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Report

Silver Lake and CPP Investments Complete

Acquisition of Qualtrics

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EXECUTIVE SUMMARY

This report explores Qualtrics' substantial purchase by Silver Lake and CPP Investments on June
28, 2023, using three key external communication sources: press office announcements,
quarterly reports, as well as yearly reports. In addition, the study highlights Qualtrics' strategic
focus, successes, and collaborations, particularly in the US, and shows how quickly the firm has
grown in the sector in just one year. At the same time, it offers a comprehensive overview of
Qualtrics' post-acquisition trajectory by going over the company's financial repercussions,
market achievements, and expanding worldwide partnership. Furthermore, the paper applies
organisational theory to assess the impact of the event on Qualtrics' stakeholder relationships and
organisational structures, looking at both internal and external consequences. On top of that, by
utilising concepts from Hofstede's Insights (2024), the paper delves deeper into cross-cultural
aspects by analysing how culture influences organisational and communication dynamics in the
US, Mexico, and Canada. In the end, the findings present a complex picture of Qualtrics' post-
acquisition situation and emphasise the company's profitable expansion on a national as well as
worldwide scale.

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Contents
INTRODUCTION ........................................................................................................................................ 4
1. Impactful Events on Qualtrics in the Last Year across Three Countries .................................................. 4
2. Organizational theory: Examining Internal and External Implications .................................................... 6
3. Culture Clash in Corporate Acquisitions: U.S, Mexico and Canada ........................................................ 9
CONCLUSION ........................................................................................................................................... 11
REFERENCES ........................................................................................................................................... 12
APPENDIX ................................................................................................................................................. 15

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INTRODUCTION
Organisational events like mergers and acquisitions have a significant impact on how
organisations develop in the ever-changing world of global business. A significant advancement
in the corporate world, particularly in the technology and investment sectors, was this case's June
28, 2023, $12.5 billion deal worth Silver Lake acquired Qualtrics (Qualtrics, 2023h).
Specifically, the German multinational software business SAP (2024) was the initial owner of
Qualtrics, a well-known experience management company. In a strategic move, the US-based
global technology investment business Silver Lake Capital joined forces with the Canada
Pension Plan Investment Board (CPP Investments), to start the Qualtrics purchase (Qualtrics
2023h). The partnership's overarching strategic goal was to help Qualtrics enter its next stage of
growth at scale by utilising Silver Lake's extensive knowledge of the industry and vision for
experience management (XM). Firstly, this report starts with an overview of the company’s
significant event within the last year using three main external communication channels such as
press releases, quarterly reports, and yearly reports. Secondly, the report provides a thorough
analysis of both internal as well as external ramifications of the acquisition. The final section
analyses the cultural effects in various regions, including the United States, Mexico, and Canada
regarding the event’s influences. Through the use of principles from Cross-Cultural
Management, the report uncovers the subtle dynamics of communication and organisation that
are impacted by cultural differences.

1. Impactful Events on Qualtrics in the Last Year across Three Countries

Following its acquisition, Qualtrics experienced an extensive organisational reorganisation
throughout the previous year, which had an extensive impact on its operations in the US,
Mexico, and Canada. In specific, with the financial support and worldwide reach of Silver Lake
and CPP of $12.5 billion (Qualtrics 2023h), this event gave Qualtrics the ability to continue
innovating and growing. Additionally, Qualtrics hit major benchmarks in the US in August,
being named a leader in the IDC MarketScape Worldwide Employee Experience 2023 Vendor
Ranking (Qualtrics 2023g). Together with the 2020 Forrester Research award, this validation
hence confirms Qualtrics' position as the platform of choice for businesses looking to improve
customer along with employee experiences. Likewise, Qualtrics's (2023j) impact in the US
healthcare industry has been reinforced by its partnership with Epic, a pioneer in health IT, to

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include patient experience data in healthcare. Added to that, Qualtrics' post-acquisition

accomplishments go beyond collaborations; they also reflect its commitment to technical
advancement. For example, in July 2023, Qualtrics announced XM/os2 (Qualtrics 2023f), the
next version of its platform that is completely integrated with AI. As a result, this release
demonstrates the company's commitment to being at the centre of technology, developing a
better knowledge of workforce dynamics, as well as improving the entire experience of
employees.

On the other hand, the firm further demonstrated its intent to capitalise on Latin America, with a
particular emphasis on Mexico, by establishing a facility in Mexico City in November 2023
(Qualtrics 2023d). In addition to establishing itself as a significant participant in the Mexican
market, Qualtrics shows through this project that it understands the unique dynamics and
requirements of the Latin American business environment. This hence demonstrates the
adaptability and efficiency with which Qualtrics can tailor its products to suit the demands of
several global marketplaces.

In addition, the acquisition enhanced the collaboration between Qualtrics (n.d.) and Leger, which
dates back to the company's establishment and established it as the country's first Canadian-
owned partner. Concurrently, Qualtrics established noteworthy collaborations that strengthened
its determination to improve the country's worker along with customer experiences. With regard
to the October 2023 cooperation with WorkJam (Qualtrics 2023a), in particular, the goal was to
enhance frontline staff' experiences because they have a big impact on customer interactions. By
doing this, the partnership offered customised solutions for the Canadian market by combining
the global customer relationship management platform of Qualtrics with the strategic consulting
knowledge of Leger.

Along with its strategic goals and achievements, Qualtrics has grown its market presence
dramatically in the last year, which has strengthened its standing as a major player in the
experience management industry. For example, the significant rise in the number of
organisations using its platform is indicative of the expansion. Indeed, by November, 2023,
about 20,000 organisations were using Qualtrics, up from over 18,750 in January 2023 (United
States 2022; United States 2023). This noteworthy spike in only a single year demonstrates

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Qualtrics' value to companies in a variety of industries and geographical areas, thereby indicating
an increasing client base that might result in new sources of income for Qualtrics.

Financially, Qualtrics (2023b) continued its profitable trend in the Q1 of FY2023 after its
acquisition, bringing in $409.8 million in sales overall, a strong 22% rise from the previous year.
According to its report, the subscription income for the same time was $339.8 million, a notable
21% increase over the prior year (Qualtrics 2023b). To support this, improvements in operating
loss, which decreased from $(290.5) million to $(253.8) million annually, highlight the
favourable financial development significantly. In comparison to the Q1 of FY2022 (Qualtrics
2023c), the net loss showed improvement as well, coming in at $(259.0) million instead of
$(292.3) million. That is to say, the company's effective post-acquisition transition is highlighted
by these positive financial outcomes as well as strategic business accomplishments of Qualtrics,
which position the business for long-term growth and technological advancement as an
independent organisation.

2. Organizational theory: Examining Internal and External Implications

2.1 Internally

From the standpoint of organisational theory, Qualtrics' internal operations will be impacted in a
number of ways by Silver Lake and CPP Investments' acquisition of the company, as well as by
further investments from Accel, BDT & MSD Partners, and DFO Management. First off,
Qualtrics' ownership structure changed from being a publicly listed firm to a privately held one,
indicating a release from the immediate demands of the public markets and greater freedom to
make strategic decisions. Due to their lack of immediate pressure from quarterly profits
expectations, private organisations are frequently more flexible when making strategic decisions
(Pereira 2023). As a result, this shift may result in changes to the company’s decision-making
processes.

Second, throughout changes, organisational stability depends on leadership continuity (Green

Cruzat 2022). In this case, with Zig Serafin continuing in his role as CEO, Qualtrics highlights
the continuity of its leadership. This shows a dedication to upholding the business's strategic
direction and making use of the leadership experience already in place. As a result, this strategy
lessens employee uncertainty while maintaining organisational culture and strategic goal. At the

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same time, factors such as strategic change and innovation are proven to be important regarding
M&A performance outcomes (Irwin et al., 2022). In this case, Qualtrics, as well as the investors,
have said that their goal as the next corporate cloud software platform is to propel development
and innovation that defines a new category. This thus indicates how flexible the company is to
shifting market conditions and how dedicated it is to satisfying evolving client demands.

Furthermore, according to Qualtrics (2023h), investors including Silver Lake, CPP Investments,
Accel, BDT & MSD Partners, and DFO Management have provided financial and operational
assistance, indicating that their viewpoint is resource-dependent. This means that Qualtrics'
competitive position and skills may be strengthened by these investors, who provide not just
financial resources but also operational knowledge.

On the other hand, Qualtrics's withdrawal from the public market may provide integration
problems, and the purchase may need its operations to be aligned with the strategic goals of the
new owners. According to Geraldi et al. (2022), effectively managing these problems requires
managing opposition, integrating cultures, as well as coordinating organisational structures. In
this case, navigating these transitions successfully requires the use of effective change
management methods. At the same time, organisational theory's subtlety is demonstrated by the
way Qualtrics' corporate brand changed as a result of changing its trading status. For instance,
the company's vision, values, and objectives (Green Cruzat 2022) may need to be reevaluated in
light of this development. To do this, strategic communication would be needed to support a
healthy company culture and match employee views of motivation and commitment.

Ultimately, staff involvement and communication strategies become crucial with such
organisational changes (Thomas and Peterson 2014). In this case, communication theory
emphasises how important it is to communicate in a clear and transparent way (Moran et al.
2014) during times of transition to ensure that workers understand the company's vision and feel
invested in the transition process, especially with its global workforce. For instance, employee
participation in the transition process lowers resistance and fosters a positive work environment.

2.2 Externally

Meanwhile, the acquisition causes a variety of external dynamics that require careful
examination. By introducing new participants, the ownership transfer alters the power dynamics

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in Qualtrics' external environment. That is, stakeholder connections may evolve as a result of the
company's strategic decisions, which will be influenced and changed by its investors (Segal et al.
2021), especially Silver Lake and CPP Investments. One example of how authority is distributed
and how present leadership is in line with the objectives of the new investors is the leadership
restructuring that keeps CEO Zig Serafin in place. As a result, the external network of
interactions is a crucial element of organisational theory that emphasises the need for effective
stakeholder management.

At the same time, Qualtrics faces competition from a reshaped experience management (XM)
software industry. After a large cash infusion, the organisation needs to strategically reposition
itself to maintain its dominant position. One illustration of this is the commitment to encouraging
category-defining innovation and development, which highlights the flexibility required to thrive
in a changing competitive environment. From the perspective of institutional theory (Li et al.
2020), Qualtrics has to modify to meet the requirements and standards of the investment and
private equity industries. For example, the company should comprehend along with operate by
the standards, beliefs, and expectations of its new shareholders and directors. This is to making
sure that its actions and procedures follow the institutional logics that are common in the
investment and private equity sectors.

Furthermore, the significance of viewing the organization's external environment via a

multinational lens is highlighted by the global aspect of the event, which includes foreign
investors and the ongoing development of Qualtrics' activities internationally. Similarly,
organisational theory continues to emphasise the importance of the effects on different
marketplaces, legal frameworks, and cultural settings (Filatotchev et al. 2022). As a result,
maintaining success over time requires managing the variety of external factors and customising
organisational procedures to local conditions.

On top of that, the event leads to Qualtrics' standing and credibility in the sector to shift. The
past credibility and performance of the organization's new financiers may have an impact on its
public image and status in the market. For instance, the business needs to take an active role in
managing its standing in the eyes of collaborators, consumers, and the industry overall,
according to institutional theory. In this case, since Qualtrics is now reliant on both the financial
and strategic assets given by its new investors, important factors such as controlling external

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dependencies, negotiating favourable conditions, and utilising the experience of Silver Lake,
CPP Investments, and others becomes significant. That is, equity investments as well as debt
financing that are involved implies the intricate network of resource requirements that Qualtrics
needs to carefully manage to support its competitiveness and expansion.

3. Culture Clash in Corporate Acquisitions: U.S, Mexico and Canada

3.1 Organizational Perspective

Operating in the United States, Canada, and Mexico in the post-acquisition context would
require navigating the complex cultural differences in each nation. By utilising ideas from Cross-
Cultural Management, Qualtrics can utilise Hofstede's cultural aspects (Appendix A) as a
framework for organising initiatives. Considering egalitarian institutions and participatory
decision-making are more preferred in the cultures of the United States and Canada, which have
lower Power Distance Index (PDI) ratings (40 and 39, respectively), Qualtrics may highlight
these aspects of these nations. Added to that, individualistic principles would motivate the
organisation to acknowledge and promote each employee's accomplishments to promote a sense
of independence and personal development. That is, a preference for equality is shown in the
participative nature of decision-making. For example, managers in both nations value team
competence and encourage a collaborative work atmosphere. With scores of 60 in the United
States and 72 in Canada (Hofstede Insights 2024), individualism is prevalent. The trend towards
independence transfers into cultures inside organisations that value autonomy and self-
determination. On the other hand, Canada could take a more neutral approach because of its
slightly higher focus on relationships.

Mexico, on the other hand, appears to favour hierarchical systems, as shown by their higher PDI
(81) (Hofstede Insights 2024). To support this, Mexico's collectivist orientation (34) places an
important priority on group loyalty, which affects relationships at work and organisational
decision-making. Using this, Qualtrics may need to set up distinct hierarchies where choices are
made at the top of the chain. For example, adopting a management approach that recognises and
values loyalty, group cohesiveness, as well as clear guidelines to create a work atmosphere that
feels family is in line with Mexican cultural norms.

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Although there are some minor distinctions, the United States (62) and Canada (52) (Hofstede
Insights 2024) have a similar orientation towards individual accomplishment when it comes to
the desire towards accomplishing goals. Because of its independent culture, the United States
tends to celebrate achievement more overtly, whereas Canada keeps a more neutral attitude. In
the case of Mexico with the scored of 69, it is an indicative of a determined and goal-oriented
culture. This means that in Mexican organisations, conflict resolution techniques are influenced
by the values of confidence, fairness, and competition.

As reported by Hofstede Insights (2024), the United States (46) and Canada (48) both have lower
levels of uncertainty avoidance, which encourages tolerance for different viewpoints and
willingness to innovate. Conversely, Mexico's high score of 82 on the uncertainty avoidance
scale indicates a tendency for stability, aversion to abrupt shifts, and firm compliance to
protocols. On top of that, both the United States (68) and Canada (68) have indulgent cultures
that place lower value on leisure, balanced work and life, and individual freedom. In this case,
Mexico, which scored 97, emphasises worker happiness and leisure time significantly more.

3.2 Communication Perspective

From a communication standpoint, knowing High-Context and Low-Context communication

styles is essential to adopting ideas from Cross-Cultural Management (Browaeys and Price
2008). In fact, transparent and straightforward conversation is favoured in Low-Context
communication, which is generally followed in the United States and Canada. Therefore,
to ensure that information is expressed clearly, Qualtrics may continue to have open and honest
lines of communication that match its current corporate culture.

On the other hand, Mexico has a High-Context approach to communication, in which non-verbal
clues and unspoken signals are quite important (Browaeys and Price 2008). For example, it may
be necessary for Qualtrics to emphasise the value of forming interpersonal relationships and
observing nonverbal cues during meetings and conversations. As a result, employees'
comprehension of these communication patterns may be improved by including cultural
intelligence education, which promotes productive cross-cultural cooperation.

To conclude, Qualtrics could use techniques from Cross-Cultural Management, such as diversity
training, mentoring programmes, and multicultural teams in post-acquisition cooperation to

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foster cultural awareness. In its extended operational landscape, Qualtrics can effectively manage
the complexities of organisational and interpersonal relationships by recognising the strengths of
each cultural component and cultivating an inclusive culture.

CONCLUSION
To sum up, the analysis of the purchase of Qualtrics on June 28, 2023, and the subsequent year-
long transition, presents a complex picture of organisational expansion along with cross-cultural
management. More specifically, the company's successful post-acquisition phase is demonstrated
by its growing market share, strong financial performance, and partnerships with several
additional partners. Most notably, Hofstede's dimensions of culture (Hofstede Insights 2024)
enable the report's understanding of particular variations in organisational behaviour and
communication styles throughout the US, Mexico, and Canada. Characteristics such as power
distance, individualism, performance reward, uncertainty avoidance, and indulgence, for
instance, offer further context for understanding Qualtrics' operation. However, cultural
complexity has a big influence on Qualtrics' internal communications and external procedures.
That is to say, these influences range from American individualistic impulses to hierarchical
Mexican and Canadian institutions. Based on its research, this paper offers a useful manual for
managing the complex interrelationships between organisational theory and cross-cultural
management in the context of an international corporate environment.

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Review, 32 (4), 1-17.

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APPENDIX
Appendix A: Hofstede Insights, 2024

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