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:

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President Trump told reporters on Monday that he wants to delay the G7 summit until after November's election and implied that the decision had already been made.

The big picture: Plans for the summit have already been scrapped multiple times, with proposed venues moving from the Trump National Doral resort in Miami to Camp David. In May, Trump postponed the in-person event in Washington, D.C. to September.

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The state of play: Trump returned to the podium approximately ten minutes later and informed reporters of the news. He said the suspect has been taken to the hospital, but was unable to provide more details and said Secret Service may give a briefing later.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

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