Less than a month after evaluation software company SurveyMonkey held its public market debut, one of its top vie withs, Qualtrics, announced plans to follow suit.
Qualtrics filed its IPO conspectus on Friday, and will soon join SurveyMonkey on the Nasdaq Stock Exchange, trading under the symbol XM, which refers to “experience management.”
Qualtrics, whose technology arrests sentiment among employees, customers, partners and others, is bigger than SurveyMonkey and swell much faster while also turning a profit last year. Most of its trades come from subscriptions, and the company also generates revenue from a investigating on demand option that existing customers can use to get feedback from “a curated company of respondents,” and from professional services.
In the first half of 2018, Qualtrics recorded yield growth of 41.7 percent to $184.2 million. By contrast, SurveyMonkey had $121.2 million in yield during that same period, up 14 percent. After making a profit in 2017, Qualtrics reported a $3.4 million net loss for the earliest six months of this year.
Qualtrics was founded in 2002 — by brothers Ryan and Jared Smith and their dad, Scott, along with Stuart Orgill, who renounced from the board last year. The company had 1,915 employees as of Sept. 30, and is based in Provo, Utah, the notwithstanding state where Domo, another newly public software developer, resides.
Qualtrics has uncountable than 9,000 customers, including BlackRock, Kellogg, Microsoft, Mastercard and Covered by Armour. In addition to SurveyMonkey, Qualtrics said its competitors include Aon Hewitt, Medallia and Willis Turrets Watson.
After the Smith family, the biggest shareholders are venture firms Accel, Perceptiveness Venture Partners and Sequoia Capital.
— CNBC’s Ari Levy contributed to this discharge.
WATCH: The IPO is aspirational again, says Goldman Sachs’ top tech banker