Qualtrics to Invest $6.75 Billion in Press Ganey Forsta Acquisition to Advance AI-Powered Experience Management

PROVO, Utah and SEATTLE – (Oct. 6, 2025) – Qualtrics, the creator of and a leader in the experience management (XM) category, today announced it has signed a definitive agreement to invest $6.75 billion to acquire Press Ganey Forsta, a leading provider of experience measurement and data analytics. The transaction will enable organizations to elevate business performance by combining Qualtrics’ best-in-class technology with Press Ganey Forsta’s extensive data, benchmarking and healthcare expertise to create the most complete AI platform specialized for customer experience, patient experience, employee experience, and market research.

With their shared vision to improve the human experience, the combination of Qualtrics and Press Ganey Forsta represents a key milestone as companies adopt AI to interact with and address the needs of their customers and employees. Together, Qualtrics and Press Ganey Forsta will enable organizations to deliver better and more attuned products, services, and experiences powered by a deep understanding of the customers, employees, and industries they serve.

Qualtrics’ innovations and investments equip organizations with the most comprehensive and flexible platform for experience management. The company’s AI capabilities deliver proven value as demonstrated by their rapid adoption. More than one-third of Qualtrics customers have upgraded to Qualtrics’ AI capabilities, and 90% of the company’s top 50 enterprise customers have used features to elevate the experiences they deliver – including Conversational Feedback, Qualtrics Assist, its synthetic research platform Edge Audiences, and Experience Agents.

Qualtrics will extend and accelerate the adoption, innovation, and impact of these capabilities for businesses through the addition of Press Ganey Forsta’s specialized industry expertise, data and benchmarking, trusted relationships, and advisory services. This combination will bring best-in-class experience management capabilities to businesses in every industry, enabling them to deliver value at greater scope and scale.

In healthcare, Press Ganey Forsta is trusted globally by 41,000 providers in 30 countries, partnering to improve trust, quality, safety, and ultimately the human experiences of millions of patients. The company’s deep expertise ensures providers can take actions in compliance with regulatory requirements and clinical protocols. The addition of Qualtrics’ best-in-class technology platform will help enable healthcare providers to deliver patient and employee experiences that lead to improved health outcomes as well as provider well-being, retention, and morale.

Quotes on the news

“Bringing Qualtrics and Press Ganey Forsta together will accelerate the adoption of AI and create the most comprehensive platform for improving the human experience. Combining Qualtrics’ AI platform with Press Ganey Forsta’s trusted analytics and deep expertise creates an opportunity to deliver exceptional value and measurable outcomes for our customers,” said Zig Serafin, CEO of Qualtrics. “There’s no more important proving ground for experience management than healthcare, where better experiences for patients and employees directly impact better outcomes and quality of care. We’re excited to welcome Press Ganey Forsta to Qualtrics and deliver this future together.”

“AI is rapidly transforming every industry, and organizations need proven, innovative solutions grounded in deep expertise to move from insight to impact faster. This investment ignites our ability to deliver,” said Patrick T. Ryan, Chairman and CEO of Press Ganey Forsta. “By bringing together two leading companies, we’re accelerating critical advancements that will elevate the human experience, driving greater safety, trust, and value for millions of patients, consumers, and employees worldwide. It’s a remarkable opportunity, and we’re energized by the journey ahead with Qualtrics and our clients.”

The combination of Qualtrics and Press Ganey Forsta draws the support of leaders in healthcare

“At Intermountain Health, we’ve seen firsthand that when you put patients first, the results speak for themselves—better quality and safety outcomes, improved healthcare experiences, and measurable performance impact. We’re confident that Qualtrics’ investment in Press Ganey Forsta is a groundbreaking move for healthcare that will positively transform healthcare experience and quality for the future. Qualtrics and Press Ganey Forsta together have unique capabilities and expertise to scale this across the industry,” said Rob Allen, President and CEO of Intermountain Health.

“Press Ganey Forsta and Qualtrics have the opportunity to transform the healthcare experience through innovation in experience measurement, data analytics and artificial intelligence. This transformation would enhance healthcare quality and create a dynamic consumer-driven experience,” said Jeffrey Flaks, President and CEO of Hartford HealthCare.

Bringing together the best of Qualtrics and Press Ganey Forsta will boost value for experience-focused organizations across industries

“At Delta, success begins with people. Our partnership with Qualtrics helps us deeply understand what matters most to our customers and employees so that we can deliver better outcomes and experiences for the millions we serve. This exciting acceleration of Qualtrics’ capabilities will further advance the human experiences central to building trust, connection, and long-term success – something that is essential to every industry in the AI age,” said Ed Bastian, CEO of Delta.

“This is a transformational moment for the entire experience management space. By combining Qualtrics’ AI platform with Press Ganey Forsta’s deep domain expertise, the two companies are directly addressing the biggest barriers to AI adoption: trust, relevance, and industry expertise. This move will accelerate the development of new AI capabilities, address growing frustrations with generic AI that lacks sector specific abilities, and empower organizations to achieve tangible business impact from their programs much faster than was previously possible,” said Lou Reinemann, Research Director, Voice of the Customer and Customer Success at IDC.

Transaction details

Under the terms of the agreement, Qualtrics will acquire Press Ganey Forsta for $6.75 billion, payable in a combination of cash and equity. The transaction is subject to receipt of required regulatory approvals and satisfaction or waiver of other customary closing conditions, and is expected to close in the coming months. Until then, the two companies will continue to operate independently.

JPMorgan Chase Bank, N.A., BMO Capital Markets, Citi, Deutsche Bank, Goldman Sachs & Co. LLC, KKR Capital Markets, Mizuho Securities, Morgan Stanley, RBC Capital Markets, UBS Investment Bank, and Wells Fargo, or their respective affiliates, have made debt commitments and are serving as financial advisors to Qualtrics. BDT & MSD Partners and Centerview Partners LLC are also serving as financial advisors to Qualtrics. Goodwin Procter LLP is serving as M&A counsel to Qualtrics. Simpson Thacher & Bartlett LLP is serving as legal counsel to Qualtrics in connection with the debt commitments.

Latham & Watkins LLP is serving as legal counsel and Barclays is serving as lead financial advisor with Moelis as an additional financial advisor to Press Ganey Forsta.

About Qualtrics

Qualtrics is trusted by thousands of the world’s best organizations to power exceptional customer and employee experiences that build deep human connections, increase customer loyalty, boost employee engagement, and drive business success. Our advanced AI and specialized Experience Agents™ allow businesses and governments to proactively interact with customers and employees in personalized ways across every channel and touchpoint, respond in-the-moment to fix or improve experiences, and stay across the latest market trends and opportunities.

About Press Ganey Forsta

Press Ganey Forsta is a leading global provider of experience technology, data analytics, and insights that help companies better understand and serve their customers, employees, and stakeholders. Press Ganey Forsta powers the Human Experience (HX) Platform – a comprehensive experience and research technology platform that brings together CX (Customer Experience), Employee Experience (EX), Patient Experience (PX) and Market Research. It serves more than 43,000 clients globally across healthcare, financial services, hospitality, market research, professional services, retail, technology, and other end markets. Press Ganey Forsta is recognized by Gartner® as a Leader in the Magic Quadrant™ for Voice of the Customer (VoC) Platforms.