Software giant SAP has agreed to acquire Qualtrics for $8 billion, just days before the US company was due to go public.
Qualtrics is a technology platform that businesses can use to collect, manage and act upon data. SAP will add the company's XM Platform, which is a system for managing core business experiences, such as customers, products, employees and brand, on a single platform.
The company will keep its leadership structure in place and operate within SAP as normal but said it expects it's 2018 revenue to exceed $400 million now its a part of SAP.
"Our mission is to help organizations deliver the experiences that turn their customers into fanatics, employees into ambassadors, products into obsessions and brands into religions," said Ryan Smith, CEO of Qualtrics.
"Supported by a global team of over 95,000, SAP will help us scale faster and achieve our mission on a broader stage. This will put the XM Platform everywhere overnight. We could not be more excited to join forces with Bill and the SAP team in this once-in-a-generation opportunity to power the experience economy."
At the time of sale, Qultrics had over 9,000 enterprises on its books worldwide, including more than 75% of the Fortune 100. The deal will give the German enterprise software maker access to more than 413,000 customers and a global sales force of around 15,000
"Together, SAP and Qualtrics represent a new paradigm, similar to market-making shifts in personal operating systems, smart devices and social networks," said SAP CEO Bill McDermott. "SAP already touches 77% of the world's transactions.
"The combination of Qualtrics and SAP reaffirms experience management as the groundbreaking new frontier for the technology industry. SAP and Qualtrics are seizing this opportunity as like-minded innovators, united in mission, strategy and culture."
