A blog by high-tech analysis company 451 Group reports that Qliktech Inc. will soon hold an IPO. The blogger adds that the company has already prepared a prospectus and picked Morgan Stanley, Citigroup, and JPMorgan Chase as underwriters. Israeli funds Jerusalem Venture Partners (JVP) and Accel Partners invested $25 million in the Swedish company, which is headquartered in Pennsylvania, in 2003.
Qliktech is considered as business intelligence company with fairly user-friendly and effective solutions. It had $120 million revenue in 2008, and has been profitable for several years. According to IDC, it has a 1.3% share of the business intelligence market. The company planned to go public on Nasdaq two years ago, but postponed the plan.
The business intelligence market is undergoing consolidation. In the past three years, Oracle Corporation (Nasdaq: ORCL) acquired Hyperion Solutions Corporation, SAP AG (NYSE: SAP; XETRA: SAPG) acquired BusinessObjects, and IBM Corporation (NYSE: IBM) acquired Cognos and SPSS Inc. The acquisitions totaled $15 billion altogether.
If Qliktech does not go public, Gartner Group predicted a few months ago that it would become an acquisition target for one of the big software companies.
JVP declined to comment on the report.
Published by Globes [online], Israel business news - www.globes-online.com - on February 24, 2010
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