Series C funding Quashes All IPO Rumors with Highest Disdain; Focus shifts to hitting annual revenue of $250 million
Qualtrics, an enterprise SaaS and experience management platform, has raised a whopping $180 million yesterday, taking its total valuation to $2.5 billion. The latest Series C funding comes more than two-and-half years after it raised $150 Million in Series B in September 2014.
Founded in 2002, the Provo, Utah- based SaaS firm has managed to raise $400 million so far, throwing caution to winds around its IPO rumor. Funded by Accel Partners and Insight Venture Partners, Qualtrics is heading towards achieving the golden figure of an annual revenue of $250 million in 2017. An exception to the martech companies that have gone public recently, Qualtrics is a cash-rich profit-making firm, perched healthily for an IPO dash anytime this year (if it wants to!)
As the Temkin Group’s 2017 Customer Experience Vendor Excellence (CxVE) winner, Qualtrics is reaping rewards for not diluting its core product suite with existing marketing technologies. Essentially a workplace collaboration and management platform, Qualtrics has grown beyond automation to offer Customer Experience at its core, something very few SaaS companies have managed to pull off with profitable results.
Already bigger than most public software companies, Qualtrics may not go the IPO route after all, especially when investors are backing the company with highest aspirations to grow bigger and better in 2017 and beyond.