SAP SE has agreed to purchase Qualtrics International Inc. for $8 billion in cash, the companies announced Sunday.

Qualtrics, a Utah-based software company, had filed for an initial public offering in October hoping to raise about $200 million.

Bill McDermott, chief executive of German-based software giant SAP SAP, -3.25% SAP, -0.34% , said Sunday the deal would bolster its offerings.