Abu Dhabi Investment Authority Acquires Significant Minority Stake in Data Analytics Firm Qlik

Abu Dhabi Investment Fund Acquires "Significant Minority Stake" In Qlik

Current owner private equity giant Thoma Bravo will remain the majority stakeholder in the provider of data analytics, AI and data management software. The Abu Dhabi Investment Authority (ADIA), the Arab country's Abu sovereign wealth investment fund has acquired a "significant minority stake" in data analytics and data management software developer Qlik. Private equity giant Thoma Bravo, Qlik's owner since 2016, will retain a majority ownership in the company and is also making a new equity investment in Qlik, according to an announcement from Thoma Bravo and Qlik. A consortium of other investors is also expected to invest in Qlik as part of the complex transaction. Qlik did not disclose the value of the ADIA investment. A Financial Times story, citing sources, said ADIA is investing about $1 billion in Qlik, putting the value of the data analytics company at around $10 billion. [Related: Qlik Launches New Cloud Data Platform, Sets GenAI Alliances With Snowflake And AWS] "We look forward to accelerating Qlik's impact in the era of AI and welcome ADIA into our next phase of growth," Qlik CEO Mike Capone said in a statement. "Our team has seized the AI opportunity, grounded in a commitment to strong partnerships, customer success, and solutions that drive real competitive advantage. These principles have fueled our growth and enabled us to deliver meaningful, tangible value from data and analytics." Qlik is a leading company in the data analytics space with its popular Qlik Sense and Qlik Cloud Analytics software. The company is also a major provider of data integration and data quality management tools thanks to a series of acquisitions, including its purchase of Talend in May 2023. Thoma Bravo acquired then-publicly traded Qlik in 2016 in an all-cash deal valued at about $3 billion. Thoma Bravo acquired Talend in 2021 and helped engineer the Qlik-Talend combination. Altogether Qlik has made 14 strategic acquisitions since being acquired by the private equity company, Qlik said in the ADIA investment announcement. ADIA is an investment institution that invests funds on behalf of the government of Abu Dhabi, the capital of the wealthy United Arab Emirates. According to the announcement, the investment in Qlik is being made through a wholly owned subsidiary of ADIA. The Thoma Bravo fund that originally acquired Qlik is selling its stake to ADIA, a group of other large pension and sovereign wealth funds, and two newer Thoma Bravo funds, according to the Financial Times' description of the complex transaction. Thoma Bravo will remain Qlik's majority shareholder. As a private company Qlik does not disclose its financial results. The Financial Times article said Qlik's business has accelerated over the past year with sales on track to reach $1.5 billion this year and software subscription bookings up 30 percent year-over-year.

Qlik's Accelerating Growth Attracts Significant Investment from Thoma Bravo and ADIA

Investment underscores Qlik's market leadership and value in delivering end-to-end data integration, data quality, analytics, and AI solutions Thoma Bravo, a leading software investment firm, today announced it has signed an agreement to sell a significant minority stake in Qlik®, a global leader in data integration, data quality, analytics, and AI, to a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA). As part of the terms of the transaction, Thoma Bravo would remain the majority shareholder and would also make a new equity investment in the company. A consortium of other investors is expected to invest alongside ADIA and Thoma Bravo. This transaction reinforces Qlik's leadership in delivering real-world AI solutions through a flexible, agnostic platform. Since taking the company private, Thoma Bravo has partnered with the Qlik leadership team to accelerate growth through 14 strategic acquisitions and substantial R&D investments. Qlik serves customers across a wide range of industries, including healthcare, financial services, retail, and the public sector. Its solutions empower organizations to bring data together, make sense of it, trust it, analyze it, and take action. The recently launched Qlik Talend® Cloud enables businesses to build a trusted foundation for AI, while Qlik Answers™ brings value to proprietary unstructured data sources by generating relevant answers to questions with full explainability. Qlik's platform supports comprehensive data needs across cloud, multi-cloud, and on-premises environments. Mike Capone, CEO of Qlik, said, "We look forward to accelerating Qlik's impact in the era of AI and welcome ADIA into our next phase of growth. Our team has seized the AI opportunity, grounded in a commitment to strong partnerships, customer success, and solutions that drive real competitive advantage. These principles have fueled our growth and enabled us to deliver meaningful, tangible value from data and analytics." "It has been a pleasure to work alongside Mike and the Qlik team to establish it as a leader in data integration, data quality, analytics, and AI. We are thrilled to continue this journey alongside Qlik, and now with ADIA, to drive further innovation," added Seth Boro, a Managing Partner at Thoma Bravo. "Through a forward-focused strategy and execution, Qlik has become invaluable to enterprises seeking to create more value from their data." "As companies across global markets increasingly recognize the value of data integration, data quality, and analytics in realizing AI's potential, we anticipate sustained acceleration in demand for these foundational technologies," said Mike Hoffmann, Partner at Thoma Bravo. "Our investment reflects the strong tailwinds behind these solutions." Guggenheim Securities LLC is serving as financial advisor and Kirkland & Ellis LLP is acting as legal advisor to Thoma Bravo and Qlik. Evercore is serving as financial advisor and Gibson, Dunn & Crutcher LLP is serving as legal advisor to ADIA. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in Q1 2025. About Thoma Bravo Thoma Bravo is one of the largest software-focused investors in the world, with approximately US$160 billion in assets under management as of June 30, 2024. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo's deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in more than 490 companies representing approximately US$265 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo's website at thomabravo.com About Abu Dhabi Investment Authority Established in 1976, the Abu Dhabi Investment Authority is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. About Qlik Qlik converts complex data landscapes into actionable insights, driving strategic business outcomes. Serving over 40,000 global customers, our portfolio provides advanced, enterprise-grade AI/ML, data integration, and analytics. Our AI/ML tools, both practical and scalable, lead to better decisions, faster. We excel in data integration and governance, offering comprehensive solutions that work with diverse data sources. Intuitive analytics from Qlik uncover hidden patterns, empowering teams to address complex challenges and seize new opportunities. As strategic partners, our platform-agnostic technology and expertise make our customers more competitive.