Qualtrics

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Qualtrics International Inc.
Subsidiary
IndustryExperience management
Founded2002; 17 years ago (2002)
FoundersScott M. Smith
Ryan Smith
Jared Smith
Stuart Orgill
HeadquartersProvo, Utah, U.S.
Seattle, Washington, 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, N.C.
Key people
Ryan Smith (CEO)[1]
Zig Serafin (President)
Julie Larson-Green (Chief Experience Officer)
ProductsQualtrics XM Platform, Qualtrics Research Core, Customer Experience, Employee Experience, Product Experience, Brand Experience, Online Sample
Number of employees
2,500+
ParentSAP
WebsiteQualtrics.com

Qualtrics is an 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 offers a subscription software platform "that the world’s most iconic companies use to close experience gaps and deliver breakthrough results. The XM Platform makes it simple for any organization to collect, understand, and take action on experience data (X-data)—the beliefs, emotions, and sentiments of customers and employees."[3]

On November 11, 2018 it was announced that Qualtrics would be acquired by SAP.[4] The acquisition was completed on January, 23rd, 2019.[5]

History[edit]

Funding & Valuation[edit]

In 2012, the company received a $70 million Series A investment from Sequoia Capital and Accel Partners, generally considered two of the top venture capital firms in the country.[6][7] It was the largest joint investment to date by these two firms.[8] 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, and valuing the company $1 billion.[9] In April 2017 Qualtrics received a Series C investment round of $180 million from returning investors Accel, Sequoia Capital, and Insight Venture Partners.[10] The Series C was raised at a $2.5 billion pre-money valuation.[11]

Over its lifetime, Qualtrics has raised a total of $400 million from Accel, Insight Venture Partners and Sequoia Capital.[10]

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[12]. 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).

Ranking[edit]

In 2016, Qualtrics was ranked #12 on the Forbes Cloud 100 list,[13] moving to #6 in 2017.[14]

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[12].

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.[15][16]

In April 2018 Qualtrics acquired Delighted for an undisclosed sum. Delighted had over 1,500 customers at the time of acquisition.[17]

Acquisition by SAP SE[edit]

In November 2018, SAP announced its intent to acquire Qualtrics. SAP acquired 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 was SAP's second-biggest purchase ever behind the $8.3 billion acquisition of travel and expense management firm Concur in 2014.[19] The acquisition was formally closed January 23, 2019.[20]

Research[edit]

Quantitative statistical analysis performed with Qualtrics is cited in a number of professional and academic journals.[21][22][23][24][25][26][27][28][29][30][31][32] Qualtrics became the first employee management platform measuring employee experiences through key metrics powered by predictive intelligence.[33] 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[edit]

  1. ^ 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. ^ "The Leading Research & Experience Software". Qualtrics. Retrieved 2019-06-10.
  4. ^ "XO Data Press Release".
  5. ^ "SAP Completes Qualtrics Acquisition". SAP News Center. 2019-01-23. Retrieved 2019-03-07.
  6. ^ "Venture Capital Power Rankings: VCs Rate VCs". CB Insights Research. 7 April 2016. Retrieved 17 June 2019.
  7. ^ "The Top 10 VC Firms, According To InvestorRank". Retrieved 17 June 2019.
  8. ^ Anthony Ha. "Qualtrics Raises $70M From Accel And Sequoia: "The Biggest Software Company You Haven't Heard Of"?". TechCrunch. AOL.
  9. ^ Joshua Brustein. "How Qualtrics Turned Online Surveys Into a $1 Billion Business - Businessweek". Businessweek.com.
  10. ^ a b "Qualtrics Crunchbase Profile".
  11. ^ "Crunchbase - Qualtrics Series C Detail".
  12. ^ 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.
  13. ^ "Forbes Cloud 100". Forbes. Retrieved 29 October 2016.
  14. ^ "Qualtrics on the Forbes Cloud 100 List". Forbes. Retrieved 2018-03-21.
  15. ^ "Daily Research News Online no. 22721 - Qualtrics Buys Software Firm Statwing". www.mrweb.com. Retrieved 2016-06-29.
  16. ^ "Qualtrics Acquires Y Combinator-Funded Startup Statwing, Making Data Science Easy for Anyone". Yahoo Finance. Archived from the original on 25 June 2016.
  17. ^ "Qualtrics Inches Closer To IPO By Acquiring The Startup Behind Ratings For Postmates And Uber". www.forbes.com. Retrieved 2018-04-12.
  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. ^ "SAP Completes Qualtrics Acquisition". SAP News Center. 2019-01-23. Retrieved 2019-06-04.
  21. ^ Albaum, G. S., & Smith, S. M. (2006). Handbook of Marketing Research . London, United Kingdom: Sage Publications. byu.edu (PDF)
  22. ^ 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)
  23. ^ 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]
  24. ^ Brunson, K. W. (2008). Electronic Textbooks: An Empirical Study of Adoption Potential. The Liberty Business Review VI.1, 44–55, works.bepress.com
  25. ^ (Winter 2007–2008). Journal of New Communications Research, 100, books.google.com
  26. ^ Zikmund, William G.; Babin, Barry J. Essentials of Marketing Research (with Qualtrics Card) 4th Edition.
  27. ^ 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.
  28. ^ 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.
  29. ^ Churchill, Gilbert A.; Brown, Tom J.; Suter, Tracy A. (April 22, 2009). Basic Marketing Research 7th Edition. South-Western College Pub;. ISBN 978-1439041390.
  30. ^ 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.
  31. ^ Malhotra, Naresh K. (September 18, 2008). Basic Marketing Research & Qualtrics Pkg / Edition 3. Prentice Hall. ISBN 9780137155934.
  32. ^ Sue, V. M., & Ritter, L.A. (2007). Conducting Online Surveys. United States of America: Sage Publications.CS1 maint: Multiple names: authors list (link)
  33. ^ GmbH, finanzen net. "Qualtrics Simplifies Closing the Employee Experience Gap With Powerful New Methodology - Markets Insider". markets.businessinsider.com. Retrieved 17 June 2019.

External links[edit]