Yahoo Finance. Archived from the original on 25 June 2016.
  25. ^ "Qualtrics Inches Closer To IPO By Acquiring The Startup Behind Ratings For Postmates And Uber". www.forbes.com. Retrieved 2018-04-12.
  26. ^ "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.
  27. ^ Sherman, Alex (2018-11-11). "SAP is acquiring survey software maker Qualtrics for $8 billion". CNBC. Retrieved 2018-11-12.
  28. ^ "SAP Completes Qualtrics Acquisition". SAP News Center. 2019-01-23. Retrieved 2019-06-04.
  29. ^ "SAP Announces Intent to Take Qualtrics Public | Qualtrics IPO | SAP News". SAP News Center. July 26, 2020.
  30. ^ "SAP decision to spin out Qualtrics 20 months after spending $8B surprises industry watchers". TechCrunch. Retrieved 2020-12-04.
  31. ^ {{cite web|date=12 May 2022|url=https://www.businesswire.com/news/home/20220512005097/en/Qualtrics-to-go-live-on-Amazon-Web-Services-Cloud-Infrastructure-in-the-UK%7Ctitle=Qualtrics UK customers will be able to access the Qualtrics XM/OS platform locally via data centre in the AWS London Region|journal=Business Wire|access-date=12 May 2022|url-status=live
  32. ^ "Qualtrics Customers | Trusted by +11,000 Leading Brands". Qualtrics. Retrieved 2020-12-28.
  33. ^ Albaum, G. S., & Smith, S. M. (2006). Handbook of Marketing Research. London, United Kingdom: Sage Publications. byu.edu (PDF)
    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)
    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]
    Brunson, K. W. (2008). Electronic Textbooks: An Empirical Study of Adoption Potential. The Liberty Business Review VI.1, 44–55, works.bepress.com
    (Winter 2007–2008). Journal of New Communications Research, 100, books.google.com
    Zikmund, William G.; Babin, Barry J. (2009-04-20). Essentials of Marketing Research (with Qualtrics Card) 4th Edition. ISBN 978-1439047545.
    Zikmund, William G.; Babin, Barry J.; Jon C. Carr, Jon C.; Griffin, Mitch (March 12, 2012). Business Research Methods (with Qualtrics Printed Access Card) 9th Edition. South-Western College. ISBN 978-1111826925.
    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.
    Churchill, Gilbert A.; Brown, Tom J.; Suter, Tracy A. (April 22, 2009). Basic Marketing Research 7th Edition. South-Western College Pub. ISBN 978-1439041390.
    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.
    Malhotra, Naresh K. (September 18, 2008). Basic Marketing Research & Qualtrics Pkg / Edition 3. Prentice Hall. ISBN 9780137155934.
    Sue, V. M., & Ritter, L. A. (2007). Conducting Online Surveys. United States of America: Sage Publications.{{cite book}}: CS1 maint: multiple names: authors list (link)
  34. ^ "Qualtrics Simplifies Closing the Employee Experience Gap With Powerful New Methodology". markets.businessinsider.com. Retrieved 17 June 2019.

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