US software firm Qualtrics eyes M&As to drive Asian expansion

Photographer: Sanjit Das/Bloomberg

US software enterprise Qualtrics – which raised $180 million Series C round at a valuation of $2.5 billion – is drawing up its blueprint to expand reach in the Asian market, by way of acquisitions.

Founded in 2002, Qualtrics makes research software that allows companies to track user experiences on a unified platform. In September, it announced a $2 million investment to establish its Southeast Asia headquarters in Singapore, with plans to ramp up investments here over the next three years. Its Singapore operations are headed by Foo Mao Gen, who was previously VP (Asia) at Canadian business software maker OpenText.

Bill McMurray, Managing Director, Asia Pacific & Japan (APJ) for Qualtrics, told this portal: “M&As are always an option and we are constantly assessing opportunities to expand our solution offering in areas where an acquisition results in capability more quickly than building it ourselves.”

“The current focus for us is to accelerate our footprint across Asia, a key growth region, starting with the establishment of our Southeast Asia hub. Simultaneously, Qualtrics has plans to expand further and establish an operation in Japan by the end of 2017,” he adds.

According to McMurray, Asia Pacific is a “significant revenue driver” for its global business, with the market less penetrated than the US. He reports that Qualtrics is “growing at 100 per cent per annum in term of revenue” in the region.

He adds, “Over the next three years, our goal is to grow customer acquisition substantially, from the current 70 customers to over 500 by 2020.”

Qualtrics acquired its first company last year called Statwing, which provides web-based statistical analysis software. The software has now been integrated with the Qualtrics platform.

On potential acquisition targets, he said, “While we will not disclose which type of companies or focus areas, we are always willing to look at leading edge technologies which can be integrated into our platform to the benefit of our customers.” 

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