SAP (NYSE: SAP) has announced plans to launch an initial public offering for experience management platform developer Qualtrics to strengthen the latter’s ability to expand its presence, realize its market potential within the XM category and increase its autonomy.
Germany-based SAP said Sunday that it owns 100 percent of Qualtrics shares and will keep its majority ownership.
Qualtrics founder Ryan Smith intends to be the XM tech developer’s largest individual stockholder and will continue to run the company along with the current management team.
“We decided that an IPO would provide the greatest opportunity for Qualtrics to grow the Experience Management category, serve its customers, explore its own acquisition strategy and continue building the best talent,” said SAP CEO Christian Klein. “SAP will remain Qualtrics’ largest and most important go-to-market and research and development (R&D) partner while giving Qualtrics greater independence to broaden its base by partnering and building out the entire experience management ecosystem.”
Qualtrics supports more than 50 federal agencies through its Experience Management Platform, which is certified under the Federal Risk and Authorization Management Program and designed to help agencies improve the citizen experience and employee engagement.
Qualtrics was about to go public in 2018, but four days prior to that, SAP agreed to buy the company and completed the acquisition in January 2019.