As a public company, Qualtrics may benefit from markets that have proven favorable to cloud companies in recent months. While the company’s implied market capitalization of about $15 billion represents nearly double the price tag SAP paid, such appreciation lags many of the cloud’s high-flyers over the same period. Atlassian trades up 195.5% since Qualtrics’ acquisition, ServiceNow up 206.9%, Twilio up 270% and Okta up 322.6%.
Qualtrics’ valuation growth, then, slots in somewhere in between the cloud’s biggest beneficiaries of Covid-19’s digital and remote work boom, and more mature tech companies like Oracle, Salesforce, Workday, and SAP itself, which appreciated 20.8% over its period fully owning Qualtrics. That’s borne out by Qualtrics’ reported finances in its IPO filings, as revenue grew 32% over the first three quarters of 2020 at $550 million, compared to 43% growth the year before. Customers spent $1.
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