News
The Gist
- Deal confirmed. Qualtrics officially confirmed its $6.75B acquisition of Press Ganey Forsta, marking one of the largest consolidations in the Voice of the Customer software market.
- Healthcare meets enterprise CX. The merger combines Qualtrics’ cross-industry experience management expertise with Press Ganey’s deep roots in healthcare analytics
- Strategic expansion. Both companies are leveraging AI, data integration and partnerships with Vizient and Epic to enhance predictive experience metrics and personalized care.
Qualtrics, the customer experience software provider known for its CX surveys and Voice of the Customer (VoC) technology, will acquire Press Ganey Forsta for $6.75B, according to reports that surfaced Monday, Oct. 6.
UPDATE: Qualtrics confirmed the deal in an email to CMSWire Monday evening, Oct. 6.
In other words, some consolidation in the Voice of the Customer software space. Major consolidation if this goes through.
The move comes after SAP agreed in March 2023 to sell its stake in Qualtrics — all 423 million shares — as part of the company's $12.5 billion acquisition by Silver Lake and CPP Investments.
Table of Contents
- Qualtrics-Press Ganey Deal Unconfirmed Despite Reports
- Qualtrics: Experience Management Leader
- Strategic Healthcare Partnerships
- Press Ganey: Healthcare Analytics Pioneer
- Market Recognition
- Qualtrics, Press Ganey Forsta Leadership on the Acquisition
- Major CX Software Acquisitions (Ordered by Deal Value)
- Qualtrics CEO Frames Deal as Mission Milestone
- AI Strategy and Adoption
- Healthcare Focus and Opportunity
- Customer and Industry Voices
- What Comes Next for Qualtrics-Press Ganey Forsta?
Qualtrics-Press Ganey Deal Unconfirmed Despite Reports
No official confirmation exists for the reported $6.75 billion Qualtrics acquisition of Press Ganey as of Oct. 6. However, both companies remain significant players in the experience management sector with complementary healthcare expertise. CMSWire reached out to a Qualtrics spokesperson for confirmation Monday early evening.
Qualtrics: Experience Management Leader
Qualtrics serves nearly 20,000 organizations worldwide through its experience management platform. The company leverages AI and analytics to help organizations collect and analyze feedback across multiple channels.
The company maintains a strong healthcare presence with CAHPS-compliant, HITRUST-certified and FEDRAMP-compliant solutions. Qualtrics officials assert their platform can securely handle sensitive healthcare data while providing actionable insights.
Qualtrics has experienced significant ownership changes. SAP acquired the company for $8 billion in 2019, took it public in 2021, then Silver Lake and CPP Investments acquired it for $12.5 billion in 2023.
Strategic Healthcare Partnerships
The company formed a strategic partnership with Vizient in September 2024 to develop predictive experience metrics linking patient experience with clinical outcomes. Qualtrics also partnered with Epic to integrate patient feedback into electronic health records.
In August 2024, Qualtrics announced new capabilities designed to offer personalized healthcare experiences, according to company officials.
Press Ganey: Healthcare Analytics Pioneer
Founded in 1985, Press Ganey built its reputation on patient satisfaction surveys and healthcare performance analytics. The company expanded beyond healthcare through its 2022 acquisition of Forsta, entering financial services, retail and hospitality markets.
Press Ganey Forsta completed a major acquisition in May 2025, purchasing InMoment to create a customer experience powerhouse serving over 43,000 clients globally. Company officials said the combined entity offers advanced AI, omni-channel listening and experience intelligence capabilities.
The company operates its Human Experience Platform, which officials claim unifies customer experience, employee experience, patient experience and market research data.
Related Article: Press Ganey Forsta Acquires InMoment to Expand CX Intelligence Capabilities
Market Recognition
Both companies earned recognition as leaders in Gartner's Magic Quadrant for Voice of the Customer Platforms. Qualtrics achieved this status for the fourth consecutive time in 2025.
The reported acquisition, if confirmed, would combine two established healthcare technology leaders with growing cross-industry capabilities.
Qualtrics, Press Ganey Forsta Leadership on the Acquisition
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. 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.
- Zig Serafin, CEO
Qualtrics
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. 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.
- Patrick T. Ryan, Chairman and CEO
Press Ganey Forsta
Major CX Software Acquisitions (Ordered by Deal Value)
Handpicked CX/CEM/CCaaS deals from recent years.
| Acquirer | Target | Deal Value | Announced/Closed | Source |
|---|---|---|---|---|
| Microsoft | Nuance Communications | $19.7B | April 12, 2021 (announced); Mar 4, 2022 (closed) | CMSWire |
| Silver Lake & CPP Investments | Qualtrics (take-private) | $12.5B | March 13, 2023 | CMSWire |
| Hellman & Friedman, Permira (consortium) | Zendesk (take-private) | $10.2B | June 24, 2022 (announced); Nov. 22, 2022 (closed) | Business Wire |
| SAP | Qualtrics | $8.0B | November 2018 | CMSWire |
| Qualtrics | Press Ganey (incl. Forsta) | $6.75B (incl. debt) | Oct. 6, 2025 (reported) | Financial Times |
| Thoma Bravo | Medallia | $6.4B | July 26–28, 2021 | CMSWire |
| Twilio | Segment (CDP) | $3.2B | Oct. 12, 2020 (announced); Nov. 2, 2020 (closed) | CMSWire |
| Thoma Bravo | Verint (pending; to merge with Calabrio) | $2.0B | Aug. 25, 2025 (announced) | CMSWire |
| Qualtrics | Clarabridge | $1.125B (stock) | July 29–30, 2021 | CMSWire |
| NICE | Cognigy (conversational/agentic AI) | $955M | July 28, 2025 (announced); Sept. 8, 2025 (closed) | CMSWire |
| Cisco | IMImobile | $730M | Dec. 6, 2020 (announced); Feb. 19, 2021 (closed) | Cisco |
| NICE | LiveVox | $350M | Oct. 4–5, 2023 (announced); Dec. 26–27, 2023 (closed) | CMSWire |
| Genesys | Pointillist | $150M | Oct. 7, 2021 (announced); Dec. 1, 2021 (closed) | Altisource IR |
| Genesys | Exceed.ai | Undisclosed | Oct–Dec 2021 (announced/closed) | PR Newswire |
| Contentsquare | Loris AI | Undisclosed | July 30, 2025 (announced) | CMSWire |
Qualtrics CEO Frames Deal as Mission Milestone
In a blog post on Oct. 6, Qualtrics CEO Zig Serafin presents the $6.75 billion agreement to acquire Press Ganey Forsta as a defining step in Qualtrics’ mission to improve the human experience. He positions the combination as bringing proven AI, industry depth and operating scale together to help organizations act on rapidly changing needs across customers, patients, guests, citizens, students and employees.
AI Strategy and Adoption
- Purpose-built AI. Serafin touts AI designed specifically for experience management, grounded in human understanding as the core of Qualtrics’ approach.
- Adoption momentum. More than one-third of Qualtrics customers have upgraded to the company’s AI capabilities; 90% of the top 50 enterprise customers have deployed at least one AI feature.
- From signals to outcomes. The thesis is to turn feedback and operational data into measurable improvements by embedding AI into workflows across the XM Platform.
Related Article: SAP Sells Qualtrics Shares in $12.5B Acquisition
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Healthcare Focus and Opportunity
- Deep healthcare footprint. Press Ganey Forsta brings decades of expertise, benchmarks, trusted relationships and advisory services; it is trusted by 41,000 healthcare providers in more than 30 countries, according to Serafin.
- Qualtrics credentials. Qualtrics cites long-standing work with major health systems (e.g., Community Health Network, Memorial Hermann Health System, Intermountain Health) and a collaboration with Stanford Health Care to build AI agents that free up care teams to focus on the provider-patient relationship.
- Human experience in care. Qualtrics’ research highlights the emotional dimension of care—how patients perceive a care team’s concern—as a primary driver of customer trust, outweighing ease of access and even clinical success.
- Social impact. Since 2017, the Qualtrics-led 5 For the Fight initiative has raised more than $50 million for cancer research, reflecting the company’s ties to healthcare outcomes.
Customer and Industry Voices
- Delta Air Lines. CEO Ed Bastian connects people-first operations with experience outcomes, viewing the expanded Qualtrics capabilities as advancing trust, connection and long-term success.
- Intermountain Health. President and CEO Rob Allen characterizes the deal as a breakthrough for scaling quality, safety and measurable performance impact across healthcare.
- Hartford HealthCare. President and CEO Jeffrey Flaks points to innovation in experience measurement, data analytics and AI as levers to enhance quality and build a more consumer-driven health experience.
What Comes Next for Qualtrics-Press Ganey Forsta?
Serafin describes the acquisition as a milestone for both companies and a notable moment for the experience management category. The near-term focus is on accelerating product innovation, strengthening healthcare and cross-industry use cases and delivering measurable outcomes at scale by uniting Qualtrics’ XM/AI platform with Press Ganey Forsta’s domain expertise and benchmarks.
He closed by welcoming the Press Ganey Forsta team and reiterating a combined path where AI and human understanding work together to improve experiences for customers, employees and the people they serve.
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