Why did both Qualtrics and Medallia go private?

Both companies went private during a period of significant enterprise software valuation compression (2021-2023) as interest rates rose and growth stocks de-rated. Private equity firms like Thoma Bravo and Silver Lake saw the opportunity to buy high-quality recurring subscription software businesses at reduced public market valuations, take them private, optimize their operations, and pursue eventual exit through IPO or strategic sale.

What was Qualtrics' relationship with SAP?

SAP acquired Qualtrics in 2019 for $8 billion just before its planned IPO. SAP then IPO'd Qualtrics again in 2021 while retaining majority ownership — before Silver Lake acquired Qualtrics from SAP in 2023 for $12.5 billion. The unusual journey reflected both the strategic value of experience management data and SAP's strategic pivot decisions.

What is Net Promoter Score (NPS)?

NPS is a customer loyalty metric asking customers one question: 'How likely are you to recommend [Company] to a friend or colleague?' on a 0-10 scale. Scores 9-10 are promoters, 7-8 are passives, 0-6 are detractors. NPS = % Promoters minus % Detractors. Qualtrics and Medallia both provided sophisticated NPS tracking and driver analysis for enterprise customer experience programs.

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XM

Qualtrics International Inc. · Technology - Experience Management

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MDLA

Medallia, Inc. · Technology - Customer Experience Management

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Scoreboard verdict

Across AI score, momentum, valuation, upside, operating margin

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Comparison scoreboard

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AI Score

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1Y Return

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Fwd P/E

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Target Up.

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Op. Margin

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Metrics last refreshed: 7/9/2026

Quick take

XM vs MDLA Stock Comparison: AI Score, Valuation, Performance and Upside

Both Qualtrics (XM) and Medallia (MDLA) are no longer publicly traded — Medallia was taken private by Thoma Bravo in 2021 and Qualtrics by Silver Lake in 2023. This comparison is primarily of historical interest as both major independent experience management platforms have been absorbed into private equity portfolios.

XM vs MDLA covers the two former public experience management software companies — both now private, reflecting the pattern of enterprise SaaS acquisitions by PE firms during the software valuation correction.

Live analysis · updated 7/9/2026

XM and MDLA are closely matched — they split the tracked metrics evenly.

Normalized 1Y performance

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Recent returns

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Analyst price targets & sentiment

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Price target data unavailable

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Who should consider this stock?

Qualtrics is no longer publicly traded:

→Qualtrics was taken private by Silver Lake in 2023 and is not available for public market investment
→For experience management, consider Salesforce (CRM) for CX features within its Service Cloud platform
→Survey software alternatives include SurveyMonkey (Momentive) and other public survey and feedback platforms

Medallia is no longer publicly traded:

→Medallia was acquired by Thoma Bravo in 2021 and is not available for public market investment
→The enterprise CX software market continues through features in Salesforce, Microsoft, and other large CRM platforms
→Both major independent CX platforms (Qualtrics and Medallia) are now under private equity ownership

Performance & AI score

Metric	XM	MDLA
AI score	N/A	N/A
AI rank	N/A	N/A
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$10,000 invested — hypothetical growth (dividends reinvested)

How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?

Period	XM	MDLA

Hypothetical — past performance does not guarantee future results.

Valuation & upside potential

Metric	XM	MDLA
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Price/Sales	7.54	N/A
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Growth, profitability & risk

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ROIC proxy	N/A	N/A
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Beta	2.05	N/A
Debt/equity	N/A	N/A
Current ratio	N/A	N/A
Quick ratio	N/A	N/A

Drawdown & downside risk

Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.

1Y risk snapshot

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5Y risk snapshot

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10Y risk snapshot

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Performance metrics by period

Period	Metric	XM	MDLA
1Y	Growth	N/A	N/A
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Business comparison

Category	XM	MDLA
Company	Qualtrics International Inc.	Medallia, Inc.
Sector	Technology - Experience Management	Technology - Customer Experience Management
Industry	N/A	N/A
Core business	Qualtrics built the leading experience management (XM) platform for measuring customer experience (CX), employee experience (EX), product experience, and brand experience through survey-based feedback programs — acquired by SAP in 2019, re-IPO'd in 2021, then taken private by Silver Lake in 2023.	Medallia provided a customer experience management platform capturing and analyzing customer feedback signals across digital and physical touchpoints — acquired by Thoma Bravo in 2021 and taken private.
Investor focus	Qualtrics is no longer publicly traded — Silver Lake completed its acquisition and took Qualtrics private in 2023. For public experience management software exposure, consider publicly traded alternatives in the enterprise software space.	Medallia is no longer publicly traded — Thoma Bravo completed its acquisition in 2021. Both Qualtrics (XM) and Medallia (MDLA) are now private, making this comparison primarily of historical interest for the enterprise CX software market.

XM strengths

→Market-leading experience management platform covering CX, EX, and brand research at enterprise scale
→Qualtrics XM Platform became the standard for enterprise feedback management across Fortune 500 companies
→AI-powered analysis and natural language processing of survey data at scale provided unique insight capabilities

MDLA strengths

→Real-time customer experience monitoring across hundreds of signal types beyond traditional surveys
→Deep enterprise integrations with CRM, contact center, and operational systems provided a contextual CX analytics layer
→Industry-specific solutions for financial services, hospitality, retail, and automotive developed deep vertical expertise

Risks to watch — XM

→Qualtrics was taken private by Silver Lake in 2023 and is no longer publicly traded
→Experience management software market continues with public competitors including Medallia (also private) and survey tools
→The Silver Lake acquisition reflected the strong private equity interest in enterprise software with recurring subscription revenue

Risks to watch — MDLA

→Medallia has been private since the 2021 Thoma Bravo acquisition and is no longer publicly traded
→Both major experience management companies (Qualtrics and Medallia) went private within a few years of each other
→Enterprise CX software market continues with smaller public players and integrated features in Salesforce (Service Cloud), Microsoft Dynamics, and other platforms

Frequently asked questions

Experience management software helps companies systematically measure, understand, and improve the experiences of customers (CX), employees (EX), and other stakeholders through surveys, feedback collection, and data analysis. Companies use XM to track NPS (Net Promoter Score), CSAT, employee engagement, and other experience metrics that correlate with business outcomes.

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