Less than a month after survey software company SurveyMonkey held its public market debut, one of its top rivals, Qualtrics, announced plans to follow suit.
Qualtrics filed its IPO prospectus on Friday, as well as will soon join SurveyMonkey on the Nasdaq Stock Market, trading under the symbol XM, which refers to “experience management.”
Qualtrics, whose technology captures sentiment among employees, customers, partners as well as others, is actually bigger than SurveyMonkey as well as growing much faster while also turning a profit last year. Most of its sales come through subscriptions, as well as the company also generates revenue through a research on demand option in which existing customers can use to get feedback through “a curated group of respondents,” as well as through professional services.
from the first half of 2018, Qualtrics recorded revenue growth of 41.7 percent to $184.2 million. By contrast, SurveyMonkey had $121.2 million in revenue during in which same period, up 14 percent. After generating a profit in 2017, Qualtrics reported a $3.4 million net loss for the first six months of This particular year.
Qualtrics was founded in 2002 — by brothers Ryan as well as Jared Smith as well as their dad, Scott, along with Stuart Orgill, who resigned through the board last year. The company had 1,915 employees as of Sept. 30, as well as is actually based in Provo, Utah, the same state where Domo, another newly public software developer, resides.
Qualtrics has more than 9,000 customers, including BlackRock, Kellogg, Microsoft, Mastercard as well as Under Armour. In addition to SurveyMonkey, Qualtrics said its competitors include Aon Hewitt, Medallia as well as Willis Towers Watson.
After the Smith family, the biggest shareholders are venture firms Accel, Insight Venture Partners as well as Sequoia Capital.
— CNBC’s Ari Levy contributed to This particular report.
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