Significant new investments from Accel and BDT
& MSD Partners underscore Qualtrics’ market opportunity and
growth potential
Positions the pioneer and leader in Experience
Management for its next chapter of growth at scale
Qualtrics shareholders to receive $18.15 per
share in cash
Qualtrics, the leader and creator of the experience management
(XM) software category, today announced the completion of its
acquisition by Silver Lake, the global leader in technology
investing, in partnership with Canada Pension Plan Investment Board
(CPP Investments).
Silver Lake and its co-investors, together with CPP Investments,
have acquired 100% of the outstanding shares in Qualtrics that
Silver Lake does not already own, including the entirety of SAP’s
majority ownership interest. With the completion of the
transaction, Qualtrics stockholders, including SAP, are entitled to
receive $18.15 in cash for each share of Qualtrics common stock
they owned. Qualtrics’ common stock has ceased trading on the
NASDAQ stock exchange.
“XM has never been more important than it is right now. To be
able to go into this next chapter at our size and scale as the
leader in experience management— and do it alongside some of the
best investors in the world—is a part of the Qualtrics story that
no one could have imagined,” said Ryan Smith, Qualtrics Founder and
Executive Chairman. “I couldn’t be more excited for this next
chapter for Qualtrics."
“Qualtrics has cemented its position as the leader in experience
management, and our AI-powered platform is helping more than 19,000
organizations deliver exceptional experiences and build deep
relationships with their customers and employees at scale,” said
Qualtrics CEO Zig Serafin. “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.”
“We believe deeply in the incredible opportunity ahead for
Qualtrics as they continue to pave the way as the leader in
experience management,” said Egon Durban, Co-CEO of Silver Lake.
“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 realizes its full potential as
an independent, private company.”
“This is a unique opportunity to invest in a category creator
led by a strong management team that is shaping a rapidly growing
market,” said Hafiz Lalani, Managing Director and Head of Direct
Private Equity at CPP Investments. “We look forward to supporting
the Qualtrics team in driving continued innovation as they help
clients re-define their customer and employee experiences around
the world.”
Accel and BDT & MSD Partners Invest in Qualtrics
Alongside
In connection with the close, Accel, a global venture capital
firm, as well as BDT & MSD Partners, a merchant bank built to
serve the distinct needs of business owners and strategic,
long-term investors; and DFO Management, the family investment
office of Michael Dell, have joined Silver Lake in investing in
Qualtrics. Accel, which was one of Qualtrics’ earliest investors,
has invested $500 million. BDT & MSD Partners and DFO
Management have each made a co-investment of $250 million, for an
aggregate commitment of $500 million.
Advisors
Morgan Stanley & Co. LLC acted as financial advisor to
Qualtrics, and Goodwin Procter LLP acted as legal advisor. Goldman
Sachs & Co. LLC acted as financial advisor to a Qualtrics
committee of independent directors and Freshfields Bruckhaus
Deringer US LLP acted as legal advisor. J.P. Morgan acted as
financial advisor and Latham & Watkins LLP and Simpson Thacher
& Bartlett LLP acted as legal advisors, with regard to the
transaction and to the debt financing, respectively, to Silver Lake
and CPP Investments.
About Qualtrics
Qualtrics, the leader and creator of the experience management
category, is a cloud-native software provider that helps
organizations quickly identify and resolve points of friction
across all digital and human touchpoints in their business – so
they can retain their best customers and employees, protect their
revenue, and drive profitability. More than 19,000 organizations
around the world use Qualtrics’ advanced AI to listen, understand,
and take action. Qualtrics uses its vast universe of experience
data to form the largest database of human sentiment in the world.
Qualtrics is co-headquartered in Provo, Utah and Seattle and
operates out of 28 offices globally. To learn more, please visit
qualtrics.com.
About Silver Lake
Silver Lake is a global technology investment firm, with more
than $98 billion in combined assets under management and committed
capital and a team of professionals based in North America, Europe
and Asia. Silver Lake’s portfolio companies collectively generate
more than $276 billion of revenue annually and employ approximately
710,000 people globally.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a
professional investment management organization that manages the
Fund in the best interest of the 21 million contributors and
beneficiaries of the Canada Pension Plan. In order to build
diversified portfolios of assets, investments are made around the
world in public equities, private equities, real estate,
infrastructure and fixed income. Headquartered in Toronto, with
offices in Hong Kong, London, Luxembourg, Mumbai, New York City,
San Francisco, São Paulo and Sydney, CPP Investments is governed
and managed independently of the Canada Pension Plan and at arm’s
length from governments. At March 31, 2023, the Fund totalled C$570
billion. For more information, please visit www.cppinvestments.com
or follow us on LinkedIn, Instagram or Twitter.
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. In some cases, you can identify forward-looking statements
by terms such as “anticipate,” “believe,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “project,” “will,” “would,”
“should,” “could,” “can,” “predict,” “potential,” “target,”
“explore,” “continue,” or the negative of these terms, and similar
expressions intended to identify forward-looking statements.
Forward-looking statements are predictions, projections and
other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to
numerous uncertainties and risks, including factors beyond our
control, that could cause actual results, performance or outcomes
to differ materially from those anticipated or implied in the
statements. Important factors that could cause actual outcomes or
results to differ materially from the forward-looking statements
include, but are not limited to, (a) the ability of the Company to
timely and successfully achieve the anticipated benefits of the
Merger; (b) the Company’s ability to implement its business
strategy; (c) significant transaction costs associated with the
Merger; (d) potential litigation relating to the Merger; (e) the
risk that disruptions from the Merger will harm the Company’s
business, including current plans and operations; (f) the ability
of the Company to retain and hire key personnel; (g) potential
adverse reactions or changes to business relationships resulting
from the announcement or completion of the proposed Merger; (h)
legislative, regulatory and economic developments affecting the
Company’s business; (i) general economic and market developments
and conditions; (j) the evolving legal, regulatory and tax regimes
under which the Company operates; and (k) unpredictability and
severity of catastrophic events, including, but not limited to,
acts of terrorism or outbreak of war or hostilities, as well as the
Company’s response to any of the aforementioned factors. These
risks, as well as other risks associated with the transaction, are
more fully discussed in the Information Statement filed with the
SEC in connection with the transaction. While the list of factors
presented here is, and the list of factors presented in the
Information Statement will be, considered representative, no such
list should be considered to be a complete statement of all
potential risks and uncertainties. Unlisted factors may present
significant additional obstacles to the realization of forward
looking statements. Consequences of material differences in results
as compared with those anticipated in the forward-looking
statements could include, among other things, business disruption,
operational problems, financial loss, legal liability to third
parties and similar risks, any of which could have a material
adverse effect on the Company’s financial condition, results of
operations, or liquidity. The Company does not assume any
obligation to publicly provide revisions or updates to any
forward-looking statements, whether as a result of new information,
future developments or otherwise, should circumstances change,
except as otherwise required by securities and other applicable
laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20230628249560/en/
Qualtrics
Gina Sheibley Chief Communications Officer
press@qualtrics.com
Silver Lake
Matt Benson Managing Director and Head of Communications
matthew.benson@silverlake.com +1 212 401 6055
Jennifer Stroud jennifer.stroud@edelmansmithfield.com +1 646 565
1792
CPP Investments
Asher Levine Managing Director, Global Corporate Communications
media@cppib.com
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