Signage is pictured for Qualtrics X4: The Experience Management Summit at the Salt Palace Convention Center in Salt Lake City, on Tuesday, March 7, 2023.
Kristin Murphy, Deseret News
Silicon Valley tech investment firm Silver Lake, in partnership with Canada Pension Plan Investment Board, announced late Sunday it had entered into an agreement to acquire Utah-born customer experience innovator Qualtrics in an all-cash deal worth $12.5 billion.
Under terms of the agreement, Qualtrics shareholders, including majority owner SAP, will receive $18.15 per share in cash. This represents a 73% premium to the 30-day volume-weighted average price on Jan. 25, 2023, the last full trading day prior to SAP’s announcement to explore a sale of its stake in Qualtrics, and a 62% premium relative to the unaffected closing price on Jan. 25, 2023, according to a press release issued by Silver Lake and Qualtrics.
Silver Lake said Qualtrics will continue to be led by Chief Executive Officer Zig Serafin, and the company will remain headquartered in Provo, Utah and Seattle, Washington.
“I couldn’t be more excited for this step in our journey,” said Ryan Smith, Qualtrics founder and executive chairman, in a statement. “Silver Lake’s belief in our vision and their amazing track record of helping founders and management teams speaks for itself. We look forward to working together and driving category-defining growth to build the next great enterprise cloud platform.”
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Source:: Deseret News – Utah News