Qualtrics Acquisition, Valuation, Funding & Investors
Qualtrics was acquired by Silver Lake and CPP Investments for $13B in March 2023, a 8.2x multiple on $1.5B of revenue.
Qualtrics acquisition price
$13B
Acquired by Silver Lake, CPP Investments · Mar 2023
Qualtrics revenue at acquisition
$1.5B
Last twelve months · Mar 2023
Qualtrics revenue multiple at acquisition
8.2x
EV/Revenue · Mar 2023
Cumulative funding Qualtrics raised
$330M
across 2 funding rounds
About Qualtrics
Qualtrics is an experience management platform consolidating customer, product, employee, and brand data for organizations worldwide. Provo, Utah-headquartered and acquired by SAP in 2019, the firm serves enterprises including most Fortune 100 companies and top U.S. business schools with tools for experience analysis and improvement. Founded in 2002, Qualtrics processes X-data across multiple touchpoints.
Founded
2002
HQ
Provo, UTWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$290M (Apr 2017)
Valuation
$2.5B (Apr 2017)
Qualtrics Acquisition
Qualtrics was acquired by Silver Lake and CPP Investments for $13B on 12 March 2023.
The acquisition price implies a 8.2x revenue multiple on $1.5B of revenue.
Before the acquisition Qualtrics had raised $330M across 2 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 12 Mar 2023 | PE buyout | $13B | 8.2x |
Qualtrics Valuation
Qualtrics is currently valued at $2.5B, based on its Series C in April 2017.
The $180M round was led by Accel and Insight Partners, with participation from Sequoia Capital.
Qualtrics' valuation has grown 2.5x from $1B at its Series B in September 2014 to $2.5B in April 2017, across 2 priced rounds.
Qualtrics valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2017 | Series C | $2.5B | 8.6x |
| Sep 2014 | Series B | $1B | - |
Qualtrics Revenue
Qualtrics' latest recorded revenue is $290M, as of its Series C in April 2017. At a $2.5B valuation, that implies a 8.6x revenue multiple.
Qualtrics revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2017 | $290M | $2.5B | 8.6x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Qualtrics Funding History
Qualtrics has raised a total of $330M across 2 funding rounds.
Qualtrics' first fundraising round was a $150M Series B in September 2014. The most recent completed round was a $180M Series C in April 2017.
Qualtrics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2017 | Series C | Accel (lead); Insight Partners (lead); Sequoia Capital | $180M | $2.5B | Qualtrics, a survey and experience management (XM) software company founded in 2002, provides enterprise platforms for customer, employee, product, and brand experience management, serving over 19,000 customers including 75% of the Fortune 100. In April 2017, Qualtrics raised $180 million in a VC round led by Accel and Insight Partners, with participation from Sequoia Capital, achieving unicorn status at a $2.5 billion post-money valuation. This was part of over $400 million in total VC funding raised by the company from these investors. The 2017 round valued Qualtrics at $2.5 billion, significantly below its later trajectory as it approached an IPO. In calendar year 2017, Qualtrics generated $289.9 million in revenue, up 52% year-over-year, with approximately 75% from subscriptions. By mid-2018, implied ARR reached $288.1 million growing 42% YoY, and first-half 2018 revenue hit $184.2 million, up 40% YoY, with projections exceeding $400 million for full-year 2018 and over 40% forward growth. Qualtrics demonstrated efficiency with 122% net retention overall and 143% for 2017 Global 2000 customers, 25-month median payback on CAC, and positive free cash flow at near-$300 million ARR as of mid-2018. The company remained cash-efficient, never spending primary capital raised, and held $135.6 million in cash by June 2018. In late 2018, SAP acquired Qualtrics for $8 billion cash just before its planned IPO, which targeted $3.9-4.5 billion valuation. |
| Sep 2014 | Series B | Accel (lead); Insight Partners (lead); Sequoia Capital | $150M | $1B | Qualtrics, a Utah-based provider of experience management software including online survey, data collection, and analysis tools, raised $150 million in a Series B funding round in September 2014 led by Insight Venture Partners with participation from Accel Partners and Sequoia Capital. This round valued the company at $1 billion post-money, marking a significant milestone as one of the earliest Utah tech unicorns. The investment followed a prior $70 million round in 2012 from Accel and Sequoia, the largest joint investment by those firms at the time, and supported product enhancement and global expansion, including plans to grow its Dublin operations from over 50 to 150 employees by 2016. At the time of the 2014 round, Qualtrics served over 6,000 enterprise customers across more than 75 countries, adding approximately 400 new enterprise clients per quarter, with major users including Microsoft, FedEx, JetBlue, and HP. The platform specialized in customer and employee feedback, evolving from academic roots—founded by Ryan and Scott Smith in a Utah basement—to a robust business tool integrating data collection with organizational knowledge bases. This traction positioned Qualtrics as one of the fastest-growing companies globally. The 2014 $1 billion valuation represented a 150% increase from prior benchmarks by 2017, when Qualtrics raised another $180 million at $2.5 billion from the same lead investors plus Sequoia, bringing total funding to $400 million across three rounds. |
Who has invested in Qualtrics?
3 investors have backed Qualtrics across its funding rounds, including Accel, Sequoia Capital and Insight Partners.
Lead investors include Accel and Insight Partners.
Qualtrics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 2 | Participant | Sep 2014 | |
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Start Free TrialAcquisitions by Qualtrics
Qualtrics has acquired 6 companies to date.
Last acquisition by Qualtrics was on October 6th 2025. Qualtrics acquired PG Forsta for $6.8B.
Latest Acquisitions by Qualtrics
| Description | PG Forsta delivers experience management platforms combining customer feedback, market research, and patient experience tools for enterprises in customer service, research, and healthcare sectors. Salt Lake City-headquartered, the company integrates data from surveys, social media, and operational sources to provide actionable insights. PG Forsta serves global brands with AI-powered analytics for cross-silo decision-making. | SurveyVitals is a patient feedback platform for healthcare providers across the United States and Canada. It collects real-time responses via SMS, email, and QR codes post-visit, benchmarking against a database of over five million surveys. Dashboards highlight trends in HCAHPS scores, enabling clinics and hospitals to improve satisfaction and reimbursements. | Clarabridge is a customer experience management platform utilizing text analytics, enterprise surveys, and engagement tools to process feedback from leading global brands. | Usermind is a Seattle-headquartered Customer Engagement Hub that unifies disparate enterprise systems and data sources into a customer data platform. Launched in 2013, it includes journey orchestration, machine learning, and analytics for omnichannel engagement throughout customer lifecycles, backed by Andreessen Horowitz, Menlo Ventures, and CRV. | |
| HQ Country | | | | | |
| HQ City | Salt Lake City, UT | Boise, ID | Reston, VA | Seattle, WA | |
| Deal Date | 6 Oct 2025 | 6 Dec 2021 | 29 Jul 2021 | 20 Jul 2021 | |
| Valuation | $6.8B | $37M | $1.1B | $25M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Qualtrics Competitors
Qualtrics competitors include listed companies like SenseTime Group, Presight AI, Datadog and ServiceNow, and private ones like Baseten and Grammarly.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | $748M | ($70M) | $6.2B | 5.8x | |
 UAE | Publicly listed | $825M | $214M | $5.7B | 5.4x | |
| United States | Publicly listed | $3.4B | ($588K) | $85B | 19.4x | |
| United States | Publicly listed | $13B | $2.6B | $143B | 9.6x | |
| San Francisco, CA | Private | $600M | - | $13B | 21.7x | |
| San Francisco, CA | Private | $700M | - | $13B | 18.6x |
Qualtrics Public Comps
Qualtrics is no longer listed, but its public comps include iFlytek, Tempus AI, Range Intelligent, Elastic, Dynatrace, UiPath, Wolters Kluwer, SenseTime Group, Presight AI and Octave Intelligence.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4B | $465M | 3.7x | 3.4x | 31.7x | 40.6x | |||
| $1.3B | ($131M) | 12.0x | 10.1x | (116.0x) | 346.0x | |||
| $846M | $803M | 20.7x | 16.0x | 21.9x | 19.7x | |||
| $1.7B | $35M | 4.9x | 4.6x | 244.4x | 25.5x | |||
| $2B | $276M | 7.5x | 7.0x | 55.0x | 23.0x | |||
| $1.6B | $70M | 3.7x | 3.5x | 85.8x | 13.7x | |||
| $7.1B | $2.5B | 3.2x | 3.1x | 8.9x | 9.3x | |||
| $748M | ($70M) | 6.9x | 5.8x | (73.5x) | 113.7x | |||
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Common questions about Qualtrics
| When was Qualtrics founded? | Qualtrics was founded in 2002. |
| Where is Qualtrics headquartered? | Qualtrics is headquartered in Provo, UT, United States. |
| Is Qualtrics publicly listed? | No, Qualtrics was acquired by Silver Lake and CPP Investments in March 2023. |
| Who acquired Qualtrics? | Qualtrics was acquired by Silver Lake and CPP Investments in March 2023. |
| How much was Qualtrics acquired for? | Qualtrics was acquired for $13B in March 2023, a 8.2x revenue multiple. |
| What is Qualtrics' valuation? | Qualtrics was last valued at $2.5B in its Series C in April 2017. |
| How much funding has Qualtrics raised? | Qualtrics has raised $330M across 2 funding rounds. |
| What was Qualtrics' last funding round? | Qualtrics' last funding round was a $180M Series C in April 2017, led by Accel and Insight Partners. |
| Who are Qualtrics' investors? | Qualtrics' investors include Sequoia Capital, Insight Partners and Accel. |
| What is Qualtrics' revenue? | Qualtrics' latest recorded revenue is $290M (April 2017). |
| What is Qualtrics' revenue multiple? | Qualtrics' latest valuation implies a 8.6x revenue multiple ($2.5B valuation on $290M of revenue). |
| Which companies are comparable to Qualtrics? | Companies comparable to Qualtrics include SenseTime Group, Presight AI, Datadog, ServiceNow, Baseten and Grammarly. |
| How many companies has Qualtrics acquired? | Qualtrics has acquired 6 companies, including PG Forsta, SurveyVitals, Clarabridge, Usermind and Delighted. |
| What was the largest acquisition by Qualtrics? | The $6.8B acquisition of PG Forsta in October 2025 is the largest acquisition Qualtrics has made to date. |
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