Data analytics platform Qlik confidentially filed paperwork with U.S. regulators for an initial public offering on Thursday, marking the first steps for its return to public markets roughly six years after it was acquired by buyout firm Thoma Bravo.
Qlik agreed to be taken private by Thoma Bravo in 2016 through a nearly US$3 billion deal, after being pressured by activist hedge fund Elliott Management Corp.
The company offers analytics, data visualization and intelligence solutions through a cloud platform to more than 50,000 enterprise customers, including PayPal Holdings Inc, Airbus SE, BP PLC and England’s National Health Service.
Qlik’s move to go public comes at a time when demand for cloud-based analytics and intelligence enterprise software solutions has seen a major uptick as global businesses move to a fully remote or hybrid working model due to the COVID-19 pandemic.
Companies confidentially file for an IPO with regulators in an effort to keep their financials hidden from competitors until the regulator reviews the paperwork.
(Reporting by Sohini Podder in Bengaluru; Editing by Amy Caren Daniel)