SAP stock was down on Monday following news that the company plans to acquire Qualtrics.

SAP (NYSE:SAP) notes that it will be spending $8 billion to acquire Qualtrics. The company has secured €7 billion in financing to fuel this transactions. It will be using this money to buy all outstanding shares of the company’s stock.

Qualtrics will continue to operate as it normally does after the deal with SAP is complete. This includes maintaining its leadership, personnel, branding and culture. However, it will do it all as part of SAP’s Cloud Business Group. It will also keep its dual headquarters in Provo, Utah, and Seattle, Wash.

SAP points out that Qualtrics is expecting revenue for the full year of 2018 to come in above $400 million. The company is also looking for a forward growth rate of 40%. This is before including potential synergies with SAP.

“Supported by a global team of over 95,000, SAP will help us scale faster and achieve our mission on a broader stage,” Ryan Smith, CEO of Qualtrics, said in a statement. “This will put the XM Platform everywhere overnight.”

SAP notes that the deal already has the approval from the Boards of Directors of both companies. Qualtrics shareholders have also already approved of the deal. However, it will still need approval from regulators before it can reach completion. If all goes well, the two companies are expecting the deal to close in the first half of 2019.

SAP stock was down 6% as of Monday morning and is down 3% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.