|Founders||Scott M. Smith|
|Headquarters||Provo, Utah, U.S.|
Seattle, Washington, U.S.
Other offices: Dublin, Ireland
Sydney, NSW, Australia
London, England, U.K.
Washington, D.C., U.S.
Dallas, Texas, U.S.
|Ryan Smith, CEO Co-founder, Scott M. Smith, Co-founder, Jared Smith, Co-founder, and Stuart Orgill, Co-founder|
|Products||Qualtrics XM Platform, Qualtrics Research Core, Customer Experience, Employee Experience, Product Experience, Brand Experience, Online Sample|
Number of employees
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.
Qualtrics is a subscription software for collecting and analyzing data for market research, customer satisfaction and loyalty, product and concept testing, employee evaluations and website feedback.
Funding & Valuation
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. It was the largest joint investment to date by these two firms. 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. In April 2017 Qualtrics received a Series C of $180 million by funded by returning investors Accel, Sequoia Capital, and Insight Venture Partners. The Series C was raised at a $2.3 billion pre-money valuation.
Over its lifetime, Qualtrics has raised a total of $400 million from Accel, Insight Venture Partners and Sequoia Capital.
Filing for IPO
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. 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.
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.
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.
In April 2018 Qualtrics acquired Delighted for an undisclosed sum. Delighted had over 1500 customers at the time of acquisition.
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.
Acquisition by SAP SE
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. 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.
Quantitative statistical analysis performed with Qualtrics is cited in a number of professional and academic journals. Qualtrics became the first employee management platform measuring employee experiences through key metrics powered by predictive intelligence.
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