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Qualtrics founder Ryan Smith. Photo by Sportsfile/Corbis/Sportsfile via Getty Images

German enterprise software giant SAP announced on Sunday that it will spin out Qualtrics less than two years after buying the Utah-based "experience management" company for $8 billion.

Why it matters: The move reflects the red-hot IPO market, in which all sorts of companies are rushing to the public markets, as well as the increased importance of organizations understanding employee and customer sentiments.

Details: SAP plans to have a majority stake after the IPO, while Qualtrics co-founder and CEO Ryan Smith will be the largest individual shareholder. Expect some further details on Monday when SAP reports second-quarter earnings, including any formal board role at Qualtrics for SAP CEO Christian Klein.

Backstory: Axios has learned that SAP and Qualtrics began discussing a spin-out around three months ago, in part to help give Qualtrics a more attractive currency with which to make acquisitions and retain employees.

Go deeper: Video of Smith discussing the acquisition, during an Upfront Summit conference appearance in early 2019:

Go deeper

Dan Primack, author of Pro Rata
29 mins ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.

Trump political team disavows "Patriot Party" groups

Marine One carries President Trump away from the White House on Inauguration Day. Photo: Patrick Smith/Getty Images

Donald Trump's still-active presidential campaign committee officially disavowed political groups affiliated with the nascent "Patriot Party" on Monday.

Why it matters: Trump briefly floated the possibility of creating a new political party to compete with the GOP — with him at the helm. But others have formed their own "Patriot Party" entities during the past week, and Trump's team wants to make clear it has nothing to do with them.