Business intelligence software company Qlik Technologies (QLIK) launched a successful public offering in July, back when the markets were recovering after a steep U.S. market plunge. Based in Radnor, Pa., the company priced above its range at $10 a share and rose 20% on its first day of trading.
Shares of QlikTech are up more than 100% since the IPO.Last year, QlikTech generated revenue of $157.4 million and analysts expect full year sales of almost $214 million in 2010. J.P. Morgan analyst John DiFucci recently raised the stock's December 2011 price target to $29 from $22; the stock is trading at about $26.20. "We believe Qlik's unique approach to business analytics, which leverages recent computing advances, will continue to drive outsized growth in an already attractive business intelligence market," he wrote. QlikTech was founded in Sweden in 1993, and backed by venture investors Accel Partners and Jerusalem Venture Partners. The company's software competes with business software products created by IBM (IBM), SAP (SAP), Microsoft (MSFT) and Oracle (ORCL). Customers include Campbell Soup (CPB), Qualcomm (QCOM) and Kraft Foods (KFT).
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