The banking crisis of 2008-2009 had a profound impact on the global economy, and the software-as-a-service (SaaS) industry was no exception. In the wake of the crisis, many companies were forced to make difficult decisions in order to stay afloat. However, three SaaS companies—Qualtrics, Cvent, and Momentive—managed to emerge from the crisis with a combined total of $18 billion in mergers and acquisitions (M&A) deals.
Qualtrics was founded in 2002 and specializes in customer experience management software. In 2018, Qualtrics was acquired by SAP for $8 billion. This was the largest M&A deal for a SaaS company at the time and made Qualtrics one of the most valuable SaaS companies in the world.
Cvent was founded in 1999 and provides event management software. In 2016, Cvent was acquired by Vista Equity Partners for $1.65 billion. This acquisition provided Cvent with the resources it needed to expand its product offerings and reach new markets.
Momentive was founded in 2006 and provides customer relationship management (CRM) software. In 2010, Momentive was acquired by Oracle for $1.5 billion. This acquisition allowed Oracle to expand its presence in the CRM market and gain access to Momentive’s innovative technology.
The success of these three SaaS companies during the banking crisis is a testament to their resilience and ability to adapt to changing market conditions. By leveraging their expertise and resources, they were able to secure lucrative M&A deals that have enabled them to become major players in the SaaS industry. These deals also demonstrate the potential of SaaS companies to remain competitive in a challenging economic environment.
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- Source: Plato Data Intelligence: PlatoAiStream
