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SAP subsidiary Qualtrics is being acquired by investment firm Silver Lake Partners and pension investment fund CPP Investments. They will pay $12.5 billion (11.7 billion euros) for the software company.

In the now agreed sale, Silver Lake and CPP Investments will take 100 percent of the shares. This includes all the shares of Qualtrics that Silver Lake did not already own, aka 95.9 percent of the shares. The investment company was already a major shareholder in the SAP subsidiary with a 4.1 percent stake.

All shareholders will soon receive $18.15 per share. This is 30 percent more than Qualtrics’ last listing on Jan. 25 of this year. This was the day before SAP announced its intention to divest its subsidiary.

Continued cooperation with SAP

With the acquisition, Quatrics will lose its stock market listing and will continue to operate as a privately held company, it is planned. The goal is to develop the company into the provider of the latest enterprise next-generation cloud-based software platform on the market. CEO Zig Serafin will remain in charge of the company, and headquarters in Provo, Utah and Seattle will also be retained.

Going forward, Qualtrics will also continue to work closely with SAP for market operations and technology development, both for existing and new customers.

Subject to regulatory approval, the transaction should be completed in the second half of this year. From the time of the final acquisition, Qualtrics will also disappear from the stock market.

Read also: SAP wants to divest Qualtrics: $12.4 billion offer comes in