Few sectors of the enterprise software market are enjoying more robust growth and M&A activity that business intelligence and analytics.
As eCRM Guide reports, Qlik Technologies (NASDAQ: QLIK) shares took flight in its initial public offering, soaring up 28 percent in heavy trading and raised more than $112 million in capital for the fast-growing business intelligence software vendor.
The business intelligence, analytics and performance management market grew 4 percent to $9.32 billion last year, according to Gartner, even as the rest of the economy shrank by 2.4 percent and equipment and software investment fell 16.6 percent, according to U.S. GDP data.
Qlik fared even better than the rest of the BI market, growing sales by 33 percent last year to $157.4 million. In the first quarter of this year, that growth rate accelerated to 66 percent. The company has been profitable for two years.
The IPO of Qlik Technologies (NASDAQ: QLIK) today showed just how hot the business intelligence (BI) market is.
On a day when major stock indexes plunged nearly 3 percent on slowdown fears and Google (NASDAQ: GOOG) fell 7 percent on disappointing quarterly results, Qlik’s stock market debut shone.
The company’s IPO priced above expectations last night and then traded another 28 percent higher today, raising $112 million for the company in the process.
