Silver Lake Management is reportedly considering a takeover of Qualtrics International Inc., a customer-survey software maker. Silver Lake, a tech-focused private equity firm, has a 4.2% stake in the company, which has been exploring various alternatives. In a regulatory filing, Silver Lake stated that it plans to submit a proposal that could lead to buying out Qualtrics’ remaining shares and delisting the company.
Last week, German software giant SAP SE announced that it was exploring a sale of its 61% stake in Qualtrics. The company spun off Qualtrics in an initial public offering in 2021, after buying it in 2019 for $8 billion from founder Ryan Smith. The news of Silver Lake’s potential takeover caused Qualtrics shares to rise as much as 7.6% on Wednesday, giving the company a market value of $9.8 billion.
However, Silver Lake warned that there is no guarantee that it will proceed with a proposal and that it could also consider other options for its stake. The private equity firm has not provided any details on what these other options could be.
Qualtrics is a leader in the customer survey software market, offering businesses the ability to gather feedback from customers and employees. The company was founded by Ryan Smith in his parent’s basement, along with his brother. The acquisition by SAP in 2019 was a significant milestone for the business, and now, with the potential takeover by Silver Lake, Qualtrics is again in the headlines.