Qlik has announced that, following a review of strategic alternatives, it has entered into a definitive agreement to be acquired by private equity investment firm Thoma Bravo in an all-cash transaction valued at approximately $3-billion. The agreement was unanimously approved by Qlik’s board of directors.
Under the terms of the agreement, Qlik shareholders will receive $30.50 in cash for each share of Qlik common stock they hold. This 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.
“Thoma Bravo recognises the value that Qlik delivers – a platform that lets our customers see the whole story that lives within their data. Thoma Bravo has an excellent track record of investing in outstanding technology businesses for the long-term, and I am confident our employees, customers and partners will greatly benefit from our partnership with them.”
Orlando Bravo, a managing partner at Thoma Bravo, comments: “We look forward to partnering with the Qlik team as they continue to grow their platform-based approach to business intelligence (BI) and analytics. 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 visualisations with data governance, scalability and interoperability,” says 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.”
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 regulatory authorities and the satisfaction of customary closing conditions.