SAP, the German software company, has sold its American subsidiary Qualtrics to a consortium led by US and Canadian investment firms for $7.7 billion. The sale of the online market research software firm comes as SAP is looking to focus on its core cloud businesses, amid turbulence in the tech sector. The transaction was conducted at a price of $18.15 per share and SAP had bought Qualtrics several years ago for $8 billion. The total value of Qualtrics is now $12.5 billion, according to SAP.
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Silver Lake, a US-based private equity firm specialising in technology investments and CPP Investments, a major Canadian institutional investor managing pensions, are the buyers. While SAP is selling Qualtrics, its CEO Christian Klein has said that the company will “intend to remain a close go-to-market and technology partner, servicing joint customers and continuing to contribute to Qualtrics’ success”.
SAP is restructuring and announced in January that it planned to cut around 3,000 jobs this year. Other tech giants, including Meta, Amazon and Google, have also announced similar cuts.
