I'm scratching my head on this one as well. Survey Monkey's market cap is somewhere around $1.3B. Medallia's current valuation is unknown, but should be under

I'm scratching my head on this one as well. Survey Monkey's market cap is somewhere around $1.3B. Medallia's current valuation is unknown, but should be under $3B. Qualtrics plays in the space in between these two and even though it has a strong following and good growth prospects, it still seems like SAP paid about double what they should have. My best guess is someone has a convoluted plan to integrate Qualtrics into SAP as a module that enough customers will pay for to make it worthwhile.