Unpack the model new S-1 file from Qualtrics

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The exchange takes take a break from vacation to delve into the new Qualtrics S-1 file. Then the column and the newsletter will be on hold again until January 4th.

This afternoon, Qualtrics, A software company that helps companies survey their employee base, customers, and others who have gone public. It's the second time the Utah-based unicorn has done so, and it's not the first time it has managed to complete its offering after SAP bought it for around $ 8 billion in cash.

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SAP announced in late July this year that Qualtrics would be spinning off via an IPO, completing the saga of the smaller company.

The new S-1 shelf – you can see the original for 2018 here – is a different animal than the first. First, Qualtrics is bigger than it was and older. And its finances are more complex as it breaks away from its soon to be former parent company.

Qualtrics intends to trade on the Nasdaq under the ticker symbol "XM".

When I look back on my chat with Ryan Smith, then CEO of Qualtrics and now Chairman, and Bill McDermott, then CEO of SAP and now CEO of ServiceNow, it's hard to believe that the acquisition agreement was only two years ago was completed.

A lot has changed since the end of 2018. Let's see what happened to Qualtrics in the meantime. We're going to look at the financials, the company's implied valuation range (spoiler: it's up), and anything else we can get rid of.

The new Qualtrics S-1

A couple of things above. First, after Qualtrics goes public, SAP will be the majority shareholder in the company. That's early in the S-1 filing. And Smith and Silver Lake are investing in the company as part of their new debut.