SAP's in-and-out burger Qualtrics sold to Silver Lake and Canadian pension funds
Qualtrics reported its FY 2022 results on January 25, when investors were told of a 36 percent increase in annual revenue to $1.46 billion, an operating loss of $1.05 billion, but better than expected earnings per share – numbers that saw the share price pop from around $11 to over $16. The scrip had not seen that valuation since mid-2022. Silver Lake and CPP Investments will pay $18.15 apiece – a nice pay day for recent investors.
Qualtrics's future owners will get their hands on a going concern with over 18,000 customers and an arguable leadership position in software that measures customers' perception of the quality of experiences they consume. Qualtrics asserts that measuring such perceptions allows improvement of experiences – an important feedback loop given so many products are now delivered as software.
CPP Investments emphasizes long-term investments, and Silver Lake tries to steer companies it tends to long-term growth. So maybe this won't be a case of private owners maximizing profits and looking for a quick sale. Or perhaps the new owners have seen Qualtrics endure SAP's two rapid transactions and reckon the biz can survive a third. ®
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Silver Lake set to take over software company Qualtrics in $12.5bn deal\n\t\t\tExclusive scoops\n\t\t\tSmart data to help spot risk and opportunity\n\t\t\tAnalysis of broader trends in M&A\n\t\t\tLex, our agenda-setting business commentary (Premium only)\n\t\t\tDue Diligence, an exclusive M&A newsletter (Premium only)\n\t\t
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