Qualtrics, a leader in the experience management (XM) sector, has recently announced a definitive agreement to acquire Press Ganey Forsta for $6.75 billion. This deal marks a significant move in the realm of experience measurement and data analytics, with the goal of enhancing organizational performance across various fields.
By combining Qualtrics’ advanced technology with Press Ganey Forsta’s extensive data resources, benchmarking capabilities, and healthcare expertise, the two companies aim to create the most comprehensive AI platform specifically designed for customer experience, patient experience, employee experience, and market research. This integration is expected to enable organizations to enhance their business performance and gain a deeper understanding of the needs of their customers and employees.
Qualtrics and Press Ganey Forsta share a common vision: to enhance the human experience. This merger marks a significant milestone in the growing trend of businesses leveraging AI to engage more effectively with their clients and workforce. Through this collaboration, organizations will be empowered to offer improved products, services, and overall experiences, driven by deep insights into their customers, employees, and the industries they serve.
Qualtrics has a strong track record of providing innovative solutions and flexible platforms for experience management. Their AI capabilities have gained immense traction, with more than one-third of their customer base upgrading to these features.
About 90% of the company’s top 50 enterprise customers have leveraged these AI tools to enhance the experiences they provide. Features such as Conversational Feedback, Qualtrics Assist, the synthetic research platform Edge Audiences, and Experience Agents illustrate the power and versatility of Qualtrics’ offerings.
The acquisition of Press Ganey Forsta will enable Qualtrics to further accelerate the adoption of these capabilities. The addition of Press Ganey Forsta’s specialized industry knowledge, extensive data, benchmarking expertise, and trusted relationships will significantly enhance Qualtrics’ platform. As a result, businesses across all industries will be able to access top-tier experience management resources, allowing them to deliver exceptional value on a larger scale.
In the healthcare sector, Press Ganey Forsta is respected and relied upon by 41,000 providers in 30 countries. They work alongside healthcare organizations to improve factors such as trust, quality, safety, and the overall experience of millions of patients. Their vast expertise ensures that providers can make informed decisions while adhering to regulatory requirements and clinical protocols. By integrating Qualtrics’ advanced technology, healthcare providers will have access to enhanced tools that improve both patient and employee experiences, ultimately leading to better health outcomes and increased provider well-being.
The agreement stipulates that Qualtrics will purchase Press Ganey Forsta for $6.75 billion, with the payment structured as a combination of cash and equity. The transaction is contingent upon receiving the necessary regulatory approvals and meeting other standard closing conditions. The deal is anticipated to close in the coming months, during which both companies will continue to operate independently. This acquisition not only signifies a substantial investment in experience management but also sets the stage for transformative improvements in how organizations engage with their customers and employees.
Advisors/counsel: JPMorgan Chase Bank, BMO Capital Markets, Citi, Deutsche Bank, Goldman Sachs, KKR Capital Markets, Mizuho Securities, Morgan Stanley, RBC Capital Markets, UBS Investment Bank, and Wells Fargo, or their respective affiliates, have made debt commitments and are serving as financial advisors to Qualtrics. BDT & MSD Partners and Centerview Partners are also serving as financial advisors to Qualtrics. Goodwin Procter is serving as M&A counsel to Qualtrics. Simpson Thacher & Bartlett is serving as legal counsel to Qualtrics in connection with the debt commitments.
Latham & Watkins is serving as legal counsel and Barclays is serving as lead financial advisor with Moelis as an additional financial advisor to Press Ganey Forsta.
KEY QUOTES:
“Bringing Qualtrics and Press Ganey Forsta together will accelerate the adoption of AI and create the most comprehensive platform for improving the human experience. Combining Qualtrics’ AI platform with Press Ganey Forsta’s trusted analytics and deep expertise creates an opportunity to deliver exceptional value and measurable outcomes for our customers. There’s no more important proving ground for experience management than healthcare, where better experiences for patients and employees directly impact better outcomes and quality of care. We’re excited to welcome Press Ganey Forsta to Qualtrics and deliver this future together.”
Zig Serafin, CEO of Qualtrics
“AI is rapidly transforming every industry, and organizations need proven, innovative solutions grounded in deep expertise to move from insight to impact faster. This investment ignites our ability to deliver. By bringing together two leading companies, we’re accelerating critical advancements that will elevate the human experience, driving greater safety, trust, and value for millions of patients, consumers, and employees worldwide. It’s a remarkable opportunity, and we’re energized by the journey ahead with Qualtrics and our clients.”
Patrick T. Ryan, Chairman and CEO of Press Ganey Forsta
“At Intermountain Health, we’ve seen firsthand that when you put patients first, the results speak for themselves—better quality and safety outcomes, improved healthcare experiences, and measurable performance impact. We’re confident that Qualtrics’ investment in Press Ganey Forsta is a groundbreaking move for healthcare that will positively transform healthcare experience and quality for the future. Qualtrics and Press Ganey Forsta together have unique capabilities and expertise to scale this across the industry.”
Rob Allen, President and CEO of Intermountain Health
“Press Ganey Forsta and Qualtrics have the opportunity to transform the healthcare experience through innovation in experience measurement, data analytics and artificial intelligence. This transformation would enhance healthcare quality and create a dynamic consumer-driven experience.”
Jeffrey Flaks, President and CEO of Hartford HealthCare
“At Delta, success begins with people. Our partnership with Qualtrics helps us deeply understand what matters most to our customers and employees so that we can deliver better outcomes and experiences for the millions we serve. This exciting acceleration of Qualtrics’ capabilities will further advance the human experiences central to building trust, connection, and long-term success – something that is essential to every industry in the AI age.”
Ed Bastian, CEO of Delta
“This is a transformational moment for the entire experience management space. By combining Qualtrics’ AI platform with Press Ganey Forsta’s deep domain expertise, the two companies are directly addressing the biggest barriers to AI adoption: trust, relevance, and industry expertise. This move will accelerate the development of new AI capabilities, address growing frustrations with generic AI that lacks sector specific abilities, and empower organizations to achieve tangible business impact from their programs much faster than was previously possible.”
Lou Reinemann, Research Director, Voice of the Customer and Customer Success at IDC
