SAP SE (NYSE: SAP) announced its intent to take Qualtrics public through an initial public offering (IPO) in the United States. Provo, Utah and Seattle, Washington-based Qualtrics is the market leader and creator of the Experience Management (XM) category, a large, fast-growing and rapidly evolving market.
SAP intends to remain the majority owner of Qualtrics. Its primary objective for the IPO is to fortify Qualtrics’ ability to capture its full market potential within Experience Management.
This will help to increase Qualtrics’ autonomy and enable it to expand its footprint both within SAP’s customer base and beyond. The founder Ryan Smith and current management team of Qualtrics will continue to operate the company. SAP agreed to acquire Qualtrics four days before Qualtrics was to go public in 2018 and currently owns 100 percent of the shares.
The company will retain majority ownership of Qualtrics and has no intention of spinning off or otherwise divesting its majority ownership interest. Ryan Smith intends to be Qualtrics’ largest individual shareholder.