Silver Lake and the Canada Pension Plan Investment Board, among other investors, have bought Qualtrics International Inc., a software developer, at a $12.5 billion valuation.

Qualtrics, based in Provo, Utah, entered the public markets in January 2021 after being spun off from SAP SE. SAP will offload its entire stake in the company as part of the deal. Zig Serafin, chief executive officer, will continue to lead the company, which will be delisted after the deal, according to Bloomberg News.