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Qualtrics

From Wikipedia, the free encyclopedia
Qualtrics, LLC
TypePrivate
IndustryExperience Management
Founded2002; 24 years ago (2002)
Founders
Headquarters
Key peopleRyan Smith (Executive Chairman)[1]
Jason Maynard (CEO)
[2]
ProductsQualtrics XM Platform, Customer Experience suite, Employee Experience suite, Market Research suite
OwnerSilver Lake
Number of employees
6,306 (March 2026)[3]
Websitequaltrics.com
Footnotes
[4][5]

Qualtrics, LLC is an American experience management company, with co-headquarters in Seattle, Washington, and Provo, Utah The company was founded in 2002 by Scott M. Smith, Ryan Smith, Jared Smith, and Stuart Orgill.[6][7]

Qualtrics offers a cloud-based subscription software platform for what they call Experience Management, which it launched in March 2017 and helps companies collect and analyze feedback from employees, customers and others.[8] Qualtrics software is used widely in academia to conduct survey research;[9][10] however, in 2012 the company began to pivot toward serving enterprise customers.[11] As of 2026, the company is focused on data collection and the use of agentic AI.[12]

History

[edit]

Qualtrics was founded in Provo, Utah in 2002.[13] The company began in the Smiths' basement and operated from there for five years. Stuart Orgill, a friend of Ryan Smith, later joined them as the company began to grow.[14]

In the company's first decade of operation, more than 1,300 universities used its Qualtrics Research Suite. Its customers also included Boeing, FedEx, and Microsoft.[14]

2010–2019

[edit]

In 2012, the company received a $70 million Series A investment from Sequoia Capital and Accel.[15][16] It was the largest joint investment to date by these two firms.[17] In September 2014, the two firms returned to Series B funding, led by Insight Partners. The funding, worth $150 million, was a record for a Utah-based company, and it valued the company at $1 billion.[18]

In May 2016, Qualtrics acquired statistical analysis startup Statwing for an undisclosed sum. Statwing was a San Francisco-based company that created point-and-click software for advanced statistical analysis.[19]

In April 2018, the firm acquired Delighted for an undisclosed sum. Delighted had more than 1,500 customers at the time of acquisition.[20]

On October 19, 2018, Qualtrics filed its S-1 registration statement through an initial public offering (IPO).[21] At the time, the company listed over 9,000 global customers.

Plans for the IPO were scrapped when it was announced in November 2018 that Qualtrics would be acquired by SAP (NYSE: SAP).[22]

SAP bought Qualtrics in January 2019 for US$8 billion in an all-cash deal.[23][24][25]

2020–present

[edit]

On July 26, 2020, SAP announced its intent to take Qualtrics public through an IPO in the United States.[22] According to SAP, the decision to go public was made due to Qualtrics' performance since the acquisition, with 2019 cloud growth in excess of 40 percent.[26] SAP's stated intent was to remain the majority owner of Qualtrics, while Qualtrics co-founder Ryan Smith remained the company's largest shareholder.[27][26]

On January 28, 2021, Qualtrics began trading on the Nasdaq at $41.85 per share.[28]

In January 2021, Brad Anderson, a high level executive of Microsoft, joined Qualtrics as president of products and services.[29][30]

In October 2021, the firm acquired Clarabridge in an all-stock deal for $1.125 billion. Clarabridge was a Virginia-based company that created software for omnichannel conversational analytics.[31]

In May 2022, Qualtrics announced it would go live on Amazon Web Services (AWS) cloud infrastructure in London in the second half of 2022. Qualtrics customers would be able to access the XM Platform locally via AWS London region. Furthermore, Qualtrics announced it would be opening a London office and customer experience centre.[32]

In March 2023, a group of investors including private equity firm Silver Lake, CPP Investment Board, and co-founder Ryan Smith agreed to buy Qualtrics from SAP in an all-cash deal worth $12.5 billion.[33][34]

Silver Lake first invested more than $500 million in Qualtrics during the company's IPO in 2021.[35] In March 2023, Silver Lake agreed to take Qualtrics private. In June 2023, the Qualtrics acquisition by Silver Lake was completed. At the time of the close, the Qualtrics deal was the single largest investment in Silver Lake's history.[36]

In connection with the close, Accel, a global venture capital firm, as well as BDT & MSD Partners, a merchant bank built to serve the distinct needs of business owners and strategic, long-term investors; and DFO Management, the family investment office of Michael Dell, joined Silver Lake in investing in Qualtrics. Accel, which was one of Qualtrics' earliest investors, invested $500 million. BDT & MSD Partners and DFO Management each made a co-investment of $250 million, for an aggregate commitment of $500 million.[37]

In August 2025, Qualtrics and PureSpectrum entered into a partnership aimed at accelerating research teams' access to market insights related to synthetic research capabilities. Through the agreement, PureSpectrum designated Qualtrics as its exclusive synthetic panel provider.[38]

In October 2025, Qualtrics announced the acquisition of Indiana-based healthcare-focused technology company Press Ganey for $6.75 billion, including debt, making it the company's largest acquisition to date.[39][40] The acquisition, which was finalized in May 2026, expanded Qualtrics’ healthcare network to include 41,000 facilities using Press Ganey Forsta systems.[41][42] Qualtrics' acquisition of Press Ganey Forsta was reportedly the largest technology acquisition in Utah history.[43]

On February 3, 2026, Qualtrics named Jason Maynard its new CEO and appointed Maynard to its board of directors.[44][45] Maynard, the former executive vice president of revenue operations at Oracle, replaced Jim Whitehurst and Mark Gillett, who became interim co-CEOs after Zig Serafin stepped down as CEO in October 2025.[44]

In March 2026, the PGA Tour named Qualtrics the official tool of its new "Voice of the Gallery" program, part of the Tour's Fan Forward initiative.[46]

At Qualtrics' X4 Experience Management Summit in March 2026, the company introduced new artificial intelligence capabilities, including synthetic consumer panels that allow organizations to simulate how consumers may respond to research questions.[47] The panels were tested by Google, Navy Federal Credit Union, and Dollar Shave Club, among other companies.[48]

See also

[edit]

References

[edit]
  1. ↑ Primack, Dan (8 April 2025). "Utah Jazz owner forming $1 billion venture capital fund". Axios. Retrieved 2 September 2026.
  2. ↑ Doerer, Kristen (3 February 2026). "Qualtrics appoints former Oracle executive CEO". CX Dive. Retrieved 2 September 2026.
  3. ↑ "How many employees work at Qualtrics International?". www.reveliolabs.com. August 2026. Retrieved 2 September 2026.
  4. ↑ "Qualtrics 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 24 February 2023.
  5. ↑ "Qualtrics 2022 Proxy Statement (DEF 14A)". U.S. Securities and Exchange Commission. 15 April 2022.
  6. ↑ Chapman, Lizette (15 May 2012). "Qualtrics Taps Accel, Sequoia For First-Ever VC Round". The Wall Street Journal.
  7. ↑ "Qualtrics Founders: Brothers Who Stick Together & Build a Million Dollar Business". Startup Grind. Retrieved 2026-01-06.
  8. ↑ Rogers, Bruce. "Ryan Smith's Qualtrics Capitalizes On The Rise Of The 'Experience Economy'". Forbes. Retrieved 2020-12-28.
  9. ↑ David F Carr (24 July 2013). ""Qualtrics Dominates Academic Survey Research"". InformationWeek.
  10. ↑ Velykoivanenko, Lev; Salehzadeh Niksirat, Kavous; Teofanovic, Stefan; Chapuis, Bertil; Mazurek, Michelle L.; Huguenin, Kévin (2024-05-11). "Designing a Data-Driven Survey System: Leveraging Participants' Online Data to Personalize Surveys". Proceedings of the CHI Conference on Human Factors in Computing Systems. CHI '24: CHI Conference on Human Factors in Computing Systems. Honolulu HI USA: ACM. pp. 1–22. doi:10.1145/3613904.3642572. ISBN 979-8-4007-0330-0.
  11. ↑ "The Founder of Qualtrics on Reinventing an Already Successful Business". Harvard Business Review. 2021-07-01. ISSN 0017-8012. Retrieved 2025-02-08.
  12. ↑ Preez, Derek du (2026-03-18). "Qualtrics X4 - new CEO Jason Maynard declares the insight gap closed, and sets sights on driving outcomes". diginomica.com. Retrieved 2026-09-02.
  13. ↑ Feinauer, Courtney M. "'Trics of the Trade". Y Magazine. Retrieved 2026-01-06.
  14. 1 2 Feinauer, Courtney M. "'Trics of the Trade". Y Magazine. Retrieved 2026-09-02.
  15. ↑ "Venture Capital Power Rankings: VCs Rate VCs". CB Insights Research. 7 April 2016. Retrieved 17 June 2019.
  16. ↑ "The Top 10 VC Firms, According To InvestorRank". 25 May 2011. Retrieved 17 June 2019.
  17. ↑ Anthony Ha (15 May 2012). "Qualtrics Raises $70M From Accel And Sequoia: "The Biggest Software Company You Haven't Heard Of"?". TechCrunch. AOL.
  18. ↑ Joshua Brustein (24 September 2014). "How Qualtrics Turned Online Surveys Into a $1 Billion Business - Businessweek". Businessweek.com. Archived from the original on September 25, 2014.
  19. ↑ "Daily Research News Online no. 22721 - Qualtrics Buys Software Firm Statwing". www.mrweb.com. Retrieved 2016-06-29.
  20. ↑ "Qualtrics Inches Closer To IPO By Acquiring The Startup Behind Ratings For Postmates And Uber". www.forbes.com. Retrieved 2018-04-12.
  21. ↑ "Qualtrics International Inc. Form S-1 Registration Statement Under the Securities Act of 1933". U.S. Securities and Exchange Commission. October 19, 2018.
  22. 1 2 Konrad, Alex. "SAP Plans To Spin Out Qualtrics, Its $8 Billion Acquisition From 2018, For An IPO". Forbes. Archived from the original on 2025-10-06. Retrieved 2026-09-02.
  23. ↑ Shu, Catherine (2018-11-12). "SAP agrees to buy Qualtrics for $8B in cash, just before the survey software company's IPO". TechCrunch. Retrieved 2025-10-03.
  24. ↑ "SAP Completes Qualtrics Acquisition". SAP News Center. 2019-01-23. Archived from the original on 2022-02-19. Retrieved 2019-06-04.
  25. ↑ "Qualtrics Acquisition: Two Essential Actions Customers Should Take". NPI Financial. Retrieved 20 January 2026.
  26. 1 2 "SAP To Spin Off Qualtrics Unit". Wall Street Journal. 2020-07-27. ISSN 0099-9660. Retrieved 2026-09-02.
  27. ↑ Lev-Ram, Michal. "SAP says goodbye to Qualtrics, less than two years after buying it for $8 billion". Fortune. Retrieved 2026-09-02.
  28. ↑ Bursztynsky, Jessica; Levy, Ari (28 January 2021). "Qualtrics closes up 51% after debut, valuing cloud software vendor at $27.3 billion". CNBC. Archived from the original on 28 January 2021. Retrieved 28 January 2021.
  29. ↑ "Corporate Vice President Brad Anderson is leaving Microsoft for Qualtrics". ZDNET. Retrieved 2025-09-25.
  30. ↑ Kuhlman, Cara (2021-01-22). "Tech Moves: Microsoft's Brad Anderson jumps to Qualtrics in wave of pre-IPO hires; Elena Donio joins Databricks board; Hiya, Esper add startup vets". GeekWire. Retrieved 2025-09-25.
  31. ↑ "Qualtrics' $1.125B Acquisition Of Clarabridge Upends The Customer Feedback Management Market". 30 July 2021. Retrieved 2021-07-30.
  32. ↑ "Qualtrics UK customers will be able to access the Qualtrics XM/OS platform locally via data centre in the AWS London Region". Business Wire. 12 May 2022. Retrieved 12 May 2022.
  33. ↑ Gara, Antoine (13 March 2023). "Silver Lake set to take over software company Qualtrics in $12.5bn deal". Financial Times.
  34. ↑ Capoot, Ashley (2023-03-13). "Silver Lake and CPP Investments to acquire Qualtrics for $12.5 billion". CNBC. Retrieved 2026-01-23.
  35. ↑ "Qualtrics". Silver Lake.com.
  36. ↑ "Qualtrics acquired by Silver Lake for $12.5bn". Financier Worldwide. Retrieved 2025-09-25.
  37. ↑ "Silver Lake and CPP Investments complete $12.5bn Qualtrics acquisition". Private Equity Wire. 2023-06-29. Retrieved 2026-08-28.
  38. ↑ Watson, Melania (2025-08-05). "Qualtrics & PureSpectrum partner to speed up synthetic research". ChannelLife US. Retrieved 2026-09-02.
  39. ↑ Gara, Antoine; Barnes, Oliver (October 5, 2025). "Software group Qualtrics to buy health-tech company Press Ganey Forsta for $6.7bn". Financial Times.
  40. ↑ Soper, Taylor (2025-10-07). "Qualtrics to acquire healthcare data giant Press Ganey Forsta in $6.75B deal". GeekWire. Retrieved 2025-10-17.
  41. ↑ Fox, Andrea (2026-05-20). "Qualtrics eyes a data engine to predict the experiences patients want". www.healthcareitnews.com. Retrieved 2026-08-28.
  42. ↑ "After a debt deal hiccup in March, Qualtrics finally completes $US6.75bn acquisition of Press Ganey Forsta". www.mi-3.com.au. 2026-05-19. Retrieved 2026-08-28.
  43. ↑ "Qualtrics Completes US$7 Billion Acquisition Of Press Ganey Forsta In Healthcare Experience Play". smbtech.au. 2026-05-19. Retrieved 2026-08-28.
  44. 1 2 Doerer, Kristen (2026-02-03). "Qualtrics appoints former Oracle executive CEO". www.customerexperiencedive.com. Retrieved 2026-08-28.
  45. ↑ Carmona, Aliza (2026-02-04). "Jason Maynard appointed CEO of Qualtrics, joins Board of Directors". MARKETECH APAC. Retrieved 2026-08-28.
  46. ↑ "PGA TOUR, Qualtrics announce expanded relationship to enhance fan experiences". www.pgatour.com. Retrieved 2026-09-02.
  47. ↑ Gillin, Paul (2026-03-18). "Qualtrics adds AI-powered synthetic data and research tools to speed customer insights". SiliconANGLE. Retrieved 2026-09-02.
  48. ↑ Fluckinger, Don (2026-03-18). "Qualtrics expands synthetic research marketing, testing tech". Enterprise Software. Retrieved 2026-09-02.
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