Upon the completion of the deal, global venture capital firm Accel, merchant bank BDT & MSD Partners, and Michael Dell’s family investment office DFO Management, have all joined Silver Lake to invest in the experience management software provider
Qualtrics is now a private company owned by Silver Lake, CPP Investments, and others. (Credit: Ben P L from Provo, USA/Wikimedia Commons)
Silver Lake, its co-investors, and Canada Pension Plan Investment Board (CPP Investments) have completed the previously announced $12.5bn acquisition of Qualtrics International.
The all-cash deal, which was announced in March 2023, will take the company private. With its completion, trading of Qualtrics’ common stock on the NASDAQ stock exchange has been discontinued.
Based in the US, Qualtrics is an experience management (XM) software company. The company provides cloud-native software solutions that help businesses quickly identify and address any areas of friction within their operations, spanning both digital interfaces and human interactions.
Qualtrics CEO Zig Serafin said: “Qualtrics has cemented its position as the leader in experience management, and our AI-powered platform is helping more than 19,000 organisations deliver exceptional experiences and build deep relationships with their customers and employees at scale.
“Silver Lake’s deep understanding of our business and vision for Experience Management, combined with their strategic and operational expertise and the support of our other investors, creates an incredible opportunity for Qualtrics to accelerate our innovation and category leadership.”
As per the terms of the offer, Silver Lake and its co-investors along with CPP Investments acquired 100% of the outstanding shares of the XM software company that are not owned by the former for $18.15 per share.
SAP, which held 423 million shares in Qualtrics, sold its stake for an amount of nearly $7.7bn. The German enterprise software provider said that it will persist as a key go-to-market and technological ally for Qualtrics, serving mutual clients and driving their success.
Upon the closure of the deal, global venture capital firm Accel, merchant bank BDT & MSD Partners, and Michael Dell’s family investment office DFO Management, have all joined Silver Lake to invest in Qualtrics.
Accel, being one of the initial investors in the XM software company, has invested $500m. Both BDT & MSD Partners and DFO Management have co-invested $250m each, culminating in a collective investment commitment of $500m.
Silver Lake co-CEO Egon Durban said: “We believe deeply in the incredible opportunity ahead for Qualtrics as they continue to pave the way as the leader in experience management.
“The leadership team has a powerful vision, and we are excited to continue our partnership with Ryan and Zig alongside the other investors to support Qualtrics as it realises its full potential as an independent, private company.”