JVP sells holding in QLIK Technologies for $112 million
Jerusalem-based venture capital firm JVP achieves one of the most significant exits of a venture-backed technology company on NASDAQ
Jerusalem Venture Partners (JVP), which manages over $820 million through seven venture capital funds, concluded one of the largest exits ever in the technology space – the Fund succeeded in multiplying its initial investment in Business Intelligence company QLIK Technologies (NASDAQ: QLIK) ("QlikTech" or "the Company") by close to 40 times, selling yesterday 30% of its holding for $112 million.
JVP will continue to be a major shareholder in the Company after the sale, retaining a 15% stake with an estimated value (based on the closing price on December 3, 2010) of $260 million.
QlikTech was listed on NASDAQ only this last July at a $770 million value and has since risen over 130% since the IPO, reaching over $1.8 billion in value.
QlikTech which, until only 6 years ago, was active only in Sweden, was identified by Jerusalem-based JVP and London-based Accel Partners who worked together with the company to help it become an international corporation. Erel Margalit together with US Venture Partner Alex Ott, accompanied by JVP Media Labs incubator's Partner, Haim Kopans, working together with Bruce Golden of Accel, were among the architects of the Company's growth strategy.
As part of the secondary offering JVP sold 4.9 million shares, 21% higher than the initial offering in the Prospectus, including over underwriters allotment, given the strong demand. Furthermore, the offering as was priced at $23 per share, higher than the initial pricing in the prospectus.
The current exit is JVP's 22nd, and is the 11th NASDAQ IPO that Margalit himself has led in the Fund's 16 years of activity.
The Fund has a broad international investor base as well as several major Israeli institutional and individual investors, including major insurance groups, investment houses and university endowments.
Erel Margalit, JVP's Founder and Chairman added: "This is one of the most successful technology IPO's this last decade, and among the highest of a Company originating outside the United States. The fact that our holding in the Company is currently valued at approximately $380 million further attests to JVP's ability to identify demand and market trends, bringing them together with the relevant international groups with a view to building leading international companies. This exit clearly attests to the fact that in times of economic downturn, through hard work and ongoing perseverance it is possible to reach substantial returns."
Margalit concluded: "I am proud to be associated with the company's CEO, Mr. Lars Bjork, and the company's CFO Mr. William Sorenson, as well as with the international management team that they have brought together over the years. It is important to mention that this is a major achievement in the Company's long quest to become a significant, revolutionary international company in the software and corporate information space. I am especially proud, as an Israeli, that an Israeli Venture Capital Fund, located here in Jerusalem, managed to bring about a historic achievement in the high tech and entrepreneurial space. Israel's entrepreneurial spirit can lead the country, both at the business and governmental level, to success in the international market, due to our unique outlook and character. The cooperation among Israeli and international entrepreneurs, worldwide and specifically in Europe, can open up Israel to the world and position the company as one of the most substantial creative centers."
About Qlik Technologies
QlikTech’s powerful, accessible business intelligence solution enables organizations to make better and faster decisions. Its QlikView product delivers enterprise-class analytics and search with the simplicity and ease of use of office productivity software. The in-memory associative search technology it pioneered makes calculations in real-time enabling business professionals to gain insight through intuitive data exploration. Unlike traditional business intelligence products, QlikView can deliver value in days or weeks rather than months, years, or not at all. It can be deployed on premise, in the cloud, or on a laptop or mobile device—from a single user to large global enterprises. QlikTech is headquartered in Radnor, Pennsylvania, with offices around the world and more than 16,000 active customers in over 100 countries worldwide.