Business intelligence solutions developer Qlik Technologies Inc. (Nasdaq: QLIK), in which Jerusalem Venture Partners (JVP) is a shareholder, has reported another successful quarter, with 39% growth in sales. Just four months after its IPO, Qlik's share price has risen 150% to give a market cap of $1.93 billion (about NIS 6.8 billion). The company is considered one of the great technology successes out of Israel and Europe.
JVP managing partner Erel Margalit and Qlik director said, "We're proud to take part in leading Qlik and turning it into a global leader that will revolutionize business intelligence."
JVP owns more than 20% of Qlik. At least ten Israeli private parties and investment institutions, including insurance companies, pension funds, and universities, are investors in the company.
Qlik reported $50.3 million revenue for the third quarter, up from $36.3 million for the corresponding quarter of 2009. GAAP-based operating profit rose to $3.2 million for the third quarter from $1.7 for the corresponding quarter. GAAP-based net loss narrowed to $511,000 from $1.5 million, and non-GAAP net profit was $739,000 ($0.01 per share) for the third quarter, compared with a non-GAAP net loss of $1.2 million for the corresponding quarter.
In its guidance for the fourth quarter, Qlik predicts $66-69 million, a non-GAAP operating profit of $15.7-17.7 million and non-GAAP earning per share of $0.13-0.15. The full-year guidance is non-GAAP earning per share of $0.19-0.21 on $211-214 million revenue
Margalit said, "Qlik's IPO is considered a record for technology companies originating in Europe, as well as for Israeli venture capital. It is further proof that Israel can grow companies that are global leaders in their fields, and float them at substantial returns on investment, even during hard times in international capital markets."
Published by Globes [online], Israel business news - www.globes-online.com - on November 4, 2010
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