Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>Medallia is a leading player in the Customer and Employee Experience management sector, offering a comprehensive SaaS platform, the Medallia Experience Cloud, to large enterprises.</li>
 <li>The company exhibited strong revenue growth as a public entity but consistently operated at a net loss, prioritizing market share expansion and product development over short-term profitability.</li>
 <li>In October 2021, Medallia was acquired by private equity firm Thoma Bravo for $6.4 billion and taken private, aiming to accelerate its long-term growth strategy and innovation away from the pressures of public markets.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Medallia is a leading player in the Customer and Employee Experience management sector, offering a comprehensive SaaS platform, the Medallia Experience Cloud, to large enterprises.
  The company exhibited strong revenue growth as a public entity but consistently operated at a net loss, prioritizing market share expansion and product development over short-term profitability.
  In October 2021, Medallia was acquired by private equity firm Thoma Bravo for $6.4 billion and taken private, aiming to accelerate its long-term growth strategy and innovation away from the pressures of public markets.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Medallia Inc (MDLA US) - Nov 2025

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>On April 22, 2026, Thoma Bravo reached an agreement to hand software firm Medallia to its lenders, wiping out $5.1 billion in equity on a $6.4 billion 2021 take-private.</li>
<li>Lender syndicate (Blackstone at $1.5B, KKR, Apollo Global, and Antares Capital) will take control in a debt-for-equity swap. For Thoma Bravo, it is the largest equity write-off in their history</li>
<li>Being stress-tested right now, is the question as to which of the 1,900+ PE-owned software companies can generate enough cash to service $440B in debt at current rates. Let's see</li>
</ul>


On April 22, 2026, Thoma Bravo reached an agreement to hand software firm Medallia to its lenders, wiping out $5.1 billion in equity on a $6.4 billion 2021 take-private.
Lender syndicate (Blackstone at $1.5B, KKR, Apollo Global, and Antares Capital) will take control in a debt-for-equity swap. For Thoma Bravo, it is the largest equity write-off in their history
Being stress-tested right now, is the question as to which of the 1,900+ PE-owned software companies can generate enough cash to service $440B in debt at current rates. Let's see


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Qualtrics International / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qualtrics-international-inc" target="_blank" data-smartkarma-citation="entities:27731:1" rel="noopener">Qualtrics International (XM US)</a>  is the largest XM provider and pioneer in Experience Management. The company was founded in 2002 by Ryan Smith, Jared Smith, and their dad, Scott Smith.</li>
<li>In 2018, SAP acquired Qualtrics for ~$8B in an all-cash deal, one of the largest-ever acquisitions of a SaaS company.</li>
<li>We view <a href="https://www.smartkarma.com/entities/qualtrics-international-inc" target="_blank" data-smartkarma-citation="entities:27731:1" rel="noopener">Qualtrics International (XM US)</a>  as well-positioned to continue to take market share with additional growth drivers such as new products and international expansion. </li>
</ul>



Qualtrics International (XM US)  is the largest XM provider and pioneer in Experience Management. The company was founded in 2002 by Ryan Smith, Jared Smith, and their dad, Scott Smith.
In 2018, SAP acquired Qualtrics for ~$8B in an all-cash deal, one of the largest-ever acquisitions of a SaaS company.
We view Qualtrics International (XM US)  as well-positioned to continue to take market share with additional growth drivers such as new products and international expansion. 


Qualtrics: Leading Pure-Play XM Provider. A Solid Risk-Reward Opportunity

Equity Capital Markets

San Francisco-based <a href="https://www.smartkarma.com/entities/amplitude-inc" target="_blank" data-smartkarma-citation="entities:34148:1" rel="noopener">Amplitude (AMPL US)</a> , best-in-class product analytics and digital optimization technology unicorn, filed for a direct listing and expects their Class A common stock to begin trading on September 28, 2021. The company has registered up to ~35.4M shares to sell in the direct listing with the reference price to be announced. Amplitude plans to list their Class A shares on the Nasdaq Capital Market under the symbol “AMPL”. Direct listing means that there will be no book building process and none of the existing shareholders will be subject to 180-day contractual lock-up agreement. Morgan Stanley, Bank of America, Citigroup, KeyBanc Capital Markets, Baird, UBS and William Blair will serve as financial advisors.

San Francisco-based Amplitude (AMPL US) , best-in-class product analytics and digital optimization technology unicorn, filed for a direct listing and expects their Class A common stock to begin trading on September 28, 2021. The company has registered up to ~35.4M shares to sell in the direct listing with the reference price to be announced. Amplitude plans to list their Class A shares on the Nasdaq Capital Market under the symbol “AMPL”. Direct listing means that there will be no book building process and none of the existing shareholders will be subject to 180-day contractual lock-up agreement. Morgan Stanley, Bank of America, Citigroup, KeyBanc Capital Markets, Baird, UBS and William Blair will serve as financial advisors.

Founder-Led Unicorn And Leader In Product Analytics

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Qualtrics International / Equity Capital Markets

Our base case valuation of Qualtrics is $19.0 billion in terms of implied market cap or $31.6 per share, which represents a 32% upside from the high end of the initial IPO price range of $24 per share. Given the solid upside, we have a positive view of the Qualtrics IPO.

Our base case valuation of Qualtrics is $19.0 billion in terms of implied market cap or $31.6 per share, which represents a 32% upside from the high end of the initial IPO price range of $24 per share. Given the solid upside, we have a positive view of the Qualtrics IPO.  

United States

Medallia, Inc. provides software as a services. The Company offers cloud for marketing management, digital solutions, and research activities. Medallia serves customers worldwide.

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Medallia Inc (MDLA US)

Primer: Medallia Inc (MDLA US) - Nov 2025

Medallia is a leading player in the Customer and Employee Experience management sector, offering a comprehensive SaaS platform, the Medallia...

αSK Primers

Medallia. Canary In The Coal Mine?

Being stress-tested right now, is the question as to which of the 1,900+ PE-owned software companies can generate enough cash to service $440B in...

William Keating

Qualtrics: Leading Pure-Play XM Provider. A Solid Risk-Reward Opportunity

We are initiating coverage on Qualtrics and believe that fundamentals have always been attractive. The company is well positioned as a leader at scale

Andrei Zakharov

Founder-Led Unicorn And Leader In Product Analytics

Amplitude, the growth engine for digital products, will go public via direct listing and we think its fully SaaS, cloud-native product with...

Andrei Zakharov

Qualtrics Valuation Analysis

Our base case valuation of Qualtrics is $19.0 billion in terms of market cap or $31.6 per share, which represents a 32% upside from the high end of...

Douglas Kim

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