$2.5 billion Sequoia-backed Utah startup which promises to make ‘brands into religions’ just filed to go public

• Qualtrics, a Utah-based startup, filed to go public on Friday.
• The startup, which is backed by venture capital firms Sequoia and Accel, was last valued at $2.5 billion.
• The IPO is being led by Morgan Stanley and Goldman Sachs.

Qualtrics, a Provo, Utah-based startuped that sells “experience management” software, has filed to go public. The company will list on the NASDAQ under the ticker “XM” – a reference to the type of software it sells.

The company, which was founded in 2002, was last valued at $2.5 billion in a 2017 funding round backed by investors at Insight Ventures, Accel and Sequoia.

Qualtrics sells a platform that effectively does market research into customer and employee sentiment.

“Our mission is to help organizations deliver the experiences that turn their customers into fanatics, employees into ambassadors, brands into religions, and products into obsessions,” the company wrote in its S-1.

The company brought in $289.9 million in revenue in 2017, up 52% from its $190 million in revenue in 2016.

In 2017, the company saw profitability. It reported a net income of $2.5 million, up from $12 million in losses in 2016.

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