Utah Jazz owner Ryan Smith made $153 million in Qualtrics IPO a day after his NBA team snagged first place
Ryan Smith CEO of Qualtrics and Co-Founder of 5 for the Fight speak at the press conference to announce the renewal of the Five for the Fight Qualtrics Jersey Patch through the 2022-2023 season on October 21, 2019 at Zions Bank Basketball Center in Salt Lake City, Utah. On Wednesday night, Ryan Smith, the new owner of the Utah Jazz, celebrated his team's 10th straight victory, which catapulted the team into first place over the Los Angeles Lakers in the NBA's Western Conference. Smith, 42, took his software company Qualtrics public on Thursday, spinning it out of SAP. It was a long-awaited moment for Smith, who was just about to lead Qualtrics through an IPO in late 2018, when SAP swooped in at the last moment with an $8 billion offer. He invested $120 million in the offering, buying 6 million shares for $20 apiece, which ended up being a 33% discount to the offer price.cnbc.com
Qualtrics files IPO papers, aiming for valuation of up to $14.4 billion after spinning out of SAP
The cloud software vendor, which SAP acquired two years ago on the eve of a planned IPO, filed its paperwork with the Securities and Exchange Commission on Monday to carry on as an independent company. The initial pricing range of $20 to $24 a share would value Qualtrics at $12 billion to $14.4 billion, up from the $8 billion SAP paid. Qualtrics sells software that helps businesses gauge how customers use their products so they can improve their offerings. Smith, who just purchased the NBA's Utah Jazz, will remain chairman of the company, headquartered in Provo, Utah and Seattle. SAP former CEO Bill McDermott orchestrated the Qualtrics deal before leaving the company last year to take the top job at ServiceNow.cnbc.com
NBA approves sale of Jazz to Utah technology entrepreneur
FILE - In this Jan. 23, 2017, file photo, Utah Jazz owner Gail Miller speaks during a news conference in Salt Lake City. The NBA's Board of Governors unanimously approved the sale Friday, Dec. 18, 2020, of the Utah Jazz to a group led by technology entrepreneur Ryan Smith, ending the Miller familys 35-year run as owners of the franchise. (AP Photo/Rick Bowmer, File)SALT LAKE CITY – The NBA's Board of Governors unanimously approved the sale Friday of the Utah Jazz to a group led by technology entrepreneur Ryan Smith, ending the Miller family’s 35-year run as owners of the franchise. “Ryan Smith is a forward-thinking, community-minded entrepreneur and business leader who will be a fantastic addition to our league,” NBA Commissioner Adam Silver said in a statement. Forbes, in its annual valuation of franchises, said the Jazz were worth $1.55 billion earlier this year.
New NBA owner Ryan Smith turned down several chances to buy teams to wait for the Jazz
Subscribe to CNBC Pro to read the full Q&A with Qualtrics CEO and new Utah Jazz owner Ryan Smith. Ryan Smith, the new owner of the Utah Jazz, says he's still not sure what type of owner he's going to be, but he already knows his focus will be on enhancing fan and player experiences. Before his purchase of the Jazz, Smith said he explored buying several NBA franchises, including the Minnesota Timberwolves. Chatter among sports bankers familiar with that process suggest Timberwolves owner Glenn Taylor is considering keeping the team for now. "There are a couple of minority pieces that are still out there," Smith said of smaller NBA team ownership stakes.cnbc.com
Qualtrics co-founder Ryan Smith joins the NBA ownership club after buying the Utah Jazz
Ryan Smith, Co-Founder and CEO of Qualtrics peaks on stage during the 2015 Web Summit on in Dublin, Ireland. Those are the early labels people who know him are using to describe pending National Basketball Association owner Ryan Smith. The co-founder of tech company Qualtrics agreed to purchase the NBA's Utah Jazz, the team announced on Wednesday in a surprise move. Our family remains invested in the success of the Utah Jazz and these businesses, and we will retain a minority interest." "The Miller family has had an unbelievable impact on countless people through the Utah Jazz and the other organizations they run," said Smith in a statement.cnbc.com
Miller family says they're selling Jazz to Ryan Smith
FILE - In this June 7, 2014, file photo, Utah Jazz owner Gail Miller speaks during a news conference introducing Quin Snyder as the new Utah Jazz head coach, in Salt Lake City. The majority interest of the Utah Jazz is being sold to technology entrepreneur Ryan Smith, a move that when formally approved by the NBA will end the Miller familys 35-year run as owners of the franchise. Gail Miller, the owner and chair of the Larry H. Miller Group, said she has known Smith and his wife Ashley for some time. The Miller family will retain a stake in the franchise. “The Miller family has had an unbelievable impact on countless people through the Utah Jazz and the other organizations they run,” Smith said.