SAP SNAPS UP QUALTRICS FOR $8 BN

Weeks before its scheduled IPO, US-headquartered experience management company Qualtrics struck gold as German software firm SAP acquired it in an $8 billion cash deal. It is SAP’s second-largest acquisition after travel and expense management firm Concur for which it paid $8.3 billion in 2014. As Qualtrics specialises in survey software, the deal will strengthen SAP’s CRM offerings. Set up in 2002, the U.S. firm had raised around $450 million and most recently, had been valued at $2.5 billion.