SAP rose dramatically within the local business vernacular back in November 2018 when it inked a mammoth deal to acquire Utah-born customer experience innovator Qualtrics for $8 billion.
"Silicon Slopes is thrilled to welcome SAP to our community," Betts said in a statement. "Ryan Smith and Qualtrics just put an $8 billion exclamation point on the most consequential year in Utah tech history. With this record-shattering deal, Ryan and Qualtrics have cemented their legacy as Silicon Slopes legends.
Back in 2018, some market watchers criticized SAP for overpaying, noting Qualtrics' pre-IPO valuation estimates were coming in around the $4.5 billion to $5 billion range. In a report on its positive fourth quarter financial results on Thursday, SAP shared details on plans to reduce its global workforce by thousands, refocus on its core business ventures and put its 71% share of Qualtrics stock up for sale.
"We have had a very successful collaboration on the go-to market and technology front with Qualtrics and we absolutely will continue this," Mucic said. SAP reports that since it acquired Qualtrics, the company has increased annual revenues by 3.5x to approximately $1.5 billion "while delivering profitability, and has significantly expanded its offerings and enterprise customer adoption."