The German software company SAP is acquiring the American Qualtrics for 8 billion dollars, converted about 7.1 billion euros. The acquisition follows a few weeks after Qualtrics announced that it would go public.
Qualtrics is a provider of services and software for surveys, including for businesses and researchers. It is a competitor of SurveyMonkey, which recently went public. The company has 9,000 customers. According to SAP, Qualtrics can grow rapidly after the acquisition.
Last year, Qualtrics had sales of $290 million, up 52 percent from a year earlier. The company is expected to achieve more than $400 million in revenue this year, a growth of more than 40 percent. The German SAP is a much larger software company, which achieved a turnover of 23.5 billion euros in 2017.
SAP believes the acquisition can be completed in the first half of 2019. Both companies and their shareholders agree on the terms; regulatory bodies have yet to give approval.