"We were looking for investors with a history of helping to build thought leading software companies as well as direct experience in the business intelligence market. The combination of Accel and JVP is a dream team," said Mans Hultman, CEO of QlikTech International. "We will use the funds from this round of financing to expand our international presence dramatically to further capitalize on the enormous market traction we are seeing."
QlikTech is dedicated to providing out-of-the-box business performance management and intelligence solutions for interactive data analysis with a relentless focus on ease of use and deployment. Its flagship product, QlikView, is based on the patented AQL technology. The AQL technology enables QlikTech to deploy Business Intelligence solutions in a fragment of the time and cost it takes for traditional software products.
QlikTech's customer base is growing quickly both within its traditionally strong geography in Scandinavia, as well as in the rest of Europe and the United States. QlikTech sells its products directly as well as through channel and business partners. There are currently 1,500 active customers in 43 countries using QlikView. QlikTech's customers include such diverse companies as AstraZeneca, Pfizer, Top Flite, London Fog, Sara Lee, and The Campbell Soup Company.
"QlikTech has created a remarkable product that delivers the value of OLAP with the ease of use of a spreadsheet. In speaking with existing customers, their enthusiasm and praise for QlikTech's products were truly compelling. We believe that QlikTech represents a major step forward in the business intelligence market and addresses the growing need for companies to have an analytical product that is easy to use and deploy yet provides powerful, real-time insight into changes in their business environment. We're delighted to join forces with the management team in their efforts to build a new category leading software business," said Bruce Golden, General Partner, Accel Partners.
QlikTech, founded in Sweden, has enjoyed dramatic growth even in the last few years where many enterprise software companies have struggled to survive. The company has fully owned subsidiaries in Germany and the US and plans to expand its presence in other countries rapidly.
"The market is very hungry for non-intrusive ways of measuring company performance and easily retrieving information from vast, and dispersed, data sources. QlikTech is poised to change the game. Their highly successful recipe for virtually eliminating complexity for the end users is unprecedented," remarks Alex Ott, JVP Venture Partner. "We don't see exciting companies like QlikTech every day."
Banc of America Securities, LLC assisted QlikTech in securing this financing round.
QlikTech is dedicated to delivering on the full potential of business intelligence by providing powerful yet easy-to-use software for interactive data analysis, enabling companies and their management to effectively and proactively monitor, manage and optimize their business. QlikTech's flagship product, QlikView, breaks down the traditional barriers of business intelligence by employing its groundbreaking, patented Associative Query Logic (AQL) technology to deliver more flexible analysis and reporting solutions faster and more cost-effectively. Founded in 1993, QlikTech has more than 100 partners worldwide. QlikTech is privately held and its headquarters are located in Lund, Sweden with fully owned subsidiaries in Germany and the US. For more information about QlikTech, visit www.qliktech.com.
About Accel Partners
Founded in 1983, Accel Partners has a history of excellence and innovation in the venture capital business. The firm is dedicated to partnering with outstanding management teams to build world-class Internet, software, and communications companies. With over $3 billion under management, Accel Partners has a long legacy of helping entrepreneurs build highly successful companies. Accel portfolio companies have completed IPOs that have created well over $100 billion in market capitalization. Accel has a history of backing category-defining companies, which include Actuate, Agile Software, Arbor Software, Foundry Networks, Macromedia, Portal, Polycom, Uunet, RealNetworks, and Veritas. For more information, visit the Accel Partners web site at www.accel.com.
JVP is a leading Israeli venture capital firm focusing on investments in early stage companies in the enterprise software & networking, semiconductors & components and communications & mobile infrastructure sectors. With over $680 million under management, and offices in Jerusalem, New York, London and Tokyo, JVP leverages its international presence, vast expertise and substantial capital base to build companies with the potential to shape and dominate global markets. To learn more about JVP, visit www.jvpvc.com.
QlikTech, the QlikTech logos, and all other QlikTech products are registered trademarks or trademarks of QlikTech International. All other trademarks or registered trademarks belong to their respective companies. (C) 2004, QlikTech International. All rights reserved.