Qlik Technologies Inc., the provider of the QlikView business intelligence software, has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering intended to raise as much as $100 million.
The company plans to use $6.9 million of the proceeds to repay a loan and the remainder for general corporate purposes, including expanding sales and marketing efforts, technology infrastructure and product development, and possible acquisitions. The company is waiting for the SEC's approval to initiate the IPO.
Qlik Tech has grown steadily, even through the recession in 2009. The SEC filing reveals 2009 revenue of $157.4 million, up 33% from the 2008 total of $118.3 million, which was 47% above 2007 revenue. The 2009 revenue total comprises $99.9 million in license revenue, $41.4 million in maintenance revenue, and $16.1 million in professional service revenue.
Net income in 2009 was $6.8 million, more than doubling the $3 million in 2008. The company’s cash balance at the close of 2009 was $24.9 million.