Wednesday , October 5 2022

How did families make startups of $ 8 billion?


Ryan and Jared Smith are the last billionaire in the technology industry. They are planning to sell Qualtrics International, a US based firm in Utah, to $ 8 billion to European software provider SAP, Bloomberg reports.

Ryan Smith, 40, is the general director of the company, founded in 2002, unlike most startups, rejected foreign investors for decades. Only in 2012 it will receive private funding from Accel and Sequoia Capital.

Qualrics offers online marketing research that uses global giants, such as Microsoft and General Electric. Over the past seven years, its revenue has grown more than seven times.

By 2018, they are expected to reach $ 400 million, and in the next few years they will grow by an average of 40 percent a year.

Smith Breeders Company is a true phenomenon on corporate stage in Utah. In 2002, Ryan created the company with his father, Scott Smith, a marketing professor at Brigham Young University. Initially this idea was to use the software of its academic colleagues.

Later, the business grew and Qualcics also won its first corporate clients. Some time later, his brother Jared joined the team and served as product manager on Google. In 2012, Ryan Smith dropped $ 500 million in the company.

Skills promotes active charitable business. It sponsors NBA's Utah Jazz team. However, instead of the Qualcics logo, players in the team use 5 charity logos to combat cancer.

Smith's interest in this issue is that Scott Smith survived the death of his father after a devastating illness.

Prior to the transaction, Smart's plans for SAP plans included a list of NASDAQ shares, about $ 500 million. The German software giant, however, offers approximately 75% higher quotation than expected market capitalization.

It is also the biggest buyer in the history of SAP, with Concur Technologies investing $ 7.2 billion in 2014. After the purchase in dollars.

Two brothers are part of the SAP Group. The company headquarters is located in Provo, Utah.

Ryan Smith tells about the potential of his country and its development opportunities.

"Many of us want to live here, and we have all the necessary conditions for building a basic technology hub in Utah," he said.

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