money How Salesforce's New Product Could Affect An IPO On The Horizon
Salesforce (NYSE: CRM) introduced a new feedback management suite earlier this month that the company said includes custom survey design and enterprise-level tracking tools.
This feature is in the same space that Qualtrics has dominated in recent years. With Qualtrics announcing a plan to go public soon, Salesforce’s suite could have an impact on the company's long-term growth.
Qualtrics IPO Plans: Qualtrics was weeks away from going public when it was bought for $8 billion by SAP SE (NYSE: SAP) in 2018. Now, the German company has announced their desire to take Qualtrics public in the United States.
Qualtrics has reported over 2 million users worldwide, with 75% of Fortune 100 Companies using its experience management and survey platform.
The company is built around the user experience and management space that Salesforce is now entering.
Salesforce's New Product: Salesforce’s feedback management system allows for customized survey design that can be added to its sales or service cloud.
While Salesforce’s newest product is not as far along as the Qualtrics suite of products, Salesforce did also announce “Einstein” capabilities that will allow for automated analysis of the collected data.
In July, Salesforce overtook Oracle (NYSE: ORCL)'s market cap, at $180 billion vs. $174 billion.
The CRM Market: Salesforce has fought for market share in the customer relationship management space and now holds 18.4% of CRM market share, while Qualtrics owner SAP SE has 5.3% of the CRM market share.
Salesforce can now be a one-stop survey and CRM provider for clients — and a competitor to Qualtrics.
Qualtrics has premade Salesforce integration in its products, so it will be interesting to see if that shared API partnership continues.
Photo courtesy of Salesforce.
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