Qualtrics Scoops $70m to Expand Beyond MR

US-based Qualtrics, which provides software for DIY data collection and analysis, has received a $70m investment from venture capital firms Accel Partners and Sequoia Capital. The funds will be used to expand its SaaS products 'beyond market research'.

Founded in 2002, Utah-based Qualtrics' software enables users to create their own online surveys and conduct statistical analysis from the results. The company's product line includes the Qualtrics Research Suite, which offers conjoint analysis, branching logic and advanced customization features.

Along with the $70m, Accel and Sequoia will provide Qualtrics with a range of services to help the company move its software into other business areas.

This strategy has already included the launch of talent assessment and leadership development platform Qualtrics 360, which enables organizations to evaluate and measure employee performance.

CEO and co-founder Ryan Smith comments: 'Today most research and data collection is outsourced at great expense, or done internally with tools that are either too basic or much too complex. We offer end users the do-it-yourself tools and rich analytics they need to be responsive to a fast-changing market, with security and collaboration across the enterprise.'

Web site: www.qualtrics.com .