The Canada Pension Plan Investment Board is jointly acquiring an experience management software provider.
The CPPIB and Silver Lake, a private equity firm, will acquire all outstanding shares in Qualtrics for US$12.5 billion. Under the terms of the agreement, existing shareholders will receive US$18.15 for each share sold.
Qualtrics is known for its cloud-based subscription software platform for companies seeking to improve the products, services and experiences they offer. In 2019, it was acquired by SAP, a German software company, for US$8 billion. The company was made public the next year. Following its acquisition by the CPPIB and Silver Lake, it will be reorganized into a private company.
According to a press release, the CPPIB invested in the company because the experience management software segment is undergoing a period of rapid growth. “We look forward to supporting the team in driving continued innovation as they help clients redefine their customer and employee experiences around the world,” said Hafiz Lalani, managing director and head of direct private equity at the CPPIB, in the release.
In other news, a solar power producer owned by the Ontario Municipal Employees’ Retirement System is securing US$235 million in debt financing.
Navisun, which co-develops, owns and operates small utility-scale solar and energy storage projects, will use the funds to support its growth strategy, according to a press release. The financing is split between two credit facilities, valued at US$105 million and US$130 million. Both include accordion features, allowing Navisun to increase its line of credit by $125 million as its portfolio grows.