NEW YORK (TheStreet) -- Shares of Qlik Technologies (QLIK) were increasing on heavy trading volume early Wednesday afternoon as its shareholders approved the sale of the company to private equity firm Thoma Bravo.
At a shareholder meeting today, the holders of more than 77.5% of Qlik shares voted to approve Thoma Bravo's $3 billion acquisition of the company, according to a statement.
All approvals required to complete the transaction have now been received and the transaction is expected to close on August 22.
Upon closing, Qlik shareholders will be able to receive $30.50 in cash for each share of Qlik common stock they own.
"We believe our partnership with Thoma Bravo represents a tremendous opportunity to further expand upon our platform-based approach to business intelligence (BI) and analytics and will also provide significant benefits to our customers and employees," Qlik CEO Lars Bjork stated.
About 3.64 million of the company's shares changed hands so far today, above its average 30-day volume of 1.5 million shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins.
But the team also finds weaknesses including weak operating cash flow and a generally disappointing performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.