Qualtrics, the customer experience software firm owned by Silver Lake, has agreed to acquire healthcare analytics company Press Ganey in a $6.75bn transaction, in one of the largest private equity-backed technology deals of 2025, according to a report by Reuters.
The transaction will be settled through a mix of cash and Qualtrics stock, giving the Utah-based company access to Press Ganey’s vast network of over 41,000 healthcare providers and life sciences organisations. The acquisition aims to deepen Qualtrics’ data assets and strengthen its presence in healthcare, a sector increasingly focused on patient experience analytics.
Press Ganey is currently owned by Ares Management and Leonard Green & Partners, both of which have held the company since 2016. Their sale to another private equity-owned buyer underscores the continued momentum of secondary buyouts within the tech and healthcare sectors — where sponsors are seeking synergies between data-rich platforms.
The deal follows Silver Lake’s 2023 buyout of Qualtrics from SAP in partnership with the Canada Pension Plan Investment Board (CPPIB), valuing the company at $12.5bn and marks another step in the PE firm’s strategy to consolidate enterprise software assets with strong recurring revenue and AI-driven potential.
