Qlik Tech Said to Draw Bids From Thoma Bravo, Bain, Permira

  • First-round offers said submitted by Tuesday deadline
  • Enterprise-software company targeted by Elliott last month

Qlik Technologies Inc., the $2.8 billion enterprise-software company, is working with Morgan Stanley to find potential buyers and received preliminary offers from private equity firms Thoma Bravo, Bain Capital and Permira, people with knowledge of the matter said.

The first-round proposals were due Tuesday, said the people, who asked not to be identified because the information is private. Vista Capital Partners also was considering making an offer, the people said. A transaction isn’t certain and the company may be assessing interest, the people said.

Shares in Qlik were trading 2 percent higher at 10:17 a.m. in New York after jumping as much as 4.1 percent.

Qlik’s software helps companies analyze and share data for better insight into business patterns -- an area technology giants from International Business Machines Corp. to Oracle Corp. have been investing in. In March, the company was targeted by activist Elliott Management Corp., which disclosed an 8.9 percent stake and said it initiated talks with the company about strategic and operational opportunities. Elliott said then that Qlik was “significantly undervalued.”

A spokesman for Qlik declined to comment, as did representatives for Thoma Bravo, Bain and Permira. Representatives of Morgan Stanley and Vista Capital didn’t respond to requests for comment.

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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