Qlik Tech Targeted by Activist Elliott With New Stake

  • Activist has initiated talks with management and board
  • Elliott sees `strategic and operational opportunities'

Qlik Technologies Inc. is being targeted by activist Elliott Management Corp., which has initiated talks with the enterprise software company over “strategic and operational opportunities.”

Elliott disclosed an 8.9 percent stake Thursday, making it Qlik’s largest shareholder, according to data compiled by Bloomberg, and described the company as “significantly undervalued.”

Qlik “operates in a highly strategic area of the technology industry with an attractive competitive position and a compelling product set, the value of which is not reflected in the issuer’s current market value,” Elliott said in the 13D regulatory filing. “There are strategic and operational opportunities for the issuer that would meaningfully increase value to shareholders” and Elliott has “initiated a dialogue with the issuer’s management and board.”

Qlik closed at $24.19 Wednesday, giving the company a market value of about $2.3 billion. The shares climbed as much as 11 percent Thursday. A representative of the company didn’t have an immediate response.

Qlik’s software helps companies analyze and share data for better insight into business patterns -- an area technology giants from IBM Corp. to Oracle Corp. have been investing in.

Jesse Cohn, who heads Elliott’s U.S. activist efforts, has focused many of the hedge fund’s shareholder campaigns on enterprise software and technology hardware companies -- often agitating successfully for a sale.

Elliott’s targeted technology companies that have subsequently sold include EMC Corp., Informatica Corp., Riverbed Technology Inc., BMC Software Inc., Compuware Corp., Novell Inc., and Blue Coat Systems Inc., among others. Cohn has also agitated for changes at technology providers including Citrix Systems Inc., Polycom Inc., Mitel Networks Corp., NetApp Inc. and Juniper Networks Inc.

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