Qualtrics could have priced each funding round at least 40 percent higher but chose lower prices, including a 2017 round at $2.5 billion when it had offers at $4 billion. Listen
He said the company later sold at about 25x and IPO'd about two years later out of SAP at about 30x, multiples he cited without naming the metric. He said that in between, no public tech company he named was above 15x, and that Qualtrics' IPO could not be a down round relative to the last raise.
“Every single time we raised money, we had the ability to go at least 40% higher. And you just took the lower price.”
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From Why 80% of the Fortune 100 Chose Qualtrics | Ryan Smith.