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Qualtrics

Qualtrics, LLC is an American experience management (XM) company headquartered in , with co-headquarters in , , that develops cloud-based software for collecting, analyzing, and acting on feedback data to optimize customer, employee, product, and brand experiences. Founded in 2002 by Scott M. Smith, his sons Ryan Smith and Jared Smith, and Stuart Orgill in the basement of the Smith family home in , the company initially focused on simplifying survey tools for academic and . Qualtrics' core offering is the Qualtrics XM platform, recognized as the world's #1 XM solution, which integrates AI-powered tools across three main suites: Customer XM for enhancing touchpoints and driving revenue, Employee XM for boosting engagement and retention, and Strategy & Research XM for and market insights. The platform supports over 20,000 customers—including leading brands like and —in more than 100 countries, powering 3 million frontline users and analyzing 2 billion conversations to deliver actionable intelligence. With approximately 5,700 employees as of 2025, Qualtrics emphasizes a global network of over 900 XM professionals to help organizations build high-performing programs. The company has undergone significant evolution, including its $8 billion acquisition by SAP in 2019, a 2021 initial public offering, and a return to private ownership in 2023 via Silver Lake and Canada Pension Plan Investment Board. In October 2025, Qualtrics announced a $6.75 billion acquisition of healthcare technology firm Press Ganey Forsta to advance AI-driven insights in patient and employee experiences, marking a strategic expansion into the healthcare sector. Qualtrics continues to lead in industry evaluations, such as being named a Leader in the 2025 Gartner Magic Quadrant for Voice of the Customer Platforms for the fourth consecutive year.

Company overview

Founding and mission

Qualtrics was founded in 2002 as Qualtrics Labs, Inc., by Scott M. Smith, a professor of marketing at (BYU), along with his son Ryan Smith, Ryan's brother Jared Smith, and family friend Stuart Orgill. The company emerged as a project from BYU, initially developed in the Smith family basement in , to address needs in academic research. Scott M. Smith served as an advisor, leveraging his expertise in , while Ryan and Jared took on operational roles, with Ryan eventually becoming CEO. The inspiration for Qualtrics stemmed from Scott Smith's frustrations with the cumbersome tools available for survey research during his time teaching at BYU, including paper-based methods and rudimentary software that lacked flexibility for complex studies. He sought to build a more intuitive online platform that would streamline survey creation, , and specifically for and purposes. This focus on simplifying sophisticated survey processes marked the company's early emphasis on accessibility for researchers. From its inception, Qualtrics' mission centered on democratizing and analysis to empower better across customer, employee, and other experiences, beginning as an academic tool and later expanding to enterprise applications. The company launched its first web-based survey tool in 2002 and operated on a bootstrapped basis until 2012, sustaining growth through revenue from licenses and users. A key early milestone was its adoption by over 100 by the mid-2000s, which solidified its credibility in the academic research sector and laid the foundation for broader .

Leadership and operations

Qualtrics is led by Executive Chairman Ryan Smith, a co-founder who has served in various leadership roles since the company's inception in 2002; Smith is also the owner of the basketball team and a philanthropist through the Smith Family Foundation, which supports education and community initiatives in . As of October 2025, the company is under interim co-CEOs and Mark Gillett, both board members with extensive technology leadership experience from companies like and , respectively, following the transition of former CEO Zig Serafin to vice chairman. Key executives include Rachita Sundar as , appointed in November 2024 to drive financial strategy amid growth; Brian Stucki as President and , overseeing daily operations; and Bill McMurray as , focusing on global sales expansion. In and leadership, Qualtrics expanded its team in 2025 with the appointment of Mark Hammond as Senior Vice President of Core and the promotion of Jeff Gelfuso to Senior Vice President and Chief Product Experience Officer, aimed at accelerating purpose-built innovations. The company employs approximately 5,700 people worldwide as of 2025, with a strong emphasis on building diverse teams across , , and functions to foster in experience management. Qualtrics maintains co-headquarters in —its original base—and , , where it established a significant presence in 2019 to access top tech talent; additional offices span over 30 global locations, including key hubs in Dublin, Ireland; London, United Kingdom; and Sydney, Australia, supporting international operations and . This distributed structure enables localized service delivery while centralizing core development efforts. Qualtrics operates on a software-as-a-service () subscription model, delivering its experience management platform to more than 19,000 enterprise customers globally, including 75% of the Fortune 100 companies such as and . The company prioritizes ethical deployment and robust data privacy, maintaining compliance with regulations like the General Data Protection Regulation (GDPR) and the (CCPA) through features such as data masking, user consent tools, and right-to-erasure capabilities. A notable operational milestone was the 2023 commitment of $500 million to development, which has fueled 2025 team expansions and the launch of advanced tools integrated into customer workflows.

Products and services

Experience management platform

Qualtrics XM is a unified, cloud-based software-as-a-service () platform launched in March 2017 that integrates experience data from surveys, operational systems, and third-party sources to deliver insights for organizations. The evolved Qualtrics' original survey-focused tools into a comprehensive system for orchestrating experiences across , employee, product, and interactions, enabling proactive decision-making rather than reactive analysis. At its core, the XM platform includes survey distribution tools for creating and deploying customized questionnaires, advanced analytics capabilities such as statistical modeling via Stats iQ and text/ through Text iQ, and action-oriented dashboards that identify experience gaps and recommend prioritized interventions. These components facilitate the collection of structured and , transforming it into predictive models that forecast behaviors and outcomes. The architecture is built on (AWS), leveraging services like for scalable data storage, and supports omnichannel data collection via , intercepts, apps, and integrations. This design ensures high scalability, handling millions of responses and over 3.5 billion conversations annually to support enterprise-level deployments. Key modules within the XM platform address specific experience domains: Customer XM focuses on feedback loops to monitor satisfaction and loyalty metrics like (NPS); Employee XM enables ongoing engagement surveys and pulse checks to assess workforce morale; Product XM supports (UX) testing and feedback; and Brand XM tracks reputation through across media channels. The platform powers experiences for major brands including and , processing billions of data points yearly to enable that drive operational improvements. The platform's differentiation lies in its shift from traditional reactive survey tools to proactive experience management, grounded in the XM Operating Framework—which incorporates behavioral science, competencies like listening and activating insights, and technology for measuring and enhancing human experiences. This "XM Science" approach emphasizes scientifically validated methodologies to quantify emotional and behavioral responses, fostering a culture of continuous improvement across organizations.

AI integrations and industry solutions

Qualtrics has integrated extensively into its Experience Management (XM) platform, beginning with the launch of XM/ in July 2023, which incorporated for personalized content, real-time recommendations, and automated actions across its modules. In May 2024, the company introduced Qualtrics , featuring over 100 models that leverage for automated insights, predictive modeling such as churn prediction, and generative for tasks like survey design optimization and response summarization. These capabilities are powered by the company's platform, built on and , which combines generative , , and to generate synthetic responses and insights, reducing research fielding costs by up to 50% and accelerating time to actionable intelligence. Central to these integrations is the Text iQ engine, which performs real-time on open-ended feedback, assigning scores from very negative to very positive, and enables automated action recommendations based on detected themes and emotions. Additionally, Qualtrics supports integration with through workflow tasks and Microsoft's service, allowing for scenarios like summarizing customer comments and generating email responses in closed-loop systems. To address ethical concerns, Qualtrics emphasizes detection in its models by testing for and correcting biases prior to deployment, alongside transparent algorithms that support fair insights in experience management. In industry applications, Qualtrics tailors its AI-enhanced XM platform to specific sectors, notably healthcare through the October 2025 acquisition of Forsta for $6.75 billion, which integrates proprietary datasets from over 10.5 million patient encounters to improve metrics and management in hospitals. This deal enables agents to provide continuous insights on safety, communication, and equity, combining Qualtrics' with Press Ganey's healthcare expertise. In , the platform uses for compliance-driven , helping organizations monitor regulatory adherence through sentiment and in customer interactions. For and , supports (CX) by predicting behaviors and personalizing engagements across touchpoints like in-store and online . Employee solutions leverage for HR analytics in industries such as and , where tools like Text iQ assess workforce sentiment and predict attrition to inform retention strategies. Recent advancements in 2025 include an expansion of Qualtrics' leadership team to accelerate purpose-built innovations, building on a $500 million commitment from 2023, with a focus on healthcare-specific datasets for enhanced patient outcomes. These developments position Qualtrics to capture and analyze over 3.5 billion annual interactions, driving adoption across industries while prioritizing ethical practices to mitigate biases in decision-making.

Corporate history

Early development and funding (2002–2017)

Qualtrics operated as a bootstrapped from its founding in until 2012, generating revenue primarily through licenses sold to academic institutions and researchers. The targeted the U.S. higher-education survey comprising over 2,500 universities and colleges by focusing on tools for and . During this period, Qualtrics achieved profitability early on and grew its customer base steadily, reaching significant scale without external capital. By 2012, the firm reported projected annual revenue of at least $50 million, doubling from the previous year. In May 2012, Qualtrics secured its first major institutional funding with a $70 million co-led by Accel Partners and , marking the largest joint investment by the two firms at the time. This capital infusion enabled rapid team expansion and supported a strategic pivot toward enterprise customers, shifting from its academic roots to broader commercial applications. The funding also facilitated product enhancements in survey analytics, helping Qualtrics differentiate from competitors like by emphasizing advanced statistical tools and customization for complex research needs. Subsequent funding rounds accelerated growth. In September 2014, Qualtrics raised $150 million in a Series B round led by , with participation from Accel Partners and , valuing the company at approximately $1 billion. This investment funded international expansion, including the opening of its first European office in , , in 2015, where the company planned to add 100 jobs to support operations across , the , and . By April 2017, Qualtrics closed a $180 million Series C round led by , with Accel and participating, achieving a of $2.5 billion. This round followed the March 2017 launch and rebranding to the Qualtrics XM Platform, which expanded the product beyond surveys to a comprehensive for measuring, analyzing, and acting on , employee, product, and experiences. Throughout this era, Qualtrics demonstrated robust operational scaling, growing from a small of about 10 employees in 2005 to over 1,000 by 2017. Revenue reached $289.9 million in 2017, reflecting a 52% year-over-year increase and underscoring the firm's transition to a high-growth provider. These developments positioned Qualtrics as a leader in analytics-driven experience management amid intensifying competition.

Pre-acquisition growth and IPO preparations (2018–2019)

In 2018, Qualtrics continued its trajectory of rapid expansion following the launch of its Experience Management (XM) platform, with total venture funding reaching $400 million from key investors including Accel, , and Insight Venture Partners, which supported investments in global sales infrastructure and for new XM modules. The company grew its customer base to over 9,000 organizations worldwide, including more than 75% of the 100 and 30% of the 2000, driven by increasing enterprise adoption of tools for (CX) and employee experience (EX) management amid broader trends. Annual recurring revenue (ARR) reached approximately $288 million by the third quarter of 2018, with full-year revenue hitting $401.9 million, reflecting over 40% year-over-year growth fueled by expansions into employee and product experience solutions that complemented its core survey capabilities. Strategic initiatives in 2018 and early 2019 emphasized go-to-market enhancements, including the buildup of a global sales team to target enterprise clients and key executive hires to strengthen leadership in sales and operations. Partnerships were deepened with major platforms such as for seamless integration and for advanced analytics extensions, enabling Qualtrics to embed XM data into broader customer journey workflows. These moves positioned Qualtrics to capitalize on the surging demand for integrated and EX tools, as businesses sought data-driven insights to navigate competitive digital landscapes. Preparations for an advanced significantly in late 2018, with Qualtrics filing a confidential S-1 registration statement with the U.S. Securities and Exchange Commission on November 5, targeting a listing under the symbol XM and aiming to raise at least $200 million at a share price of $18 to $21, implying a valuation of around $4.5 billion. However, just days later on November 12, 2018, announced an all-cash acquisition of Qualtrics for $8 billion, a deal structured to provide shareholders with immediate while allowing Qualtrics to operate independently under its existing leadership. The acquisition was motivated by synergies between Qualtrics' XM platform and 's () software, enabling combined offerings for operational and experiential data analysis in large organizations.

SAP ownership and public offering (2019–2023)

SAP completed its acquisition of Qualtrics on January 23, 2019, purchasing all outstanding shares for $8 billion in cash. Following the deal, Qualtrics operated as a largely independent entity within 's structure, retaining its own leadership and brand while pursuing strategic integrations with 's customer experience portfolio, particularly the C/4HANA suite, to bolster functionalities such as real-time feedback incorporation into customer data platforms. This semi-autonomous model allowed Qualtrics to maintain operational agility while leveraging 's global resources for expanded reach in enterprise markets. In January 2021, Qualtrics executed its on the under the "XM," with shares priced at $30 each—above the initial range of $27 to $29—and raising approximately $1.55 billion through the sale of 51.7 million shares. The IPO valued the company at over $15 billion on a fully diluted basis, marking a significant appreciation from 's acquisition price, though retained a controlling 72% ownership stake to guide its strategic direction. Post-IPO trading saw initial enthusiasm, with shares surging up to 51% on debut day to reach a market cap of $27.3 billion, but subsequent ensued amid broader market pressures. Under SAP's ownership, Qualtrics deepened key product integrations, embedding its Experience Management (XM) platform into to enhance employee experience analytics, enabling organizations to correlate survey data with metrics for improved retention and . This was complemented by joint go-to-market efforts targeting SAP's extensive customer base of over 100,000 enterprises, facilitating bundled offerings that combined XM insights with SAP's tools for comprehensive customer and employee experience management. Financially, Qualtrics reported 2022 revenue of $1.46 billion, a 36% year-over-year increase driven by subscription growth, though it posted a net loss of $1.06 billion attributable to heavy investments in sales, marketing, and platform expansion. Stock performance remained turbulent, influenced by macroeconomic headwinds including COVID-19-related disruptions that delayed enterprise deployments, yet leadership under founder and CEO Ryan Smith provided continuity and focus on innovation. The period culminated in challenges from a broader market downturn, prompting SAP in January 2023 to announce plans to explore divesting its Qualtrics stake as part of a strategic refocus on core cloud operations and profitability. This led to a definitive in March 2023 for SAP to sell its entire 423 million shares, signaling the end of the hybrid public-private phase and allowing Qualtrics to pursue independent growth trajectories.

Divestment and private era (2023–present)

In June 2023, Qualtrics returned to private ownership through a $12.5 billion all-cash led by Silver Lake and co-investors, including , marking SAP's complete exit from the company after selling its majority stake. The transaction, which closed on June 28, provided shareholders with $18.15 per share, representing a 73% premium over the 30-day as of January 25, 2023, and established an equity value of approximately $12.5 billion for the experience management platform. Qualtrics founder and executive chairman Ryan Smith retained a significant ownership stake in the newly independent entity, aligning with Silver Lake's strategy to support long-term growth without public market pressures. Following the , Qualtrics shifted focus toward -driven innovation and operational profitability amid a challenging landscape. The company prioritized strategies, maintaining workforce stability after a 2023 restructuring that reduced headcount by 15% (about 780 roles) to streamline operations, even as broader industry layoffs exceeded 200,000 positions that year. This emphasis on talent preservation supported sustained growth, with Qualtrics reporting improved margins and expanded capabilities to enhance its core platform. Qualtrics accelerated its acquisition strategy in the private era, building on pre-divestment moves like the 2021 purchases of Clarabridge for advanced customer feedback analysis and Usermind for journey orchestration, which integrated voice-of-customer insights into its ecosystem. The pivotal development came in October 2025 when Qualtrics announced a $6.75 billion acquisition of Forsta (including debt), payable in and . The deal will incorporate Forsta's assets—including prior mergers of Confirmit (valued at around $200 million in 2021) and FocusVision for video-based research—into Qualtrics' portfolio, adding vast healthcare datasets from and enabling AI-enhanced solutions for patient satisfaction, , and clinical outcomes, while extending reach into and verticals through Forsta's specialized tools. The acquisition, financed by a including and , is expected to close in early 2026, positioning Qualtrics as a leader in industry-specific experience management. Strategically, Qualtrics committed $500 million in 2023 to AI investments through 2027, launching the XM/os2 platform with generative AI for real-time insights and automated actions across customer, employee, and product experiences. By 2025, the company expanded its AI and machine learning team, appointing senior leaders like Gurdeep Singh Pall as president of AI strategy to drive purpose-built innovations, including integrations with healthcare data from the Press Ganey deal targeting hospital performance metrics and predictive analytics. As a private entity valued at over $12.5 billion post-buyout, Qualtrics continues to pursue M&A for vertical depth, while founder Ryan Smith's philanthropy through the Ryan and Ashley Smith Foundation—such as $20 million donated in 2022 to pediatric cancer research via Qualtrics-backed initiatives like 5 For The Fight—underscores ongoing ties to social impact.

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