Unicorn Qualtrics files in the Utah Cloud of up to $ 200M in IPO

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One of Utah's most promising unicorns and cloud computing is out of the flock. Qualtrics filed an S-1 with the SEC on Friday, announcing its intention to raise up to $ 200 million during an initial public offering.

Qualtrics has not indicated a target price for its action, its first public price after several months. Qualtrics plans to register on the Nasdaq under the symbol "XM".

The company, which offers online surveys and other tools to track feedback from customers and employees – what Ryan Smith, the CEO, has termed "experience management", of 39, where the stock symbol, said a turnover of $ 289.9 million in 2017, up 52% ​​over the previous year. Qualtrics earned $ 184.2 million in revenue for the first six months of 2018; annualized (although Qualtrics revenues are increasing over time), this would mean 27% growth over the previous year.

Qualtrics has also recently been profitable. The company reported net income of $ 2.6 million for 2017, compared with a loss of $ 12 million the previous year. (Qualtrics said in the filing that he was not expecting to be profitable for 2018.)

Smith, co-founder and CEO of Qualtrics, says he owns the company alongside his family's co-founders: his brother, Jared Smith, is the president; Father Scott Smith remains on the board. The three companies hold 177.6 million shares of Qualtrics, accounting for about 45% of the company, with a voting control of 48.2%. The Smith family sold $ 75 million worth of secondary equipment in early 2017.

The main investors in Qualtrics include Accel, which holds approximately 64 million shares, or approximately 16% of the company, Insight Venture Partners, which holds approximately 60 million, or approximately 15%, and Sequoia Capital, which holds 39 million shares. about 10%. The three companies bought more shares last year as part of a secondary transaction, with $ 59 million, $ 91 million and $ 4 million, respectively.

Founded in Utah in 2002 for academics who interviewed their students, Qualtrics was valued at $ 2.7 billion by private investors. This will probably be worth a lot more in the public market. The relatively large number of owners of its founders reflects in part the characteristic trait of the other unicorns of Utah: Qualtrics has waited years before obtaining external capital, which has been sufficiently diluted.

Qualtrics acquired in April the startup Delighted, whose long-term IPO intentions were widespread. In August, Qualtrics reportedly contacted bankers for the offer process. At the time of the acquisition, Smith said, "This ability to deliver a unique customer experience to everyone from the world's largest and biggest brands to a new small business is incredibly exciting."

With what it claims is a potential $ 44 billion market for its "Experience Management", which connects to a company's other software tools to detect emerging customer trends or dissatisfaction with a customer's business. team of employees, Qualtrics now has 9,000 customers, of which in terms of turnover, three of the four largest companies in the United States out of a hundred. Qualtrics said in the filing that approximately 22% of revenue in the first half of 2018 came from outside the United States.

Qualtrics' IPO comes after Utah's neighbor Pluralsight opened in May and Domo's in June. Together with the CEOs of the three good friends, they were considered essential elements of the Forbes Cloud 100 list while remaining private and played a leading role in a concerted effort to make Utah a second capital. of cloud computing, thanks to its efforts to attract more talent, funding and attention to "Silicon Slopes". A fourth, InsideSales.com, hired the president of Domo in September as part of a turnaround that included the lifting of an additional $ 35 million from Microsoft for a valuation of $ 1.6 billion. While Domo faced investors' skepticism and is currently trading at a market capitalization of less than $ 500 million, Pluralsight shares value this educational software company at $ 3.6 billion.

"We all have a chance to do something big," Smith said Forbes in a profile of the group in 2017. "We know the enormity of what we do."

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One of Utah's most promising unicorns and cloud computing is out of the flock. Qualtrics filed an S-1 with the SEC on Friday, announcing its intention to raise up to $ 200 million during an initial public offering.

Qualtrics has not indicated a target price for its action, its first public price after several months. Qualtrics plans to register on the Nasdaq under the symbol "XM".

The company, which offers online surveys and other tools to track feedback from customers and employees – what Ryan Smith, the CEO, has termed "experience management", of 39, where the stock symbol, said a turnover of $ 289.9 million in 2017, up 52% ​​over the previous year. Qualtrics earned $ 184.2 million in revenue for the first six months of 2018; annualized (although Qualtrics revenues are increasing over time), this would mean 27% growth over the previous year.

Qualtrics has also recently been profitable. The company reported net income of $ 2.6 million for 2017, compared with a loss of $ 12 million the previous year. (Qualtrics said in the filing that he was not expecting to be profitable for 2018.)

Smith, co-founder and CEO of Qualtrics, says he owns the company alongside his family's co-founders: his brother, Jared Smith, is the president; Father Scott Smith remains on the board. The three companies hold 177.6 million shares of Qualtrics, accounting for about 45% of the company, with a voting control of 48.2%. The Smith family sold $ 75 million worth of secondary equipment in early 2017.

The main investors in Qualtrics include Accel, which holds approximately 64 million shares, or approximately 16% of the company, Insight Venture Partners, which holds approximately 60 million, or approximately 15%, and Sequoia Capital, which holds 39 million shares. about 10%. The three companies bought more shares last year as part of a secondary transaction, with $ 59 million, $ 91 million and $ 4 million, respectively.

Founded in Utah in 2002 for academics who interviewed their students, Qualtrics was valued at $ 2.7 billion by private investors. This will probably be worth a lot more in the public market. The relatively large number of owners of its founders reflects in part the characteristic trait of the other unicorns of Utah: Qualtrics has waited years before obtaining external capital, which has been sufficiently diluted.

Qualtrics acquired in April the startup Delighted, whose long-term IPO intentions were widespread. In August, Qualtrics reportedly contacted bankers for the offer process. At the time of the acquisition, Smith said, "This ability to deliver a unique customer experience to everyone from the world's largest and biggest brands to a new small business is incredibly exciting."

With what it claims is a potential $ 44 billion market for its "Experience Management", which connects to a company's other software tools to detect emerging customer trends or dissatisfaction with a customer's business. team of employees, Qualtrics now has 9,000 customers, of which in terms of turnover, three of the four largest companies in the United States out of a hundred. Qualtrics said in the filing that approximately 22% of revenue in the first half of 2018 came from outside the United States.

Qualtrics' IPO comes after Utah's neighbor Pluralsight opened in May and Domo's in June. Together with the CEOs of the three good friends, they were considered essential elements of the Forbes Cloud 100 list while remaining private and played a leading role in a concerted effort to make Utah a second capital. of cloud computing, thanks to its efforts to attract more talent, funding and attention to "Silicon Slopes". A fourth, InsideSales.com, hired the president of Domo in September as part of a turnaround that included the lifting of an additional $ 35 million from Microsoft for a valuation of $ 1.6 billion. While Domo faced investors' skepticism and is currently trading at a market capitalization of less than $ 500 million, Pluralsight shares value this educational software company at $ 3.6 billion.

"We all have a chance to do something big," Smith said Forbes in a profile of the group in 2017. "We know the enormity of what we do."