Qualtrics International, an experience management software provider being spun out of SAP, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $1.2 billion. Qualtrics launched a $400 million IPO in November 2018 at an enterprise value of $4.3 billion, before being acquired days later by SAP for $8 billion.
Qualtrics believes that it has pioneered a new category of software, experience management (XM), which enables organizations to succeed in today's experience economy. The Qualtrics XM Platform allows customers to manage the "four core experiences" - customer, employee, product, and brand - on a single, connected platform.
The Provo, UT-based company was founded in 2002 and booked $723 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol XM. Morgan Stanley, J.P. Morgan, BofA Securities, Barclays, Deutsche Bank, Goldman Sachs, HSBC, Citi, BMO Capital Markets and Truist Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
