Shares of Qualtrics International (XM 32.92%) were up by 5.7% this week, according to data from S&P Global Market Intelligence, after the company announced late in the week that it's expanding its partnership with Carahsoft, a technology solutions provider for public sector organizations in Canada.
Qualtrics makes an experience management platform that's used by some governments and companies for a variety of COVID-19 related services, including screening, appointment scheduling, and vaccination status management, according to the press release.
The companies said that the expansion of Qualtrics' partnership with Carahsoft will help Canadian government leaders "gain experience data -- the thoughts, sentiment and emotions of employees and constituents -- to provide better services for their community."
One of the most recent services Qualtrics launched is a vaccination and testing manager that allows employees to upload an image of their vaccination status or COVID-19 test results.
By partnering further with Carahsoft, Qualtrics' platform will be able to be used more extensively by government organizations across Canada.
Qualtrics' stock began trading publicly in late January, and since then its share price has been pretty volatile. After double-digit percentage gains shortly after its IPO, the stock tumbled quickly and is down nearly 2% since going public.
While this week's announcement about expanding its Carahsoft partnership is clearly good news for the company, investors should likely take a wait-and-see approach before making any investment decisions based on this news.