Qualtrics Raises $70 Million in Funding from Accel Partners and Sequoia Capital

Qualtrics, the company that makes sophisticated research simple, announced it has partnered with Accel Partners and Sequoia Capital in the two firms’ largest-ever joint investment. Accel and Sequoia will provide a range of services and $70 million to help Qualtrics expand its SaaS product offerings beyond market research <http://www.qualtrics.com> and accelerate its global growth, beginning with the hiring of another 250 employees in the next year alone.

Qualtrics has established itself as the top choice of businesses for online data collection and analysis by making it easy for anyone in a company to conduct Ph.D.-level research. The company has been profitable since its inception and has not accepted outside funding until now.

“Today most research and data collection is outsourced at great expense, or done internally with tools that are either too basic or much too complex,” said Ryan Smith, CEO and co-founder, Qualtrics. “We offer end users the do-it-yourself tools and rich analytics they need to be responsive to a fast-changing market, with security and collaboration across the enterprise.”

“Data continues to proliferate through the enterprise in areas beyond the data center,” said Ryan Sweeney, general partner, Accel Partners. “As external data generated from customers, sales reps, channel partners, and employees also explodes, Qualtrics is uniquely positioned to help its customers proactively act on this information with its suite of professional-grade software products.”  

Customers are embracing the Qualtrics approach, resulting in triple-digit growth since 2008. The burgeoning Qualtrics client base already includes many of the world’s most iconic brands in every major industry category, including:

• Barnes & Noble, CVS Caremark, GEICO, Microsoft, Neiman Marcus, Royal Caribbean, Southwest Airlines, Thomson Reuters, Toyota, Vodafone and Zappos
• More than 50 percent of the Fortune 100 companies
• 49 of the 50 Bloomberg Businessweek top business schools
• Every major university in the United States

“Qualtrics is the biggest software company you haven't heard of yet,” said Bryan Schreier, partner, Sequoia Capital. “They've become the foundation of market research and customer analytics for thousands of very happy customers.”
(5.15.12)