Wheeling and dealing is a lot more fun than takeover integration. That seems to be the lesson from SAP’s rollercoaster ride with Qualtrics.
The German software titan first acquired the Utah software start-up in late 2018 for $8bn in cash. On Monday, Qualtrics disclosed that private equity firm Silver Lake had made a $12bn bid in partnership with Canada’s largest pension fund.
This would appear more impressive if SAP had not floated a stake in Qualtrics in early 2021 at a $15bn group valuation. Amid the frenzy in growth stocks, Qualtrics at one point boasted a market capitalisation of nearly $30bn.
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