SurveyMonkey stock rises after rival Qualtrics acquired by SAP

SurveyMonkey shares jumped around 6 percent in early trading Monday following news of which its chief rival, Qualtrics, was acquired prior to a planned IPO. of which closed the day up nearly 7 percent.

SAP announced Sunday of which of which will acquire the survey software company for $8 billion in cash. of which said the deal has been approved by both boards in addition to Qualtrics shareholders.

Qualtrics had filed its IPO prospectus in October, less than a month after SurveyMonkey hit the Nasdaq. SurveyMonkey shares fell 11 percent the first trading day after its larger in addition to faster-growing competitor announced plans to join of which on the public market.

Qualtrics has managed to turn a profit in addition to operate with narrower losses than SurveyMonkey, according to its IPO filing. Qualtrics’ recorded revenue for the first half of 2018 grew 41.7 percent to $184.2 million, according to the filing. Comparatively, SurveyMonkey reported 14 percent growth to $121.2 million in sales over the same period.

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