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In a blockbuster move poised to reshape the global experience analytics landscape, Qualtrics announced late Monday that it will acquire Press Ganey Forsta in a $6.75 billion cash and stock deal, marking one of the largest mergers in the experience management industry.

The acquisition — guided by Goodwin Procter LLP and Simpson Thacher & Bartlett LLP for Qualtrics, and Latham & Watkins LLP for Press Ganey Forsta — aims to fuse the companies’ strengths to create what they call “the most complete platform designed for experience management.”

A Strategic Alliance to Revolutionize Experience Management

According to the companies, the merger will bring together Qualtrics’ artificial intelligence-driven tools for measuring and improving customer and employee engagement with PG Forsta’s advanced data analytics and benchmarking capabilities.

The deal, expected to close in the coming months pending regulatory approval, will significantly deepen Qualtrics’ presence in the healthcare analytics space, where measuring experience is closely tied to patient outcomes and staff performance.

“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.

Serafin added that healthcare represents “the most important proving ground for experience management,” where better patient and employee experiences drive tangible improvements in care quality and efficiency.

Press Ganey Forsta’s Global Reach

Press Ganey Forsta — which serves 43,000 clients across 30 countries, including over 41,000 healthcare providers — helps organizations optimize patient satisfaction, employee engagement, and compliance outcomes through robust data intelligence.

Its Chair and CEO, Patrick T. Ryan, hailed the merger as a leap forward for healthcare analytics and human-centered design.

“This combination accelerates critical advancements that will elevate the human experience, driving greater safety, trust, and value for millions of patients, consumers, and employees worldwide,” Ryan said.

Financial and Legal Powerhouses Behind the Deal

The acquisition comes just over a year after Qualtrics — once a unit of SAP SE — was taken private in a $12.5 billion deal led by Silver Lake Capital and the Canada Pension Plan Investment Board.

The new merger has drawn heavyweight financial backing from JPMorgan Chase, Goldman Sachs, Citi, and Morgan Stanley, which are advising Qualtrics and providing debt commitments. Barclays and Moelis & Co. are serving as advisers to Press Ganey Forsta.

Goodwin Procter is advising Qualtrics on the M&A aspects, while Simpson Thacher is leading on debt commitments, with partners Catherine Burns and Dorothy Hector heading the team.

For Press Ganey Forsta, Latham & Watkins LLP’s team — led by John Giouroukakis, David Owen, and Jordan Miller, alongside Joseph Kronsnoble and Bradd Williamson — is steering legal counsel.