In 2003, JVP identified a market gap that required innovation in the business intelligence sector, a domain that had clear market leaders such as Business Objects and Cognos. At the time, JVP was looking for a promising and strong solution to solve this problem. While performing the market research, JVP was introduced to Qlik Technologies (QlikTech), a small company located in Lund, southern Sweden. At the time, the company was a local player, whose sales strategy was driven by selling professional services around their core engine, while serving customers who were within a four-hour drive from their headquarters (mostly Scandinavia and Northern Germany). The JVP team believed that by bringing together the Fund’s strong globalization approach, with the company’s unique technology, QlikTech would revolutionize the BI space, and as such JVP invested in the company and became its largest investor.
Over the next few years, JVP would work with the company in devising a wider business strategy approach, addressing verticals after verticals, growing the company from a local Swedish player to a global market leader.
In 2008, at the height of the financial crisis, the company received an acquisition offer. At that point, JVP’s management was convinced that the company had the potential to reach higher grounds. After encouraging the management team and the Board of Directors to continue to grow the company independently, JVP bought out several of the historic investors, further increasing its position, while bringing on board additional executives to further strengthen the global expansion. In the two years that followed, the company expanded its product and geographical footprint, increasing sales quarter after quarter.
In 2010, the company listed its shares on NASDAQ pricing above market with a 30% increase in share price during the first day of trading. Working diligently and rationally with the leading bankers, JVP gradually monetized on its position over the subsequent two years for a blended company value of over $2.4bn.