Qualtrics

active

Software — Silver Lake / CPPIB

Deal Terms

Entry Year2023

Entry EV$12.5B

Entry Multiple10x

Leverage5x

Debt Amount$6.3B

Risk Metrics

LTV (est.)50%

Debt / EV0.50x

Notes

$12.5B take-private from SAP. Silver Lake/CPPIB consortium. Experience management software (surveys, feedback). SAP had acquired for $8B (2019), so PE paid a premium to SAP's entry. AI-generated surveys threatening the core business model. PE betting on enterprise stickiness despite AI disruption.

Sponsor

CPP Investments$632B AUM