Qualtrics, which splits its headquarters between Seattle and Provo, Utah, is aiming to go public at a valuation of $12 billion to $14.4 billion, according to a report by CNBC.
The 18-year-old software company was acquired by SAP for $8 billion two years ago, just days before it was slated to go public. Earlier this summer, SAP said it intended to spin out Qualtrics into a public company. After the public offering, SAP would continue to own 80% of the company.
In 2017, Qualtrics designated Seattle as its co-headquarters after hiring a number of top-level executives in the region. And last year the company announced grand plans for its Seattle operation, inking a lease for 13 floors in a new skyscraper in downtown Seattle that would give the company space to accommodate up to 2,000 people. The company now employs 3,370, with 650 people in the Seattle region.
According to documents filed with the Securities and Exchange Commission, Qualtrics posted revenue of $550 million for the nine months ended Sept. 30. That was up 31% over the same period last year. It posted a net loss for the first nine months of the year of $258 million.
Qualtrics says it has pioneered a new class of software called experience management, writing in its SEC filings that the company’s “XM Platform helps organizations both design and improve the experiences that turn their customers into fanatics, employees into ambassadors, products into obsessions, and brands into religions.”
Qualtrics plans to trade on the Nasdaq exchange under the ticker XM.
SAP previously acquired Bellevue, Wash.-based expense management company Concur Technologies for $8.3 billion back in 2014.