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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.

45 mins ago - World

Netanyahu campaigns against Biden's plan to save Iran deal

Netanyahu campaigns at a gym last month. Photo: Pool/AFP via Getty

Israeli Prime Minister Benjamin Netanyahu indirectly criticized the Biden administration for its intention to return to the Iran nuclear deal and told his supporters he was prepared to "stand against the entire world" to stop it.

Why it matters: This is a major change of tune for Netanyahu, who had been careful in his statements on the Iran deal and avoided publicly criticizing President Biden. The statement was part of Netanyahu's attempt to rally his base ahead of Israel's election on March 23.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Tech: "Fludemic" model accurately maps COVID hotspotsVirtual doctor's visits and digital health tools take off.
  2. Politics: Schumer says Senate will stay through weekend to vote on COVID relief — Republican governor of West Virginia says there's no plan to lift mask mandate.
  3. World: Canada vaccine panel recommends 4 months between doses.
  4. Business: Firms develop new ways to inoculate the public.
  5. Local: Ultra-rich Florida community got vaccinations in January.