Silver Lake and CPP Investments announced plans to acquire Qualtrics for $12.5 billion. Shares of Qualtrics were up more than 6% Monday, CNBC reported.

Qualtrics is a web-based software platform that provides a range of research tools for businesses, academic researchers, and other organizations. The platform allows users to design and distribute surveys, collect and analyze data, and create reports and visualizations of their results.

Qualtrics was founded in 2002 by brothers Ryan and Jared Smith, and is headquartered in Provo, Utah. In 2018, the company was acquired by SAP for $8 billion, making it one of the largest tech acquisitions in history.

Qualtrics offers a range of features for survey design, including question types, skip logic, and advanced branching. The platform also includes tools for data analysis, such as segmentation, text analytics, and statistical testing.

In addition to surveys, Qualtrics can be used to collect feedback through other channels, such as social media, email, and customer service interactions. The platform also includes tools for customer experience management, employee engagement, and market research.

The companies will acquire 100% of Qualtrics’ outstanding shares, according to a statement released Monday. This includes the majority ownership interest of SAP.

The all-cash deal has been approved by Qualtrics’ board of directors and a Qualtrics committee of independent directors, according to the statement. SAP also approved the transaction in its capacity as Qualtrics’ principal shareholder. No other shareholder approval is required.

Once the transaction is complete, Qualtrics will become a privately held company and its common stock will no longer be listed on public markets. Shareholders, including SAP, will receive $18.15 per share in cash under the terms of the agreement, according to the statement.

Morgan Stanley advised Qualtrics on the deal, and Barclays acted as the financial adviser to SAP. JPMorgan advised Silver Lake.

Qualtrics gets most of its sales from subscriptions and also generates revenue from a research-on-demand option that existing customers can use to get feedback from “a curated group of respondents,” and from professional services.

“I couldn’t be more excited for this step in our journey,” Ryan Smith, who serves as the company’s Executive Chairman, said in the statement. “Silver Lake’s belief in our vision and their amazing track record of helping founders and management teams speaks for itself. We look forward to working together and driving category-defining growth to build the next great enterprise cloud platform.”