A trio of firms have scored roles in Qualtrics’ $6.75bn acquisition of healthcare market research firm Press Ganey Forsta, one of the largest private equity-backed technology deals of the year.
Goodwin Procter is serving as M&A counsel to Qualtrics, a customer survey software maker owned by Silver Lake, while Simpson Thacher & Bartlett is advising the company in connection with the debt commitments. Latham & Watkins, the leading M&A firm by deal value for the first nine months of 2025, is acting for Press Ganey.
The deal will be settled through a mix of cash and Qualtrics stock. Qualtrics expects Press Ganey’s reach in the healthcare industry and specialised data will speed the adoption of its AI technologies by customers, the company said in a statement. It will give Qualtrics, which counts Microsoft, BMW and the US Department of Homeland Security as customers, access to Press Ganey’s network of more than 41,000 healthcare providers and life sciences organisations.
The Goodwin Procter team advising Qualtrics is led by global M&A co-chair Joshua Zachariah alongside tech M&A partner Brian Mulhall and private equity partner Patrick Sandor. Meanwhile, Simpson Thacher’s team includes New York-based acquisition finance partner Catherine Burns and banking partner Dorothy Hector.
The Latham team representing Press Ganey is being headed by New York corporate partners John Giouroukakis and David Owen and Los Angeles/New York partner Jordan Miller.
All three firms were involved in 2023 when Silver Lake bought Qualtrics for $12.5bn from SAP and other shareholders in partnership with Canada Pension Plan Investment Board. Latham acted for Silver Lake on the transaction, while Simpson Thacher advised the private equity firm on debt financing and Goodwin advised Qualtrics. Germany’s SAP was advised by legacy Shearman & Sterling.
Press Ganey was itself bought by Ares Management and Leonard Green & Partners in 2019. Sullivan & Cromwell advised Ares on the deal, with Latham acting for the consortium led by Ares and Leonard Green & Partners. Simpson Thacher advised the seller, EQT and Press Ganey on the deal.
Press Ganey’s acquisition by Qualtrics is subject to regulatory approvals and is expected to close in the coming months.
JPMorgan Chase Bank, BMO Capital Markets, Citi, Deutsche Bank, Goldman Sachs, KKR Capital Markets, Mizuho Securities, Morgan Stanley, RBC Capital Markets, UBS Investment Bank and Wells Fargo have made debt commitments and are serving as financial advisors to Qualtrics. BDT & MSD Partners and Centerview Partners LLC are also serving as financial advisors to Qualtrics.
Barclays is serving as lead financial advisor with Moelis as an additional financial advisor to Press Ganey.
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