PROVO, Utah and RESTON, Va., July 29,
2021 /PRNewswire/ -- Qualtrics (NASDAQ: XM), the world's #1
Experience Management (XM) provider and creator of the XM category,
today announced that it has entered into a definitive agreement to
acquire Clarabridge, the leader in omnichannel conversational
analytics, in a stock transaction valued at $1.125 billion.
Clarabridge's sophisticated AI-powered platform allows companies
to capture and analyze customer feedback from indirect sources such
as social media, emails, support calls, chats and product
reviews.
Qualtrics has the most powerful platform for enabling
organizations to ask their customers and employees the right
questions to understand how they're feeling about their company,
products and brand experiences–– and then use that data to take
action across their business.
With the combination, organizations will be able to tune into,
analyze and act on everything customers and employees are saying,
wherever they're saying it, all on the world's #1 experience
management platform.
Quotes on the News:
"With our acquisition of Clarabridge, we're accelerating our
growth and leadership as the world's #1 experience management
company and taking the category we created to an entirely new
level," said Qualtrics CEO Zig
Serafin. "Together, we'll give companies even greater power
to build deep, trusted relationships with their customers and
employees and deliver incredible experiences that everyone will
love. We're excited to welcome the Clarabridge team to
Qualtrics."
"Clarabridge's ability to help companies discover what
their customers are saying about them across unstructured sources
and provide meaningful, actionable insights is a perfect complement
to the Qualtrics platform," said Clarabridge CEO Mark Bishof. "What we deliver is far more
powerful as part of Qualtrics, and we have an incredible
opportunity to accelerate our growth and innovation as part of the
world's #1 experience management company."
"The role of experience management is growing in importance
within organizations, and the ability to listen across multiple
channels is going to be critical to their future success," said
Alan Webber, IDC's program vice
president for digital strategy and customer experience.
"Increasingly, customers and employees provide feedback in many
different places, and organizations will benefit from a single
platform to capture it, uncover meaningful insights, and use them
to drive action across their business."
Bringing Omnichannel Experience Analytics to the #1
Experience Management Platform
Qualtrics is the gold standard for engaging with customers and
employees, making it simple and scalable for companies to ask
people how they feel, analyze the data and take action on their
direct feedback— whether they provide it through structured
responses or open text experience data.
Leading brands such as GM, Farmers, United Airlines, USAA, Bank
of America, Expedia and UnitedHealthcare rely on Clarabridge to
uncover actionable insights from every customer interaction.
Clarabridge's AI-powered conversational analytics capabilities
analyze massive volumes of indirect customer feedback—captured from
unstructured sources including social media, emails, support calls,
chats, and product reviews.
Clarabridge's platform has the power to discover and understand
critical human nuances such as effort, emotion, and intent –
capabilities that are unmatched in the market. Through highly
sophisticated natural language understanding that spans 23
languages and more than 150 industry models, Clarabridge helps
organizations discover how easy or challenging it was for a
customer to accomplish their goal, the intensity of a customer's
feelings about the experience, and how that experience is likely to
affect their willingness to do business with the company again.
With the combination of Clarabridge and Qualtrics, companies
will be best-positioned to truly understand what customers and
employees are saying across every channel and deliver personalized
experiences at incredible scale.
Details Regarding the Proposed Acquisition
Qualtrics will acquire Clarabridge for $1.125 billion in Qualtrics Class A common stock
(subject to customary purchase price adjustments and cash payouts
in lieu of stock to certain holders of Clarabridge shares) based on
a fixed number of Qualtrics shares and a Qualtrics share price of
$37.33. The boards of directors of
Qualtrics and Clarabridge have each approved the transaction. An
investor presentation about the transaction is available on our
investor relations website at qualtrics.com/investors.
The proposed transaction is subject to receipt of required
regulatory approvals and satisfaction or waiver of other customary
closing conditions and is expected to close during Qualtrics'
fourth quarter of fiscal year ending December 31, 2021.
Additional details and information about the terms and
conditions of the acquisition will be available in a current report
on Form 8-K to be filed by Qualtrics with the Securities and
Exchange Commission.
Advisors
Morgan Stanley & Co. LLC is serving as financial advisor to
Qualtrics and Shearman & Sterling LLP is serving as legal
counsel. Qatalyst Partners is serving as financial advisor to
Clarabridge and Cooley LLP is serving as legal counsel.
Conference Call Information
Qualtrics will host a conference call today, July 29, 2021, to discuss the Clarabridge
acquisition, at 5 p.m. EST. A live
webcast of the conference call, as well as a replay of the call,
will be available at www.qualtrics.com/investors. The conference
call can also be accessed by dialing (866) 420-5762 (United States) or (409) 217-8240 (non-U.S.),
and entering passcode 9480698.
About Qualtrics
Qualtrics, the world's #1 Experience Management (XM) provider
and creator of the XM category, is changing the way organizations
manage and improve the four core experiences of business—customer,
employee, product, and brand. Over 13,500 organizations around the
world are using Qualtrics to listen, understand, and take action on
experience data (X-data™)—the beliefs, emotions, and intentions
that tell you why things are happening, and what to do about it.
The Qualtrics XM Platform™ is a system of action that helps
businesses attract customers who stay longer and buy more, engage
employees who build a positive culture, develop breakthrough
products people love, and build a brand people are passionate
about. To learn more, please visit qualtrics.com.
About Clarabridge
Clarabridge helps the world's leading brands take a data-driven,
customer-focused approach to everything they do. Using AI-powered
conversational analytics, Clarabridge's platform enables brands to
extract actionable insights from every customer interaction to grow
sales, ensure compliance, and increase operational efficiencies.
For more information, please visit http://www.clarabridge.com/.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements concerning the anticipated benefits and
timing of the proposed transaction between Qualtrics and
Clarabridge and the product and markets of each company. In
some cases, you can identify forward-looking statements by terms
such as "anticipate," "believe," "estimate," "expect," "intend,"
"may," "might," "plan," "project," "will," "would," "should,"
"could," "can," "predict," "potential," "target," "explore,"
"continue," or the negative of these terms, and similar expressions
intended to identify forward-looking statements.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to
numerous uncertainties and risks, including factors beyond our
control, that could cause actual results, performance or outcomes
to differ materially from those anticipated or implied in the
statements, including: the risk that the proposed transaction
may not be completed in a timely manner or at all, which may
adversely affect Qualtrics' business and the price of Qualtrics'
common stock; the failure to satisfy the conditions to the
consummation of the proposed transaction, including the receipt of
governmental and regulatory approvals; the occurrence of any event,
change or other circumstance that could give rise to the
termination of the definitive agreement to acquire Clarabridge; the
effect of the announcement or pendency of the proposed transaction
on the companies' respective business relationships, operating
results and business generally; risks that the proposed transaction
disrupts the current plans and operations of the companies;
potential difficulties with respect to employee retention for each
of the companies as a result of the transaction; risks relating to
diverting Qualtrics management's attention from ongoing business
operations; the outcome of any legal proceedings that may be
instituted against Qualtrics or Clarabridge relating to the
definitive agreement to acquire Clarabridge or the proposed
transaction; the ability of Qualtrics to successfully integrate
Clarabridge's operations, product lines, technology and other
assets; the ability of Qualtrics to implement its plans, forecasts
and other expectations with respect Clarabridge's business
following the completion of the proposed transaction and realize
additional opportunities for growth and innovation; and unexpected
variations in market growth and demand for Qualtrics' and
Clarabridge's products and technologies. Additional risks and
uncertainties that could cause actual results, performance or
outcomes to differ materially from those contemplated by the
forward-looking statements are and/or will be included under the
caption "Risk Factors" and elsewhere in Qualtrics' Annual Report on
Form 10-K and most recent Quarterly Report on Form 10-Q filed with
the Securities and Exchange Commission and any subsequent public
filings. Forward-looking statements speak only as of the date
the statements are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Qualtrics assumes
no obligation to update forward-looking statements, whether to
reflect new information, events or circumstances after the date
they were made or otherwise, except as required by law.
Contact Information
Qualtrics
Investor Relations
Steven
Wu
Head of FP&A and Investor Relations
investors@qualtrics.com
Public Relations
Gina
Sheibley
Chief Communications Officer
press@qualtrics.com
Clarabridge
Julie
Miller
Vice President, Marketing
julie.miller@clarabridge.com
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SOURCE Qualtrics