Software company SAP is acquiring Qualtrics for $8 billion in an all-cash deal. The acquisition comes just before Qualtrics' planned IPO.

Qualtrics is a survey software company which was founded in 2002 by brothers Ryan and Jared Smith and their dad, Scott, along with Stuart Orgill.

This is SAP's second biggest acquisition, following it's $8.3 billion concur buy in 2014. SAP is betting on new cloud products for growth.

It acquired success factors in 2011 for $3.4 billion and Callidus for $2.4 billion.

Qualtrics has more than 9,000 customers, including Blackrock, Kellogg, Microsoft, Mastercard and Under Armour.

Qualtrics competitors include which survey monkey, AON Hewitt, Medallia and Willis Towers Watson.