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SAP to buy software firm Qualtrics in $8 billion deal

SAP SE has agreed to purchase Qualtrics International Inc. for $8 billion in cash, the companies announced Sunday.

Qualtrics, a Utah-based software company, had filed for an initial public offering in October hoping to raise about $200 million.

Bill McDermott, chief executive of German-based software giant SAP SAP, +0.65%SAP, -3.39% , said Sunday the deal would bolster its offerings.

“We continually seek out transformational opportunities — today’s announcement is exactly that,” McDermott said in a statement. “Together, SAP and Qualtrics represent a new paradigm, similar to marketmaking shifts in personal operating systems, smart devices and social networks.

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