Survey Software Firm Qualtrics Receives $12.4B Go-Private Offer from Silver Lake, Canada Pension Plan

Survey software maker Qualtrics International received a $12.4 billion go-private offer from private equity firm Silver Lake Management and Canada’s largest pension fund – Canada Pension Plan Investment Board (CPPIB) – in what would be one of the largest buyouts of a publicly held company this year.

Silverlake and CPPIB are offering $18.15 per share, a premium of nearly 73% over the last closing price of Qualtrics’ stock before word emerged the company is for sale.

The German enterprise software giant SAP disclosed in January it had hired Morgan Stanley to help find a buyer for its 71% holding in Qualtrics, which is led by CEO Zig Serafin. The Provo, UT-based company provides software tools for companies to carry out customer and employee surveys.

Qualtrics filed for an initial public offering (IPO) in 2018 but scrapped the plan at the last minute to accept a $8 billion buyout offer from SAP. Three years later, SAP renewed its IPO plan and listed the company.

Silver Lake, which already maintains a 4.1% stake, and CPPIB now have until March 15 to exclusively negotiate the takeover, although two other unnamed bidders have also made proposals to Qualtrics, the company said.