Heads of the SAP Qualtrics IPO Unit

German business software giant SAP SE said it will restore Qualtrics International Inc. To the public markets, on the list the business is expected to value at least 50% above what it paid for for the startup two years ago.

Provo-based firm Qualtrics, in a regulatory filing on Monday, set an initial price range of $ 20 to $ 24 that would rate the company on a fully diluted basis between $ 12 billion and $ 14.4 billion, according to a person familiar with the matter. Command. The price may change based on investor feedback until the day prior to the start of trading the company’s stock.

Christian Klein, CEO of SAP, said in July that the company would go public with Qualtrics while remaining the largest shareholder. He said the deal will allow Qualtrics to better pursue non-SAP business opportunities.

Qualtrics’ shares will be traded on the Nasdaq exchange under the ticker symbol XM. SAP will retain a controlling stake in Qualtrics following the planned IPO, including all of the company’s Class B shares that give it additional voting rights.

The listing comes amid a turbulent period for the German tech company, which is partly caused by the pandemic. SAP in April It abandoned its dual CEO structureLess than six months after adopting the leadership model. She said that this step aims to speed up the decision-making process during the health crisis after the company cut its guidance for the whole year. In October, Germany-based Walldorf company He cut his gaze again As Coronavirus cases began to rise again.

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SAP’s acquisition of Qualtrics, which closed in 2019, helped the company Improve its competitiveness in the cloud computing marketSAP said. Shares of companies that provide cloud services, such as

Snowflake a company

And the

Service now a company ,

Run by former SAP CEO, Bill McDermott, it has spiked during the pandemic as more companies have adopted such services. SAP shares are down 12.5% ​​this year.

Qualtrics said in its file that technology investment company Silver Lake will buy $ 550 million of its shares, including 15 million shares at $ 21.64 per share and the remainder at the IPO price as part of the offering. Silver Lake earlier this year provided funding to those suffering from the pandemic

Airbnb a company

With guarantees, when exercised, the company would be valued at $ 18 billion. Airbnb was valued at $ 47 billion on a fully diluted basis at its IPO price when it first went public in December. Its share price has doubled since its debut.

In a regulatory filing, Qualtrics said that sales this year through the end of September rose to $ 550 million, up from $ 418 million in the same period last year. It recorded a net loss of $ 258 million for the first nine months, compared to a loss of $ 860.4 million in the same period the previous year.

Qualtrics said it has more than 12,000 customers, and more than 3,300 employees spread over 25 countries. The company was founded in 2002 by Ryan Smith, who until this summer served as CEO and still chairman of the company’s board of directors. Zig Sarafin, ex

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Microsoft Corp.

Executive, he took over as CEO in July.

A planned IPO helps define a year in it Tech companies have seen their ratings rise To the highest levels since the dot-com bubble in the early 2000s. Airbnb is now valued at roughly $ 93 billion, far more than traditional housing companies like

Marriott International a company

Or Hilton Worldwide Holdings Inc.

Snowflake Inc. , The data storage company that first started trading in September, is worth more than 180 times the revenue in the 12 months to October.

Write to Matt Grossman at [email protected] and Maureen Farrell at [email protected]

Corrections and amplifications
Qualtrics said this year’s sales through the end of September rose to $ 550 million from $ 418 million in the same period last year. A previous version of this article incorrectly stated that sales rose to $ 415 million from $ 309 million. (Corrected on December 29th)

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