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SAP will split off its Qualtrics unit via IPO

SAP SE SAP,
-1.64%
announced on Sunday that it plans to make its Qualtrics cloud software company public through an initial public offering. SAP purchased Qualtrics for approximately 8 billion dollars prior to the planned IPO in 2018. “SAP’s acquisition of Qualtrics has been a great success, exceeding our expectations with cloud growth of over 40% in 2019, demonstrating very strong performance in the current setup,” said SAP CEO Christian Klein in a statement . “We decided that an IPO would provide the greatest opportunity for Qualtrics to grow.” SAP said it will continue to hold majority ownership of Qualtrics and Qualtrics founder Ryan Smith will remain the largest shareholder. SAP said the timing and final decision for the IPO are still pending and subject to market conditions.

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