{"id":338012,"date":"2017-04-11T01:49:38","date_gmt":"2017-04-10T17:49:38","guid":{"rendered":"http:\/\/techcrunch.com\/?p=1474633"},"modified":"2017-04-11T01:49:38","modified_gmt":"2017-04-10T17:49:38","slug":"is-qualtrics-about-to-go-public-a-chat-with-founder-ryan-smith-on-the-ipo-question","status":"publish","type":"post","link":"https:\/\/people.utm.my\/asmawisham\/is-qualtrics-about-to-go-public-a-chat-with-founder-ryan-smith-on-the-ipo-question\/","title":{"rendered":"Is Qualtrics about to go public? A chat with founder Ryan Smith on the IPO question"},"content":{"rendered":"<p class=\"first\">Qualtrics,\u00a0an online survey research platform, is listed as tops among likely candidates to go public this year. But is it really going to file and, if so, how close is it to doing that?<\/p>\n<p>I\u2019m betting yes and it could be soon based on some interesting answers in a recent interview with founder Ryan Smith (see video below).<\/p>\n<p><span class=\"embed-youtube c5\"><iframe loading=\"lazy\" class=\"youtube-player c4\" type=\"text\/html\" width=\"640\" height=\"390\" src=\"https:\/\/www.youtube.com\/embed\/kzBjXAO9jig?version=3&#038;rel=1&#038;fs=1&#038;autohide=2&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;wmode=transparent\" allowfullscreen=\"true\">[embedded content]<\/iframe><\/span><\/p>\n<p>For\u00a0the last couple of years, reporters have been asking Smith if he\u2019s about to IPO. Usually, Smith gives some sort of answer about how his company already runs like it\u2019s public, brushing off any notion of such an event\u00a0\u2014 I\u2019ve personally had this conversation with Smith several times, including in this\u00a0<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=XhTR_gkC6Fc\">onstage interview<\/a> from 2016<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=XhTR_gkC6Fc\">.<\/a><\/p>\n<p>But the Provo, Utah-based company seems more ready this year than it ever has, hiring key executives like Microsoft\u2019s Zig Serafin as its COO and nearly doubling its employee base in the last two years, to more than 1,300 people.\u00a0Qualtrics now serves 8,500 enterprise customers, including more than 65 percent of Fortune 500 companies. It has also expanded operations outside of Utah, to 10 different offices globally, including Seattle, Dallas, Washington, D.C. and even Dublin, Ireland and parts of Australia.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-tc-article-featured-image-wide wp-image-1474935\" src=\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9219.jpg?w=738&#038;h=492\" alt=\"\" width=\"738\" height=\"492\" srcset=\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9219.jpg?w=738&#038;h=492 738w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9219.jpg?w=1476&#038;h=984 1476w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9219.jpg?w=150&#038;h=100 150w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9219.jpg?w=300&#038;h=200 300w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9219.jpg?w=768&#038;h=512 768w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9219.jpg?w=680&#038;h=453 680w\" sizes=\"(max-width: 738px) 100vw, 738px\"\/><\/p>\n<h2>Rough stone rolled into a rocket ship<\/h2>\n<p>But no one in Silicon Valley was interested in Utah tech when\u00a0Qualtrics\u00a0launched in 2002. The company, like so many of the now unicorn-status startups in Utah, started out as a bootstrapped business and simply had to be a profitable operation from the beginning.<\/p>\n<p>But nearly a decade later all that changed when the company hit $50 million a year in revenue, with $30 million of that in pure profit \u2014 all on the simple notion that academics might want some data-driven insights. By then the Utah tech scene was booming from Ogden to Provo, dubbing the area the \u201cSilicon Slopes,\u201d and Accel Partners and Sequoia Capital took notice. They convinced Smith to take an initial $70 million in financing.<\/p>\n<p>The company has only raised one other time, taking in a total of $220 million funding from Accel, Sequoia and Insight Venture Partners, and sending Qualtrics on a rocket ship to the billion-dollar tech company it is now.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-tc-article-featured-image-wide wp-image-1474937\" src=\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9200.jpg?w=738&#038;h=492\" alt=\"\" width=\"738\" height=\"492\" srcset=\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9200.jpg?w=738&#038;h=492 738w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9200.jpg?w=1476&#038;h=984 1476w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9200.jpg?w=150&#038;h=100 150w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9200.jpg?w=300&#038;h=200 300w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9200.jpg?w=768&#038;h=512 768w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9200.jpg?w=680&#038;h=453 680w\" sizes=\"(max-width: 738px) 100vw, 738px\"\/><\/p>\n<h2>\u201cWe\u2019re going public\u201d<\/h2>\n<p>But Smith, famous for brushing off the IPO question, seemed a bit jumpier when asked about it during a recent visit to his gorgeous new headquarters (complete with a basketball court and a 1950s-inspired soda joint). Instead of the usual spiel I\u2019ve become accustomed to, Smith\u2019s language was a bit more positive.<\/p>\n<p>\u201cWe know that there\u2019s a huge opportunity here and we\u2019re being very thoughtful about it because it\u2019s not about going public. Going public is super easy to do. Just file the S-1 and we\u2019re out,\u201d Smith told me. \u201cIt\u2019s about being public and how that works and getting the house in order to make sure that that\u2019s the case. We\u2019re going to be a great public company. We\u2019re going public.\u201d<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-tc-article-featured-image-wide wp-image-1474939\" src=\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9204.jpg?w=738&#038;h=492\" alt=\"\" width=\"738\" height=\"492\" srcset=\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9204.jpg?w=738&#038;h=492 738w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9204.jpg?w=1476&#038;h=984 1476w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9204.jpg?w=150&#038;h=100 150w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9204.jpg?w=300&#038;h=200 300w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9204.jpg?w=768&#038;h=512 768w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9204.jpg?w=680&#038;h=453 680w\" sizes=\"(max-width: 738px) 100vw, 738px\"\/><\/p>\n<h2>So\u2026 soon?<\/h2>\n<p>So there you have it for future plans. But <strong><em>when<\/em><\/strong> is the crucial part here \u2014 and that is something Smith was much more coy about. When asked if he was going this year he simply said, \u201cWe\u2019re making good progress there,\u201d and promised TechCrunch would be the first to know.<\/p>\n<p>Keep in mind, there have been several tech companies in the enterprise space that have recently gone public and, according to Smith\u2019s own words in that same interview, have revenues matching Qualtrics, making him feel \u201cgreat.\u201d While we don\u2019t have direct word on Qualtric\u2019s annual revenue, a couple of analysts I\u00a0asked estimated it was at least in the $150 million range last year. MuleSoft, another enterprise company that went public last month, logged just under <a target=\"_blank\" href=\"http:\/\/fortune.com\/2017\/03\/17\/mulesoft-ipo-pricing\/\">$188 million<\/a> in 2016 revenue, for comparison.<\/p>\n<p>So there you have it. Stay closely tuned right here for more, because it looks very likely Qualtrics is currently prepping for an IPO.<\/p>\n<p><em>*This article is part of a larger series focusing on the Utah tech scene. We\u2019re going to be sprinkling several of these articles and videos throughout the TechCrunch newsfeed for the next couple of weeks, so strap on your ski boots and stay tuned as we guide you through the \u201cSilicon Slopes\u201d!<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9241-edit.jpg?w=680\" class=\"attachment-large size-large wp-post-image\" alt=\"\" srcset=\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9241-edit.jpg?w=680 680w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9241-edit.jpg?w=1360 1360w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9241-edit.jpg?w=150 150w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9241-edit.jpg?w=300 300w, https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gv6a9241-edit.jpg?w=768 768w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/>&nbsp;Qualtrics, an online survey research platform, is listed as tops among likely candidates to go public this year. But is it really going to file and, if so, how close is it to doing that? I&#8217;m betting yes and very soon based on some interesting answers in a recent interview with founder Ryan Smith. <a href=\"https:\/\/techcrunch.com\/2017\/04\/10\/is-qualtrics-about-to-go-public-a-chat-with-founder-ryan-smith-on-the-ipo-question\/?ncid=rss\">Read More<\/a><\/p>\n<div class=\"feedflare\">\n<a href=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?a=TNTgrDvVyUg:ADvtppNfJWM:2mJPEYqXBVI\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?d=2mJPEYqXBVI\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?a=TNTgrDvVyUg:ADvtppNfJWM:7Q72WNTAKBA\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?d=7Q72WNTAKBA\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?a=TNTgrDvVyUg:ADvtppNfJWM:yIl2AUoC8zA\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?d=yIl2AUoC8zA\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?a=TNTgrDvVyUg:ADvtppNfJWM:-BTjWOF_DHI\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?i=TNTgrDvVyUg:ADvtppNfJWM:-BTjWOF_DHI\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?a=TNTgrDvVyUg:ADvtppNfJWM:D7DqB2pKExk\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?i=TNTgrDvVyUg:ADvtppNfJWM:D7DqB2pKExk\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?a=TNTgrDvVyUg:ADvtppNfJWM:qj6IDK7rITs\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/Techcrunch?d=qj6IDK7rITs\" border=\"0\"><\/img><\/a>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/Techcrunch\/~4\/TNTgrDvVyUg\" height=\"1\" width=\"1\" alt=\"\"\/> <\/p>\n","protected":false},"author":5817,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[25],"tags":[59,66,26],"class_list":["post-338012","post","type-post","status-publish","format-standard","hentry","category-technology","tag-media","tag-techcrunch","tag-technology"],"_links":{"self":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts\/338012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/users\/5817"}],"replies":[{"embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/comments?post=338012"}],"version-history":[{"count":0,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts\/338012\/revisions"}],"wp:attachment":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/media?parent=338012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/categories?post=338012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/tags?post=338012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}