Provo's Qualtrics Gets 70 Million Dollars in First Round Funding
By Andrea Smardon
5/16/12 – Qualtrics CEO Ryan Smith says his company has kept a low profile until today. Smith announced that Accel Partners and Sequoia Capital were putting 70 million dollars into the company - the two firms' largest ever joint investment.
"Accel is the leading investor of Facebook, and Sequoia has backed Apple and Google," said Smith, "It's a big day for us because not only have they bought into the vision of data collection and where data is going and research with Qualtrics, but they've also bought into building a company in Utah."
Ryan Smith co-founded the company in 2002 with his father Scott Smith, and his Brigham Young University classmate Stuart Orgill. Qualtrics started as a research tool for academics, providing data collection and analysis. Today it's 4000 clients include every major university and more than half of the Fortune 100 companies. Smith says the funds will be used in part to expand staff in Provo from 200 to 450 during the next year.