Qualtrics IPO
Investor Intelligence

Qualtrics IPO: How Big is the X-Factor Now?

by Liat Piazza , Investor Insights Manager 2 Min.
January 27, 2021 | Updated August 2, 2022

With the emergence of big data and cloud computing, organizations have become increasingly besieged by data that supply the “what,” and satisfy the “when.” But the “why” typically arrives with a taxing lag and missing pieces.

Qualtrics delivers on the “why,” otherwise known as “X-data.” Why are consumers returning to this part of our site? Why do employees feel less engaged in this region?

The SAP-owned company is coming to the public markets on Jan. 28. Our alternative data insights reveal how the company has grown its client base, traffic to its site versus the broader industry, and data regarding key geographies, ahead of the Qualtrics IPO.

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Key takeaways:

  • The pandemic has been a key driver in boosting the demand for experience management platforms
  • Traffic to qualtrics.com is growing at a faster rate than the industry average

Qualtrics active client domain growth

When SAP acquired Qualtrics for $8b in November 2018, the intent was to integrate the company’s cloud experience management suite into a broad range of SAP’s enterprise products, for a win-win on both sides of the transaction. On the SAP side, the acquisition was intended to bolster SAP’s efforts to build its enterprise cloud platform amidst accelerating market share gains from the competitors such as Salesforce. While for Qualtrics, the acquisition meant the company could more effectively penetrate the enterprise market with access to SAP’s large book of premium clients.

Things didn’t exactly go to plan for either SAP or Qualtrics. SAP’s cloud bookings have continued to underperform competitors while Qualtrics’ domain growth fell significantly in 2019 following the SAP integration.

The X-Factor is back in play

Following the disruption of the pandemic, however, the X-factor is back in play. As Qualtrics returns to the market as a standalone operation, what it leaves behind in corporate resources from SAP it picks up in operational control amidst a critical surge in market demand for Experience Management platforms.

The industry has seen significant growth globally since the pandemic hit, and Qualtrics is capitalizing on this, as seen by above industry average traffic growth to qualtrics.com.

Qualtrics key international markets

Qualtrics is doing a good job and gaining traffic share to its site in its key geographies – U.K., U.S., and Germany. In the U.K. in particular, qualtrics.com holds a 60% traffic share up 10.3 percentage points (ppt) YoY.

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This post was written in collaboration with Jeremy Scott, CFA


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