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Qualtrics was once a hot startup before SAP bought the company in 2018 for $8 billion. It was a fine exit, making the founders rich, but it never was really a good fit.
Qualtrics International Inc. stock XM, +1.46% jumped 2% Monday, after the cloud software company said it has received a buyout offer from private equity firm Silver Lake Management and Canada Pension Plan Investment Board at $18.15 a share in cash. The price is equal to a premium of about 73% over the daily volume weighted average prices of the company's class A common stock for the 30 days ending Jan. 25, the day before Qualtrics majority shareholder SAP SE SAP, +2.50% SAP, +2.83% said it was exploring a sale of its stake in the company.
The $18.15-a-share offer, which also involves the Canadian Pension Plan Investment Board, values the software company at $12.4bn. SAP said earlier this year it was looking to sell its majority stake.
Software maker Qualtrics International Inc said on Monday it had received a $12.4 billion buyout offer from private-equity firm Silver Lake Management and Canada Pension Plan Investment Board (CPPIB).
Two investing influencers have expressed opposite takes on how investors should play the current market. Michael Burry, of The Big Short fame, is no stranger to issuing ominous warnings for investors.
Overall, XM's growth in revenue was 2% higher than expected, and the company's EBIT margin was in line with consensus. Management commentary echoes the same touch macro backdrop that other software companies are facing.
Qualtrics International Inc.'s shares soared after management reported positive financials for the final quarter of 2022, and news broke that its largest shareholder is interested in selling its stake. This 71% stake in the company could have major ramifications for all parties involved, but the devil will be in the details.
The software company posted strong earnings for the fourth quarter.
SAP said such a sale would maximize value for both companies.
Revenue is still growing, and its big losses are getting smaller.