SAP has announced that it will be acquiring the leader in the experience management software space, Qualtrics, for $8 billion. SAP intends to buy out all of Qualtrics’ shares in a cash payout.
The Germany conglomerate entered into a definitive agreement making their commitment official yesterday. The company said that it had secured financing of €7 billion to cover all the acquisition-related costs which include- unvested employee incentive compensation and cash on the balance sheet at the close. The acquisition is expected to close by the first half of next year.
The current CEO of Qualtrics, Ryan Smith will be retaining his position as the CEO of Qualtrics after the acquisition is done. With SAP’s extensive reach, Qualtrics’ XM Platform will now be present everywhere overnight and help the company scale faster.
SAP’s CEO Bill McDermott said that together Qualtrics and SAP are reaffirming experience management as the “groundbreaking new frontier for the technology industry.” He welcomed the Qualtrics to the SAP family by saying “We can’t wait to stand beside Ryan and his amazing colleagues for the next chapters in the experience management story. The best for Qualtrics and SAP is yet to come!”
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