M&A Deal Summary

Silver Lake, CPP Investments and Susquehanna Growth Equity Acquire Qualtrics

On March 12, 2023, private equity firm Silver Lake, pension CPP Investments and growth capital firm Susquehanna Growth Equity acquired internet software and services company Qualtrics for 12.5B USD

Acquisition Highlights
  • This is Silver Lake’s 21st, CPP Investments’ 1st and Susquehanna Growth Equity’s 32nd transaction in the Internet Software and Services sector.
  • This is Silver Lake’s 4th, CPP Investments’ 4th and Susquehanna Growth Equity’s largest (disclosed) transaction.
  • This is Silver Lake’s 92nd, CPP Investments’ 25th and Susquehanna Growth Equity’s 53rd transaction in the United States.
  • This is Silver Lake’s 3rd, CPP Investments’ 1st and Susquehanna Growth Equity’s 2nd transaction in Utah.

M&A Deal Summary

Date 2023-03-12
Target Qualtrics
Sector Internet Software and Services
Buyer(s) Silver Lake
CPP Investments
Susquehanna Growth Equity
Deal Type Going Private
Deal Value 12.5B USD
Advisor(s) Morgan Stanley
Goldman Sachs (Financial)
Goodwin Procter
Freshfields Bruckhaus Deringer (Legal)

Target

Qualtrics

Provo, Utah, United States
Qualtrics is a software-as-a-service company that helps clients monitor and gather customer insights. Qualtrics has pioneered a new category of software that enables organizations to deliver the experiences that turn their customers into fanatics, employees into ambassadors, brands into religions, and products into obsessions. Qualtrics was founded in 2002 and is based in Provo, Utah.

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Buyer(S) 3

Buyer

Silver Lake

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 104.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Silver Lake is a mega-sized private equity firm focused on a broad range of growth investments in and acquisitions of technology companies. Silver Lake is subdivided into several investing groups including Silver Lake Partners, Silver Lake Sumeru, Silver Lake Waterman, Silver Lake Alpine, and Silver Lake Kraftwerk. Silver Lake Partners pursues large-scale private investments in companies within the technology, tech-enabled and related growth industries. Silver Lake Sumeru invests in middle market technology companies with established business models and attractive growth prospects where there is an opportunity to create value through operational transformation. Silver Lake Waterman provides growth capital to later-stage companies in the technology and technology-enabled industries, offering flexible solutions to finance expansion and acquisitions. Silver Lake Alpine is Silver Lake's debt and credit investing arm. Silver Lake Kraftwerk provides growth capital to technology and tech-enabled businesses driving efficiency across the operations, energy, and resources industries. Silver Lake Partners was formed in 1999 is headquartered in Menlo Park, California.


DEAL STATS #
Overall 132 of 134
Sector (Internet Software and Services) 21 of 21
Type (Going Private) 15 of 16
State (Utah) 3 of 3
Country (United States) 92 of 94
Year (2023) 1 of 2
Size (of disclosed) 4 of 29
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-09 DBH

Syracuse, New York, United States

DBH owns and operates select minor league baseball clubs affiliated with major league baseball. DBH seeks to support, promote and enhance its clubs through professional management, best practices, innovation and investment, with the mission to elevate fan and player experiences and enrich communities across the country. DBH was formed in 2021 and is based in Syracuse, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-17 ProService Hawaii

Honolulu, Hawaii, United States

ProService Hawaii provides HR solutions & also provides bundled solutions include configured HR technology, payroll, scheduling, HR consultations, health benefits management, administrative & risk management, workers’ compensation, 401(k), and regulatory compliance. ProService Hawaii was founded in 1994 and is based in Honolulu, Hawaii.

Buy -
Buyer
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


DEAL STATS #
Overall 46 of 49
Sector (Internet Software and Services) 1 of 1
Type (Going Private) 8 of 9
State (Utah) 1 of 1
Country (United States) 25 of 26
Year (2023) 1 of 2
Size (of disclosed) 4 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-01 Aera Energy

Bakersfield, California, United States

Aera Energy is an energy producer that provides safety and environmental performance, innovative business practices, and application of cutting-edge technology. Aera Energy was founded in 1997 and is based in Bakersfield, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-12 Power2X

Amsterdam, Netherlands

Power2X is a green molecule company that develops large-scale new energy assets and infrastructure focusing on decarbonizing industrial value chains. In addition, the company is active as a consultant through Power2X Consulting, working together with a variety of industry participants. Power2X is headquartered in Amsterdam, the Netherlands.

Buy -
Buyer

Susquehanna Growth Equity

Bala Cynwyd, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2006
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Susquehanna Growth Equity (SGE) is the private equity arm of The Susquehanna International Group of Companies. SGE focuses on companies that help streamline payments and related transactions. This includes SaaS, payments and transaction processing, capital markets technology, and internet/information services. SGE looks to commit $10 to $200 million in companies with at least $5 million of revenue. The Firm will consider both control and minority positions and targets opportunities across North America, Europe, and Israel. SGE was established in 2006 and is headquartered in Philadelphia, Pennsylvania.


DEAL STATS #
Overall 70 of 70
Sector (Internet Software and Services) 32 of 32
Type (Going Private) 1 of 1
State (Utah) 2 of 2
Country (United States) 53 of 53
Year (2023) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-20 BoomTown

Charleston, South Carolina, United States

BoomTown is a web-based software company that offers a robust online marketing system for real estate professionals. BoomTown was founded in 2006 and is based in Charleston, South Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-05 Board Intelligence

London, United Kingdom

Board Intelligence is a provider of software and services to corporate boards. Board Intelligence was founded in 2010 and is based in London, United Kingdom.

Sell -