PROVO – Qualtrics has just made history, again.
The Provo-based technology giant presented its S-1 to the SEC on Monday, with an IPO rating range of $ 12 billion to $ 14.4 billion, the longest by far in Utah history. An S-1 form must be completed by a company prior to its initial public offering and provide potential investors with a detailed view of the company’s finances and objectives.
Monday’s news comes two years after Qualtrics went public, but was instead bought for $ 8 billion by German software company SAP in another historic deal: the largest private enterprise software acquisition of all time .
SAP announced its decision to go public in July, and the initial price is expected to be between $ 20 and $ 24 per share, according to the document. It will be traded under the “XM” stock symbol, in honor of the Experience Management category created by Qualtrics about four years ago.
The XM category was created to help companies design and improve the customer and employee experience. According to the 200-page S-1 document, Qualtrics valued its XM category at about $ 44 billion in 2018 – a number that has since grown to about $ 60 billion in 2020.
The company also appointed new board members, including Silver Lake Technology Management LLC co-CEO Egon Durban. Silver Lake also invested $ 550 million; about 4% of the stock.
As part of a growing movement to address the gender gap in the technology world, four women have also been added to the nine-member board of directors, including Zoom’s chief financial officer, Kelly Steckelberg.
In July, co-founder and chief executive Ryan Smith said he intended to be the largest individual shareholder. Keeping his word, Smith invested $ 120 million, which is equivalent to about 1% of the company.
“SAP is an incredible partner with unprecedented global reach and we couldn’t be more excited to continue the partnership,” said Smith in a July statement. “This will allow us to continue building the XM ecosystem across a wide range of partners.”
The company made some job changes in July as a formality, with Smith no longer carrying the title of CEO and graduated from BYU and former Microsoft executive Zig Serafin taking over the title. Serafin has been with the company for four years and has been president since the 2018 acquisition. The adjustment was only in the title, in anticipation of going public and simply reflects Serafin’s role within the company over the past two years.
Smith also recently purchased the Utah Jazz from the NBA and the Vivint Smarthome Arena from the Larry H. Miller Group of Companies.
Qualtrics’ initial public offering is likely to be in late January or early February 2021.
Lauren Bennett