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The German enterprise software group SAP announced Sunday the acquisition of US-based Qualtrics Internaitonal for $ 8 billion, according to a joint statement released in Germany and the United States. SAP claims to have secured € 7 billion in financing to cover the cost of buying back all Qualtrics shares and all related redemption costs. Qualtrics International is a global software leader in the relatively new field of experience management or experience management.
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According to the concept theorized in the mid-1990s, it is about collecting data beyond the consumer experience, such as brand experience or employee experience to create a new source of business profits. SAP said Qualtrics International will continue to be led by current CEO Ryan Smith. SAP said Qualtrics will essentially continue to operate as it currently does in SAP's cloud business, but will be able to take advantage of the German giant's sales force to expand around the world, the statement said.
The Boards of SAP and Qualtrics have given the go-ahead to the transaction just like the shareholders of the US company. The acquisition is expected to be completed by mid-2019.
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