Israel’s Jerusalem Venture Partners sold part of its stake in Qlik Technologies Inc. for $112 million in a transaction that returned almost 40 times the Jerusalem-based venture capital fund’s initial investment.
“The exit clearly attests to the fact that in times of economic downturn, it is possible to reach substantial returns,” Erel Margalit, JVP’s managing partner, said in an e-mailed statement today.
JVP initially invested less than $10 million in Qlik in 2005. The business intelligence software company raised $112 million in a first public offering in July on the Nasdaq Stock Market. JVP holds a 14.5 percent stake in Qlik after the sale.
Qlik Technologies priced its shares for the secondary offering at $23 on Dec. 3. Its July IPO was priced at $10. The shares closed down 1.9 percent at $22.90 in New York on Dec. 3.