2018 IPO Prospects: Qualtrics Acquires To Add To Customer Experience Offering

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According to a recent MarketsandMarkets report, the global customer experience management market is projected to grow at a CAGR of 23% from an estimated $5.98 billion in 2017 to 16.91 billion by the year 2022. Provo, Utah-based Billion Dollar Unicorn Qualtrics realizes the importance of this market as it pushes its efforts within the sector.

Qualtrics’ Offerings

Qualtrics was founded in 2002 by Scott Smith and his sons Ryan and Jared Smith. The idea behind Qualtrics came to Scott when he, a professor of marketing at Brigham Young University, realized the need to accelerate market research using the Web. He decided to work with college students to build an online survey software solution.

Initially, Qualtrics focused on an offering for graduate schools. It increased the sophistication of its surveys to address the needs of doctoral researchers. Qualtrics used the tools developed for schools to gradually expand to the corporate marketing world. Soon Qualtrics became a software-as-a-service company that has developed an insight platform. It simplifies and accelerates the process of capturing customer, employee, and market insights, and helps clients take informed business decisions. Qualtrics’s newest product is its customer experience management platform called XM Platform. The solution is focused on measuring and analyzing customer, employee, brand, and product experience.

Today, it has more than 8,500 organizations as its customers including 75% of the Fortune 1000 companies. It still offers its products to the schools and has 99 of the top 100 U.S. schools using its services.

Qualtrics is not the only one in the space, but it does offer a more comprehensive solution than others. Companies like SurveyMonkey and Survicate provide a similar offering. But most of these tools have their limitations. For instance, SurveyMonkey’s surveys are good one-off surveys, but they don’t repeat surveys to assess experience trends over time. Similarly, Survicate offers highly targeted surveys, but doesn’t offer detailed analytic capabilities.

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