World News – AU – Who is Ryan Smith, the new owner of Utah Jazz?

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Proof of the basketball love of Ryan Smith, co-founder and CEO of Qualtrics, is undeniable to anyone visiting the company’s Provo headquarters

Go through the doors and instead of the typical lobby of a very successful tech company, you’ll instead have stepped on the hardwood of a half-basketball court, sporting the Qualtrics logo

The new owner of Utah Jazz was a baseball player both on and off the field long before Wednesday’s announcement of his acquisition of Utah Jazz in a deal that also includes Vivint Arena, the Salt Lake City Stars of the G League and the « direction » of the Salt Lake City bees

Qualtrics was founded in Provo in 2002 by Ryan Smith and Jared Smith based on technology first developed by Ryan Smith and his father, BYU researcher and professor Scott Smith, in the midst of wrestling by Elder Smith (who was successful) against throat cancer

Originally designed as a survey tool for academics, the company evolved into a set of tools and in-depth data analytics optimized to assess the business vitality of customers, seen through the eyes of their customers and / or employees

Unlike many tech startups who seek out and secure private equity without much more than an idea and a fancy presentation, Qualtrics paid off early on and chose to start growth financing on its own without support from venture capitalists

Almost a decade later, when the company started signing with investors, it sparked the interest of Silicon Valley’s biggest hitters, although Smith said the company was still more interested in the expertise that Qualtrics could leverage from transactions only through the big checks that came with them

Further proof of Smith’s commitment to forging his own path through the fast-paced high-tech world, he declined a $ 500 million cash offer for the company in 2012 Instead , Smith chose to continue developing Qualtrics as it was quickly becoming the go-to platform for business customers in many industries.

Just days before the launch of a public offering in 2018, Qualtrics announced its acquisition by European software giant SAP While the estimated value of Qualtrics before the IPO was around 5 billion dollars, SAP has turned heads of tech industry watchers by offering the company a staggering $ 8 billion

In a letter included in a pre-IPO filing with the SEC and signed by Ryan and Jared Smith, the brothers outlined the goals that had driven their business to success:

“Our mission is to help organizations leverage experience management to turn their customers into fanatics, employees into ambassadors, brands into religions and products into obsessions From our beginnings, we knew that if we wanted to do something special we had to write our own playbook, not follow someone else’s « 

Ryan, Jared and Scott Smith’s share of the SAP windfall is estimated to be around $ 3 billion Forbes estimates Ryan Smith’s personal net worth at around $ 1.3 billion

Ryan Smith, 42, is a boisterous sports fan and anyone who follows his social media feeds knows he is a proud supporter of all things athletics BYU (his alma mater) and a longtime supporter. Jazz date, both as a fan and the guy who writes the checks as a sponsor of the team jersey patch

When the NBA signed sponsored patches for player jerseys in 2017, Jazz became a staple for a team whose patch touted a philanthropic effort rather than a corporate brand

Smith struck a deal with the Jazz that year for an undisclosed but likely multi-million dollar contract bearing the logo of Smith’s cancer charity effort – 5 For The Fight – on player jerseys This agreement was renewed last fall to run during the 2022-2023 season with a global campaign that calls on individuals to donate $ 5 for the efforts to find a cure for cancer The effort has so far raised over $ 24 million

As Qualtrics grew its national and international footprint under the SAP umbrella, including a new co-headquarters in Seattle, the company also doubled its engagement in Utah with a gigantic expansion of its Provo facility in preparation

In September, the company unveiled the Qualtrics Tower co-headquarters in Seattle, which spans 275,000 square feet and will become the eventual home of more than 2,000 employees. In October, Qualtrics announced a new office building in Dublin where the company will create 350 additional jobs, doubling the number of employees in that region to over 700.And in November, the company announced a new 25,000-foot office squares in Chicago that will house 200 employees along the city’s shores

The company currently has 25 offices around the world with more than 3,000 employees and plans to grow to more than 8,000 employees by 2023 Qualtrics serves more than 11,000 organizations in more than 100 countries

Although Smith’s company has a global footprint, Jazz’s new owner hinted at keeping Jazz in Utah in a press release on Wednesday

« We all owe a great debt to the Miller family for their extraordinary stewardship over this asset over the past 35 years, » said Smith “My wife and I are absolutely honored and thrilled to have the opportunity to take the team far into the future – especially with the biggest fans in the NBA. Utah Jazz, the state of Utah and its capital are the recipients of the millers’ tremendous love, generosity and investment

Utah Jazz, Gail Miller, Qualtrics, Larry H Miller