Qualtrics International, an experience management software provider being spun out of SAP, announced terms for its IPO on Tuesday.
The Provo, UT-based company plans to raise $1.2 billion by offering 49.2 million shares at a price range of $22 to $26. The company plans to raise an additional $550 million in a concurrent private placement to Silver Lake. At the midpoint of the proposed range, Qualtrics International would command a fully diluted market value of $12.6 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.
Qualtrics International 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. It is expected to price during the week of January 25, 2021.
