Cloud software creator Qualtrics is making headway toward a goal it initiated two years ago. Back in 2018, it was on the verge of initial public offering when it was acquired by German enterprise resource planning company SAP. Back then, the company was purchased for $8 billion.
On Monday, CNBC reported that Qualtrics is finally ready to operate independently. The company has filed its S-1 form with the Securities and Exchange Commission. By selling its shares at prices ranging from $20 to $24, Qualtrics plans to take its valuation up to as much as $14.4 billion. The company will be traded on Nasdaq under the ticker symbol “XM.”
Qualtrics specializes in cloud-based experience management software. Its platform enables businesses to measure how customers respond to their products, ultimately helping them make improvements to their offerings. Qualtrics’ solution tracks the core business experiences, which, according to the company site, are those of customer, employee, product, and brand.
During the pandemic, cloud software companies have experienced a surge in demand. More people are using services like Zoom and Datadog as much of the workforce continues to operate remotely. Qualtrics is also hoping to capitalize on this opportunity for an increased user base. According to the S-1 document, the company currently serves more than 12,000 customers.
Following Qualtrics’ IPO, SAP plans to retain most of the company’s ownership, controlling 80 percent of its shares. The IPO is expected as early as next month.
Currently, the company splits its headquarters between Seattle and Provo, Utah. It employs 3,370 people and is now looking to hire even more talent. There are more than 40 available positions at its Seattle office with roles open in engineering, business operations, product management and more.
