Thoma Bravo to buy business intelligence and visualization software maker Qlik for $3 bn
03 June 2016
US private equity firm Thoma Bravo today struck a deal to buy business intelligence and visualisation software maker Qlik Technologies for $3 billion in cash.
Under the terms of the deal that has been approved by Qlik's board of directors, Thoma Bravo has offered to pay $30.50 in cash for each share of Qlik, a premium of 40 per cent to the company's 10-day average stock price prior to 3 March of $21.83 when media reported on a potential deal.
Reuters had in March reported that Qlik was working with investment bank Morgan Stanley to explore a potential sale.
Qlik will maintain its corporate headquarters in Radnor, Pennsylvania and continue to service its customers globally led by its existing executive team.
The proposed transaction is expected to close in the third quarter of 2016, subject to approval by Qlik's shareholders and customary closing conditions.
Qlik focuses on creating applications that help businesses analyse and visualise data to save money. It competes with a product an SAP SE product called Business Objects, as well as Cognos, IBM's business intelligence software.
Prior to going public in 2010, Nasdaq-listed Qlik had raised $12.5 million in capital from venture capital firms Accel Partners and Jerusalem Venture Partners.
''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.''