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PE Firm Thoma Bravo to Acquire $QLIK @Qlik Technologies in $3B Deal

PE Firm Thoma Bravo to Acquire $QLIK @Qlik Technologies in $3B Deal

Qlik Technologies Inc. (NASDAQ: QLIK), a leader in visual analytics and data visualization, in an all-cash deal valued at $3 billion. The agreement was unanimously approved by Qlik’s board of directors. As previously reported by ExitHub in late March, the move comes after activist investor hedge fund Elliott Management Corp unveiled in March an 8.8% stake in Qlik. this is the latest in a long list of enterprise technology companies in recent years that have ended up been taken over after Elliott targeted them. Elliott has pushed for the sale of several companies that have ended up being acquired by private equity firms, such as Compuware Corp, Riverbed Technology Inc, Blue Coat Systems, and Informatica. Qlik, previously known as QlikTech, was founded in Lund, Sweden in 1993 by Björn Berg and Steffan Gestrelius. Qlik provides QlikView and Qlik Sense user-driven business intelligence solutions. The company develops, commercializes, and implements software products and related services. Approximately 39,000 customers rely on Qlik solutions to gain meaning out of information from varied sources, exploring the hidden relationships within data. Headquartered in Radnor, Pennsylvania, Qlik has offices around the world with more than 1,700 partners covering more than 100 countries. The company was founded in 1993. In 2003, Qlik raised $12.5 million in venture capital from Accel Partners and Jerusalem Venture Partners (JVP). Alex Ott of Accel and Erel Margalit of JVP (currently a Member of the Israeli Parliament, the Knesset) devised a growth strategy that resulted in a 35% annual growth rate and $13 million in revenue by 2004. In 2005, the single-user desktop tool was replaced with a server-based web tool. Qlik established partnerships with Intel and HP, and incorporated charts and colors in their UI. Qlik customers include DB Schenker, Dendrite, Ericsson, and the Swedish Post. In 2007, Lars Björk became Qlik’s CEO. In 2013, the company opened an office in Western Australia. Qlik competes with a product from SAP SE (ADR)(NYSE: SAP) called Business Objects and Cognos, IBM Corp’s (NYSE: IBM) business intelligence software. Thoma Bravo’s investment focus is on application and infrastructure software and technology enabled services. The firm currently manages more than $16 billion of equity commitments. Qlik shareholders will receive $30.50 per share. The price represents a premium of 40% to the company’s unaffected 10 day average stock price prior to March 3, 2016, of $21.83. “We believe the proposed transaction is in the best interest of Qlik’s shareholders and provides the Company with additional flexibility to execute our strategic plan as we continue to diligently provide customers with the premier products and services they have come to expect,” said Lars Björk, CEO of Qlik. “We look forward to partnering with the Qlik team as they continue to grow their platform-based approach to business intelligence (BI) and analytics,” said Orlando Bravo, a managing partner at Thoma Bravo. “As the need for analytic solutions grows, Qlik is well-positioned to continue to drive innovation and lead the market.” “Qlik’s platform blends best-in-class associative analytics and visualizations with data governance, scalability and interoperability,” said Seth Boro, a managing partner at Thoma Bravo. “We are excited by Qlik’s product roadmap and confident that we can apply our experiences working with market-leading software companies to accelerate Qlik’s growth and market share across all geographies.” The proposed transaction is expected to close in the third quarter of 2016, subject to approval by Qlik’s shareholders and regulatory authorities and the satisfaction of customary closing conditions. Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Qlik and Skadden, Arps, Slate, Meagher & Flom LLP and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP are serving as its legal advisors. Goldman, Sachs & Co. is serving as exclusive financial advisor to Thoma Bravo and Kirkland & Ellis LLP is serving as its legal advisor. Ares Capital Corp. (NASDAQ: ARCC) is serving as the administrative and collateral agent, joint lead arranger and joint bookrunner for the $1.075 billion unitranche credit facility in support of the acquisition. Ares Capital Management is leading the syndication. Additional joint lead arrangers include Golub Capital LLC, TPG Specialty Lending Inc. and Varagon Capital Partners LP.]]>

PE Firm Thoma Bravo to Acquire $QLIK @Qlik Technologies in $3B Deal

Qlik Technologies Hires Morgan Stanley to Explore Strategic Alternatives, Stock Jumps

New York-based private equity investment firm Thoma Bravo LLC agreed to acquire Qlik Technologies Inc. (NASDAQ: QLIK), a leader in visual analytics and data visualization, in an all-cash deal valued at $3 billion


Pennsylvania-based visual analytics market firm Qlik Technologies Inc (NASDAQ: QLIK) is exploring strategic alternatives, including a sale, Reuters reported. Shares were up over 9% in early trading after the weekend. The move comes after activist investor hedge fund Elliott Management Corp unveiled an 8.8 percent stake in Qlik earlier this month and said the company should be taken over by a larger technology rival. Qlik is working with investment bank Morgan Stanley (NYSE: MS) to explore its potential sale, says Reuters. Qlik, previously known as QlikTech, was founded in Lund, Sweden in 1993 by Björn Berg and Steffan Gestrelius. The company is headquartered in Radnor, Pennsylvania. In 2003, Qlik raised $12.5 million in venture capital from Accel Partners and Jerusalem Venture Partners (JVP). Alex Ott of Accel and Erel Margalit of JVP (currently a Member of the Israeli Parliament, the Knesset) devised a growth strategy that resulted in a 35% annual growth rate and $13 million in revenue by 2004. In 2005, the single-user desktop tool was replaced with a server-based web tool. Qlik established partnerships with Intel and HP, and incorporated charts and colors in their UI. Qlik customers include DB Schenker, Dendrite, Ericsson, and the Swedish Post. In 2007, Lars Björk became Qlik’s CEO. In 2013, the company opened an office in Western Australia. Qlik, with a market capitalization of about $2.43 billion, went public in 2010. It focuses on creating applications that help businesses analyze and visualize data to help them save money. It competes with a product from SAP SE (ADR)(NYSE: SAP) called Business Objects and Cognos, IBM Corp’s (NYSE: IBM) business intelligence software. Qlik delivers intuitive platform solutions for self-service data visualization, guided analytics applications, embedded analytics and reporting to approximately 35,000 customers worldwide. Companies of all sizes, across all industries and geographies, use Qlik solutions to visualize and explore information, generate insight and make better decisions. Analysts have said technology companies such as OracleCorp (NYSE: ORCL) and IBM could be potential buyers for Qlik. If Qlik is sold off, it would be the latest in a long list of enterprise technology companies in recent years that have ended up been taken over after Elliott targeted them. Elliott has pushed for the sale of several companies that have ended up being acquired by private equity firms, such as Compuware Corp, Riverbed Technology Inc, Blue Coat Systems, and Informatica, added Reuters reporter Liana B. Baker. Qlik Technologies provides user-driven business intelligence solutions that enable customers to make business decisions. The company develops, commercializes, and implements software products and related services. It offers QlikView, which enables business users to explore data; ask and answer their own stream of questions; and follow their own path to insight on their own, or collaborate across teams and organizations. The company also provides license, maintenance, and professional services. It serves customers in various industry verticals, such as consumer packaged goods, financial services, pharmaceuticals, retail, manufacturing, technology, and healthcare. The company sells its products through its direct sales force, as well as through indirect channel partners, including distribution partners, value-added resellers, system integrators, and original equipment manufacturers to license and support its software platform. Qlik markets its products in the Americas, Europe, the Asia-Pacific regions, the Middle East, and Africa. The company has approximately 2,500 employees. (Additional reporting from Reuters)]]>