Silver Lake and its co-investors, in partnership with CPP Investments, have acquired 100% of the outstanding shares in Qualtrics that Silver Lake did not already own, including SAP’s majority ownership interest. 

Qualtrics stockholders, including SAP, are entitled to receive $18.15 in cash for each share of Qualtrics common stock they owned. Qualtrics’ common stock has ceased trading on the NASDAQ stock exchange.

The acquisition, worth $12.5bn, was announced in March of this year.

Zig Serafin, chief executive, Qualtrics, said: “Silver Lake’s deep understanding of our business and vision for experience management, combined with their strategic and operational expertise and the support of our other investors, creates an incredible opportunity for Qualtrics to accelerate our innovation and category leadership.”

Egon Durban, co-chief executive, Silver Lake, added: “The leadership team has a powerful vision, and we are excited to continue our partnership with Ryan and Zig alongside the other investors to support Qualtrics as it realises its full potential as an independent, private company.”

Additionally, venture capital firm Accel, merchant bank BDT & MSD Partners, and DFO Management, the family investment office of Michael Dell, have invested in Qualtrics.

Accel has invested $500m while BDT & MSD Partners and DFO Management have each made a co-investment of $250m, for an aggregate commitment of $500m.