Shares of SAP fell on Monday after the company announced the item was buying U.S. survey software maker Qualtrics for $8 billion.
The German software giant said Sunday the item could acquire Qualtrics in an all-cash deal in which has already gained approval by the boards of both companies, as well as Qualtrics’ shareholders.
SAP’s share cost initially fell around 2 percent as traders in Europe digested news of the deal on Monday, soon extending losses which has a 4 percent decrease later in morning trade. As of 12:26 p.m. London time, SAP shares traded 3.65 percent lower.
The deal announced Sunday saw SAP snap up Qualtrics — which counts recently-listed SurveyMonkey among its competitors — ahead of a planned listing for the firm, which could have traded on the Nasdaq under the symbol XM.
the item is usually also one of the largest acquisitions the enterprise software maker has ever made, coming second only to SAP’s $8.3 billion purchase of travel in addition to also expense software firm Concur in 2014.
In addition, the deal comes on the back of a multitude of takeovers by big tech companies of coveted cloud software firms. IBM recently announced plans to buy Red Hat for $34 billion, the industry’s biggest ever acquisition, in addition to also Microsoft earlier This specific year bought GitHub for $7.5 billion.
Qualtrics was founded in 2002 by brothers Ryan in addition to also Jared Smith, their father, Scott, in addition to also Stuart Orgill. the item counts well-known brands including Microsoft, Kellogg, BlackRock, Mastercard in addition to also Under Armour among its more than 9,000 customers.
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