Sometimes even a bad idea can make money, and that may be the case with SAP’s acquisition of Qualtrics. The German IT giant now plans to float the business, and rich tech valuations mean Qualtrics could be worth more than SAP paid, writes LiamWardProud:
SAP said on July 26 that it intended to float a minority stake in Qualtrics through a U.S. initial public offering. The German IT company agreed to buy the survey-software maker for $8 billion in late 2018, four days before it was supposed to go public.
Since then, SAP’s former Chief Executive Bill McDermott has left the company. He was initially replaced by co-CEOs Jennifer Morgan and Christian Klein. Morgan departed on April 30, leaving Klein in sole charge. SAP Chief Financial Officer Luka Mucic said details of the offering were still to be worked out but noted that it was typical for stock-market offerings of tech companies to comprise a stake of 10%-15%, Reuters reported.
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