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Qualtrics CEO Ryan Smith. Photo: Clodagh Kilcoyne/Getty Images

SAP on Sunday night announced that it will purchase Qualtrics, a U.S.-based maker of survey software that had been expected to go public this week, for $8 billion in cash,

Why it matters: This would be the largest-ever purchase of a VC-backed enterprise software company, and the third-largest sale of any SaaS company (behind Oracle buying Netsuite for $9.3 billion, and SAP buying Concur for $8.3 billion).

SAP CEO Bill McDermott said in a conference call that the Qualtrics IPO was already over-subscribed, and that this deal will be as transformative for SAP as buying Instagram was for Facebook โ€” with SAP being able to merge its massive trove of operational data with Qualtrics' collection of user experience data.

He also says discussions between the two companies have been ongoing for just a few months.

  • Qualtrics will continue to be led by co-founder and CEO Ryan Smith, and maintain its dual headquarters in Provo, Utah and Seattle.
  • It recently set IPO terms to 20.5 million shares being offered at $18-$21 per share, which implied that the company would seek at least twice the $200 million for which it had initially filed. It also could have resulted in a valuation of around $5 billion, versus the $2.5 billion it received in its most recently round of venture capital funding.
  • Qualtrics turned a slight profit over the first nine months of 2018, and also claims to have been cash-flow positive for each of its 16 years.
  • The company reports around $1.5 million of net income on $290 million in revenue for the first three quarters, versus just under $1 million of net income on $207 million in revenue for the year-earlier period. It also turned a profit for full-year 2017.
  • It had raised around $450 million in VC funding, most recently at a $2.5 billion valuation, from firms like Accel, Insight Venture Partners, and Sequoia Capital.

This is the second time this year that a "unicorn" enterprise software company has been purchased just before its planned IPO. The first was Workday buying Adaptive Insights.

Go deeper

In photos: Tokyo Olympics day 12 highlights

Team USAs Sydney McLaughlin in front of the timer after winning the 400m hurdles in record time at the Tokyo Olympics. Photo: Wally Skalij /Los Angeles Times via Getty Images

Day 12 of the Tokyo Olympic Games saw American Sydney McLaughlin break her own world record to win gold in the women's 400-meter hurdles final on Wednesday.

Of note: Japan won a third Olympic skateboarding gold, as two teenagers and a 12-year-old swept the podium for the inaugural women's park skateboarding event.

Updated 1 hour ago - Sports

Olympics dashboard

Team USA's Sydney Mclaughlin (L) and Dalilah Muhammad celebrate winning gold and silver, respectively, in the women's 400-meter hurdles final on day 12 of the Olympic Games in Tokyo, Japan, on Wednesday. Photo: Andrej Isakovic-Pool/Getty Images

๐Ÿฅ‡: Sydney McLaughlin breaks own world record to win gold in 400m hurdles

๐Ÿคผ๐Ÿฟโ€โ™€๏ธ "Making history": Mensah-Stock first Black woman to win Olympic wrestling gold

๐Ÿ›น: 2 teens and girl, 12, sweep board at women's park skateboarding

๐Ÿฆ : Greece's artistic swimming team to miss Olympics after COVID outbreak

๐Ÿ›ซ: Belarus sprinter Krystsina Tsimanouskaya departs Tokyo for Vienna

.๐Ÿ“ท: In photos: Tokyo Olympics day 12 highlights

๐Ÿณ๏ธโ€โšง๏ธ: Axios at the Olympics: Games grapple with trans athletes โ€” Trans athletes see the Tokyo Games as a watershed moment

Go deeper: Full Axios coverage

Biden to GOP governors who resist COVID rules: "Get out of the way"

President Biden speaks at the White House on Tuesday. Photo: Shawn Thew/EPA/Bloomberg via Getty Images

President Biden spoke out Tuesday against Republican governors who've sought to block vaccine and mask mandates, as COVID-19 cases spike across the U.S.

Why it matters: Biden has looked to not make the pandemic a partisan issue, but the Washington Post notes the White House "has grown increasingly frustrated" with Republican leaders looking to obstruct health measures.