BERLIN, Sept 6 (Reuters) - Qualtrics, the online survey company that floated on the U.S. stock market in January, said on Monday it would hire 1,000 employees in Europe to promote its flagship software that allows firms to gather feedback from customers and staff.
Utah-based Qualtrics plans to double the size of its regional headquarters in the Irish capital, Dublin, early next year and complete the new hires in Europe, the Middle East and Africa by 2024.
Qualtrics, controlled by German software group SAP , says its “experience management” platform makes it possible for clients to address concerns expressed by customers or staff in real time.
Demand for its services has been driven by the COVD-19 pandemic as commerce has increasingly shifted online and more people work remotely. At the same time, customers are becoming more demanding and harder to please.
“Switching costs have never been lower to move from one organization that you do business with to another - it’s often within one click,” CEO Zig Serafin told Reuters in an interview.
“As a result, every leader is figuring out how to keep employees and how to find new customers - and keep the customers that they have.”
The company, which counts Merck KgAA, Airbus and the Financial Times as clients, doesn’t give a regional sales breakdown but says it is targeting an addressable market of $60 billion.
It says it expects to achieve revenue of $1 billion this year and recently announced the takeover of conversational analytics company Clarabridge for $1.1 billion in stock to support its growth strategy.
SAP acquired Qualtrics for $8 billion here nearly three years ago but, following a change of leadership at the German software group, its CEO Christian Klein agreed with Qualtrics founder Ryan Smith to spin out the business.
Qualtrics floated on Nasdaq here in January at $30 a share and its shares ended last week at $48, valuing the business at $24.7 billion. (Reporting by Douglas Busvine; Editing by Emelia Sithole-Matarise)