Qualtrics, online data collection agency based in Utah, reportedly get a $180 million funding valuing the company at $2.5 billion led by Insight Venture Partners and Accel, with participation from Sequoia Capital. This funding is increasing Qualtrics’ valuation 2.5 times over its previous valuation in late 2014.
Qualtrics got the first time institutional funding in 2012 of $70 million. In 2014 Qualtrics again received funding totaling $ 150 million at a $ 1 billion valuation. The investment makes Qualtrics the single largest aggregate investment in the history of the Accel’s portfolio.
Qualtrics Chief Executive Officer Ryan Smith said Qualtrics cash flow is positive and will generate revenue more than $250 million this year.
This is what makes them able to secure financing. It makes their companies with similar size public companies.
The company now labels itself as “the leader in experience management software,” offering a suite of products that help companies collect and use feedback from customers and employees.
For the last couple of years, reporters have been asking Smith if he’s about to IPO. And when some US technology companies go public this year as SNAP Inc., Smith said Qualtrics not yet ready to go public.
For now, the extra cash will help the company weather whatever business environment it faces in the near term.
“IPO is a step, not final destination. But it’s great to get there (IPO). I think it’s definitely next step.” said Smith to Bloomberg.
Qualtrics also announced appointing Atlassian CFO Murray Demo, who helped guide Atlassian through its public offering in 2015.
When founded in 2002, no one in Silicon Valley was interested in Utah tech. But now Qualtrics serves 8,500 enterprise customers, including more than 65 percent of Fortune 500 companies.
Stay closely tuned because Qualtrics public offering is just a matter of time.