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Tuesday, March 28, 2023

Software group: SAP sells shares in US market research subsidiary Qualtrics

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SAP is separating from its subsidiary Qualtrics, which it bought in 2018. The Walldorf group will receive $7.7 billion for the market research company.

SAP is selling its shares in the US market research subsidiary Qualtrics to the US financial investor Silver Lake and the Canadian pension fund CPP Investments. SAP will receive around 7.7 billion dollars (7.2 billion euros) for the share sale, the group announced in Walldorf. Silver Lake and CPP Investments are paying $18.15 per share. SAP is thus accepting an offer from last week, which it said was the most attractive offer in the sales process. SAP expects the sale to be completed in the second half of the year. Regulatory approvals are still pending. In the offer, Qualtrics is valued at around $12.5 billion, including debt.

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At the end of January, the Walldorf group announced that it wanted to sell Qualtrics under suitable conditions. SAP bought the company for $8 billion in 2018 under then-boss Bill McDermott. However, there was no breakthrough in market research to attack US rival Salesforce in its domain of sales and customer management software. As early as 2021, under the new boss Christian Klein, SAP had detached itself from the subsidiary and brought parts of it to the stock exchange.

Source: Stern

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