Qualtrics is the leader and pioneer of the experience management (XM) software category. Its core product is an enterprise experience-management (XM) software platform. Management says it will use partnership capital to build the next great enterprise cloud platform and pursue category-defining growth, including investment in areas such as AI. The company was subject to a previously announced $12.5 billion acquisition that closed concurrent with the co-investment. BDT & MSD Partners' affiliated funds and DFO Management (the family investment office of Michael Dell) each invested $250 million for a combined $500 million co-investment alongside Silver Lake and CPP Investments, with certain family enterprises from the BDT & MSD network also participating. Gregg Lemkau of BDT & MSD Partners will join Qualtrics' board as part of the transaction. Qualtrics builds an experience-management (XM) platform and began as an online market-research service. The company launched its XM Platform to help organizations manage internal feedback, uncover business drivers, predict customer needs, and retain employees. Qualtrics bootstrapped for a decade before taking venture financing in 2012 and has since scaled rapidly. It reports being profitable and cash-flow positive while growing revenue from roughly $150 million to somewhere north of $250 million this year. Leadership hires and board additions (including a new COO and an Atlassian CFO on the board) indicate preparation for a possible future IPO, with the founder stating a goal of reaching billion-dollar revenue before going public. Qualtrics provides a software-as-a-service platform that captures customer, market, and employee insights to help clients make data-driven decisions. The platform is used by 6,000 global enterprises, academic institutions, and government agencies to collect, analyze, and act on feedback across customer satisfaction, employee engagement, brand, market, and product topics. Led by CEO Ryan Smith, the company plans to use new funding for continued product innovation and international expansion. The company closed a $150M Series B that valued Qualtrics at over $1 billion. With this round, Qualtrics has raised $220M in total funding to date. The business emphasizes voice-of-the-customer, employee engagement, and market insight capabilities for organizations worldwide. Qualtrics builds online data-collection and analysis software primarily used for market research and customer/employee insights. Its product lineup expanded from a core Research Suite to include Qualtrics 360 (employee assessment) and Site Intercept (targeted website content). The company claims more than 4,000 enterprise customers and 600 universities and operates from a 200-person workforce. Qualtrics says it has been profitable since its founding in 2002. Management plans to invest heavily in growth and add about 250 employees over the next year, based at its headquarters in Provo, Utah. The company positions itself as enabling sophisticated research without outside firms or complex IT installations.

Total raised

$900M

Funding rounds

4

Latest round

Equity

Latest activity

Jun 2023