(Bloomberg) -- A group of investors including Silver Lake and the Canada Pension Plan Investment Board has agreed to buy software developer Qualtrics International Inc. at a $12.5 billion valuation.

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Chief Executive Officer Zig Serafin will continue to steer the company, which will get delisted after the deal, SAP said in a statement. SAP SE will offload its entire stake in the company as part of the deal.

The money-losing Qualtrics, based in Provo, Utah, entered the public markets in January 2021 after being spun off from SAP and has lost roughly half its value in the past two years.

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