Courtesy of Qualtrics

Courtesy of Qualtrics

Qualtrics files largest IPO in Utah history with up to $14.4 billion valuation

By Lauren Bennett, | Posted - Dec. 28, 2020 at 4:59 p.m.

PROVO — Qualtrics just made history, again.

The Provo-based tech giant filed its S-1 with the SEC on Monday with an IPO valuation range at $12 billion to $14.4 billion, the largest by far in Utah's history. An S-1 form must be filed by a business ahead of their initial public offering and provide potential investors with a detailed look into the company's finances and goals.

Monday's news comes two years after Qualtrics was set to go public but was instead bought for $8 billion by German software company SAP in another historic deal: the largest private enterprise software acquisition ever.

SAP announced its decision to take the company public in July, and it's anticipated the initial price will be between $20 and $24 per share, according to the filing. It will be traded under the stock symbol "XM," named after the Experience Management category created by Qualtrics about four years ago.

The XM category was created to help companies design and improve customer and employee experience. According to the 200-page S-1 document, Qualtrics valued its XM category at around $44 billion in 2018 — a number that has since grown to an estimated $60 billion in 2020.

The company has also named new board members, including Co-CEO of Silver Lake Technology Management LLC Egon Durban. Silver Lake has also invested $550 million; about 4% of the stock.

As part of a growing movement to address gender disparity in the tech world, four women were also added to the nine-member board of directors including Zoom chief financial officer Kelly Steckelberg.

In July, co-founder and executive chairman Ryan Smith said he intended to be the largest individual shareholder. Keeping his word, Smith has invested $120 million, which amounts to about 1% of the company.

"SAP is an incredible partner with unprecedented global reach, and we couldn't be more excited about continuing the partnership," Smith said in a July statement. "This will allow us to continue building out the XM ecosystem across a broad array of partners."

The company made some title changes in July as a formality with Smith no longer carrying the CEO title and BYU grad and former Microsoft executive Zig Serafin taking the title instead. Serafin has been with the company for four years and has served as president since the 2018 acquisition. The adjustment was in title-only in anticipation of going public and simply reflects Serafin's role within the company for the last two years.

Smith also recently purchased the NBA's Utah Jazz and Vivint Smarthome Arena from the Larry H. Miller Group of Companies.

It's likely Qualtrics' initial public offering will be in late January or early February of 2021.


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