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Qualtrics CEO, and new Utah Jazz owner, Ryan Smith. Photo: Clodagh Kilcoyne/Getty Images

Qualtrics, the Utah-based experience management company being spun out of SAP (NYSE: SAP), raised $1.55 billion in its IPO.

Why it matters: SAP's bet on Qualtrics paid off big, even if the corporate structure is different than originally anticipated. The German tech giant paid $8 billion in cash for Qualtrics just two years ago, and it retains majority control with a stake now valued at $12.7 billion. Plus, it's the largest IPO ever for a Utah company.

Details: Qualtrics priced at $30 per share, above its upwardly-revised range of $27-$29, for a $15.1 billion market cap. Its original range was $22–$26. Qualtrics is using IPO proceeds, including a concurrent investment from Silver Lake, to repay debt to SAP.

The bottom line: "The enclave of Silicon Slopes tech firms clustered around the Interstate 15 corridor linking Salt Lake and Utah counties is not only a rising force in Utah's economy but has also gained in world reputation in recent years, partly due to Qualtrics’ heightened visibility." — Tony Semerad, Salt Lake Tribune

Go deeper

Ina Fried, author of Login
Updated Jan 27, 2021 - Technology

Apple's quarterly sales top $100 billion for first time

Credit: Apple

Spurred by strong sales of the latest iPhones, Apple reported it took in a record $111 billion in revenue for the three months ended Dec. 31, as the company crushed expectations.

Why it matters: The move showed even a pandemic didn't dull demand for Apple's latest smartphones.

Updated 22 mins ago - Sports

MLB enters first lockout since '95 as deal expires

Baseball Commissioner Rob Manfred (L) and Major League Baseball Players Association executive director Tony Clark. Photo: Matt King/MLB via Getty Images

Major League Baseball's collective bargaining agreement expired at 11:59 p.m. ET Wednesday without a new deal in place.

Why it matters: With no CBA, the MLB is in a management lockout — the first work stoppage since a 1994-95 strike led to the cancelation of the World Series for the first time in 90 years.

Media giants back Bannon's bid to release Jan. 6 documents

Former Trump adviser Steve Bannon at the FBI Washington Field Office in Washington, DC., in November. Photo: Win McNamee/Getty Images

A coalition of news outlets including the Washington Post is supporting Stephen Bannon's campaign for the release of documents related to his contempt of Congress charges, WashPost reported Wednesday.

Why it matters: WashPost, the New York Times, CNN, NBC, the Wall Street Journal's parent company and others filed a motion arguing that a proposed protective order seeking to prevent the documents from being released violates the First Amendment, per the Daily Mail, which first reported on the news.