Qualtrics to acquire experience management company Press Ganey Forsta in $6.75 billion deal

Provo-based software company Qualtrics has agreed to acquire Press Ganey Forsta, a major provider of experience measurement and data analytics, in a transaction worth $6.75 billion.

Based in South Bend, Indiana, Press Ganey Forsta is a data and benchmarking platform in customer experience, patient experience, employee experience and market research for the health care industry. Press Ganey Forsta was founded by a combination of several firms in the data and analytics field.

Press Ganey was founded in 1985 by Irwin Press and Rod Ganey, while Forsta was formed in 2021 through the merger of Confirmit and FocusVision, which Press Ganey then acquired in April 2022.

The company employs more than 3,000 and serves 41,000 customers through a dozen North American locations and at offices in Europe, Asia and Australia.

Qualtrics has thousands of customers worldwide, providing them with customer and employee experience data designed to build human connections, increase customer loyalty, boost employee engagement and drive business success. Founded in Provo in 2002 by Scott M. Smith, Ryan Smith, Jared Smith and Stuart Orgill, Qualtrics International has offices across North America, South America, Europe, the Middle East and Asia, with co-headquarters in Seattle. Qualtrics has over 6,000 employees.

In November 2018, German software firm SAP announced its intent to acquire Qualtrics for $8 billion. The acquisition was completed in January 2019, with Qualtrics operating as a subsidiary of SAP. In January 2021, SAP spun Qualtrics out as a standalone public company, listing it on the Nasdaq. SAP retained a majority ownership stake following the IPO.

In March 2023, it became a private company again. An investor group led by the private equity firm Silver Lake, along with CPP Investments — the investment arm of the Canada Pension Plan Investment Board — agreed to take Qualtrics private in a $12.5 billion transaction. The acquisition was completed in June 2023.

“With their shared vision to improve the human experience, the combination of Qualtrics and Press Ganey Forsta represents a key milestone as companies adopt AI to interact with and address the needs of their customers and employees,” Qualtrics said in its announcement of the acquisition. “Together, Qualtrics and Press Ganey Forsta will enable organizations to deliver better and more attuned products, services and experiences powered by a deep understanding of the customers, employees and industries they serve.”

Under the terms of the agreement, Qualtrics will acquire Press Ganey Forsta for $6.75 billion, payable in a combination of cash and privately held Qualtrics equity. The transaction is subject to receipt of required regulatory approvals and satisfaction or waiver of other customary closing conditions and is expected to close when the conditions are met — likely late this year. Until then, the two companies will continue to operate independently, Qualtrics said.

“Bringing Qualtrics and Press Ganey Forsta together will accelerate the adoption of AI and create the most comprehensive platform for improving the human experience. Combining Qualtrics’ AI platform with Press Ganey Forsta’s trusted analytics and deep expertise creates an opportunity to deliver exceptional value and measurable outcomes for our customers,” said Zig Serafin, CEO of Qualtrics. “There’s no more important proving ground for experience management than health care, where better experiences for patients and employees directly impact better outcomes and quality of care. We’re excited to welcome Press Ganey Forsta to Qualtrics and deliver this future together.”

“AI is rapidly transforming every industry and organizations need proven, innovative solutions grounded in deep expertise to move from insight to impact faster. This investment ignites our ability to deliver,” said Patrick T. Ryan, chairman and CEO of Press Ganey Forsta. “By bringing together two leading companies, we’re accelerating critical advancements that will elevate the human experience, driving greater safety, trust and value for millions of patients, consumers and employees worldwide. It’s a remarkable opportunity, and we’re energized by the journey ahead with Qualtrics and our clients.”