PROVO — Silicon Valley tech investment firm Silver Lake, in partnership with Canada Pension Plan Investment Board, announced late Sunday it had entered into an agreement to acquire Utah-born customer experience innovator Qualtrics in an all-cash deal worth $12.5 billion.
"I couldn't be more excited for this step in our journey," said Ryan Smith, Qualtrics founder and executive chairman, in a statement. "Silver Lake's belief in our vision and their amazing track record of helping founders and management teams speaks for itself. We look forward to working together and driving category-defining growth to build the next great enterprise cloud platform.
"We are further focusing our portfolio in areas where we are strongest to continue our accelerated growth," said Christian Klein, CEO of SAP, during the company's fourth-quarter 2022 earnings call, per. "This led us to announce today that we intend to carry out a very targeted restructuring in select areas of the company that will impact up to 3,000 positions and include a headcount reduction of about 2.5%.
"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.
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