Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.

After the morning show went out, the Equity crew could not shut up about the Qualtrics-SAP deal, so we had no choice but to jump back into recording mode for an off-the-cuff Equity Shot. As always, Shots are short-form Equity episodes that focus on a single, news topic.

https://techcrunch.com/2020/07/27/why-is-sap-spinning-qualtrics-out-via-an-ipo/

Building off of Danny's SAP knowledge, Natasha's curiosity about the future Qualtrics S-1, and my own recent dive into the SAP and Qualtrics numbers, we managed to cover quite a lot of ground. So, if you wanted to know:

1. Why did SAP have to pay so much for Qualtrics back in the day?
2. Why is SAP willing to part with Qualtrics so soon after buying it?
3. How much might Qualtrics be worth?
4. And, of course, did the Equity team expect to see this news in 2020?

Then you are probably going to like what we have in store for you.

Spoiler on that last as the answer is a firm no, but, all the same, what fun. That's about it for this Equity Shot, hit play, have fun, and we are back Friday morning unless something else happens, like a Palantir S-1.

Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.