Radnor’s Qlik Technologies Potentially Headed for Sale

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Qlik Technologies
Qlik Technologies preparing to welcome employees to another of its annual summits.

Elliot Management, an affiliate for U.S. hedge funds, recently raised its equity in Qlik Technologies, a Radnor software company, to 10.8 percent, an indication that Qlik might be shaping up for sale, writes Dan Norton of the Philadelphia Business Journal.

“A sale [of Qlik] could take three to six months,” said Bhavan Suri, an analyst for William Blair. “We could see some improvement in margin over the next couple of quarters, and then a potential exit of the business, if not by year end, then early next year.”

Earlier in March, Elliot bought 8.9 percent of Qlik’s stock in a move that shareholders appeared to like. The purchase of the equity was not authorized by Qlik, and could potentially lead to some management tension as representatives from Elliot try to determine the best track for the company.

A report by Citi brands Elliot as having a “a good track record in software of picking targets ripe for some management pressure and we expect they can have some impact at Qlik, although we can’t handicap the ultimate outcome.”

Qlik went public in July 2010 with an offering of 11.2 million shares that it was able to price at $10 per share.

Click here to read more about the possibility of Qlik Technologies going up for sale.

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