PROVO – Qualtrics has just made history, again.
Technology giant Provo filed its S-1 with the SEC on Monday, with an IPO rating range of $ 12 to $ 14.4 billion, by far the largest in Utah history. An S-1 form must be submitted by a company prior to the initial public offering and provide potential investors with a detailed look at the company’s finances and objectives.
Monday’s news comes two years after Qualtrics went public, but was bought for $ 8 billion by German software company SAP in another historic deal: the largest acquisition of software for private companies.
SAP announced its decision to make the company public in July and it is expected that the initial price will be between 20 and 24 USD per share, according to the registration. 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 the customer and employee experience. According to the 200-page S-1 document, Qualtrics estimated its XM category at about $ 44 billion in 2018 – a number that has risen from $ 60 billion in 2020.
The company also appointed new board members, including co-CEO of Silver Lake Technology Management LLC Egon Durban. Silver Lake also invested $ 550 million; about 4% of the stock.
As part of a growing movement to address gender inequality in the world of technology, four women have also been added to the nine-member board, including Zoom CFO Kelly Steckelberg.
In July, co-founder and chief executive Ryan Smith said he intends to be the largest individual shareholder. Keeping his word, Smith invested $ 120 million, which is about 1% of the company.
“SAP is an incredible partner with unprecedented global coverage and we could not be more excited to continue the partnership,” Smith said in a statement in July. “This will allow us to continue to build the XM ecosystem in a wide range of partners.”
The company made some title changes in July, as a formality, with Smith no longer holding the title of CEO, and BYU and former Microsoft executive Zig Serafin taking the title. Serafin has been with the company for four years and has held the position of president since the acquisition in 2018. The adjustment was made only in title, pending entry into the market and simply reflects Serafin’s role in the company for the past two years.
Smith also recently acquired the Utah Jazz and Vivint Smarthome Arena from the NBA from the Larry H. Miller group of companies.
Qualtrics’ initial public offering is likely to be in late January or early February 2021.
Lauren Bennett