The German software giant SAP announced today that it has reached an agreement to acquire the company Qualtrics International, specializing in software design to handle satisfaction surveys for clients and business employees, for € 7.104 billion in cash (just over US $ 8,000 million).
SAP has specified in a statement that it plans to close its acquisition during the first half of 2019. The boards of both companies approved the transaction, which also has authorization for the shareholders of Qualtrics. This company, which it planned to make public, expects to invoice more than 400 million dollars (355 million euros) in 2018, which would mean a growth superior to 40% of the income. The American company, which will be part of the German cloud business, will maintain its current management team and staff, as well as its headquarters in the cities of Prov (Utah) and Seattle (Washington). The Qualtrics CEO, Ryan Smith, owns about 40% of the company's shares.
The operation will help SAP, the most valuable technology in Europe, to strengthen its software offer for customer relationship management (CRM), a business that has a strong rivalry with Salesforce, Oracle and Microsoft. "We are always looking for transformation opportunities and this announcement is exactly that," said SAP CEO Bill McDermott, who emphasized that the union of Qualtrics and SAP reaffirms the management of the experience as "the new revolutionary frontier of the technology sector."
Meanwhile, the general director of Qualtrics, Ryan Smith, indicated that the operation will allow to quickly expand the company's activity and achieve wider objectives. "This will put our platform of XM platforms everywhere from day to day. We could not be more excited to join forces with Bill and the SAP team in this unique opportunity to boost the economy of the experience."