Qlik Announces Close of Significant Investment Led by ADIA and Thoma Bravo

Qlik®, a global leader in data integration, data quality, analytics, and AI, today announced the close of a previously disclosed significant minority investment led by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). As part of the transaction, Thoma Bravo, a leading software investment firm, remains Qlik’s majority owner and has made a new equity investment alongside ADIA. A select group of institutional investors have also co-invested. The transaction, originally signed in November 2024, has now received all necessary regulatory approvals.

Qlik helps organizations move from AI ambition to execution by turning raw data into trusted insights and proactive decisions. Through a unified platform that integrates data, analytics, and governance, Qlik provides the foundation enterprises need to scale AI initiatives with confidence. Across industries, customers rely on Qlik to stay agile in the face of market shifts, global disruptions, and unexpected challenges.

“Support from Thoma Bravo and a long-term investor like ADIA reinforces the strength of our strategy and the results we’re delivering,” said Mike Capone, CEO of Qlik. “In a market full of AI ambition, Qlik stands out for execution—helping enterprises move fast, act with trust, and turn data into confident decisions. This investment enables us to stay focused and scale that impact.”

“Qlik has consistently executed against one of the most important challenges facing modern enterprises: turning data and AI into real business outcomes,” said Seth Boro, a Managing Partner at Thoma Bravo. “Our continued majority ownership and additional investment reflect our conviction in Qlik’s platform, its performance, and its ability to scale meaningful impact for customers worldwide.”

“Enterprises around the world are moving from experimentation to execution with AI, and that shift is accelerating demand for trusted, scalable solutions,” said Mike Hoffmann, a Partner at Thoma Bravo. “Qlik is uniquely positioned to meet this moment—at the intersection of data integration, governance, and analytics—making it a clear fit with our long-term thesis around mission-critical enterprise software. We’re proud of the significant growth Qlik has achieved since we took the company private in 2016 and are excited to continue this momentum with Mike and ADIA.”

Building on its recent acquisition of Upsolver and its advancements in agentic AI solutions and conversational analytics, Qlik continues to expand its unified platform for trusted, scalable AI. As enterprises invest in AI while seeking to lower costs and maintain trust across the AI value chain, Qlik is increasingly the partner of choice—enabling faster execution with open architectures, governed data, and timely insights.

Guggenheim Securities LLC served as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Thoma Bravo and Qlik. Evercore served as financial advisor and Gibson, Dunn & Crutcher LLP served as legal advisor to ADIA.

About Thoma Bravo

Thoma Bravo is one of the largest software-focused investors in the world, with over US$179 billion in assets under management as of December 31, 2024. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo's deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 520 companies representing approximately US$275 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo's website at thomabravo.com.

About Abu Dhabi Investment Authority

Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.

About Qlik

Qlik converts complex data landscapes into actionable insights, driving strategic business outcomes. Serving over 40,000 global customers, our portfolio provides advanced, enterprise-grade AI/ML, data integration, and analytics. Our AI/ML tools, both practical and scalable, lead to better decisions, faster. We excel in data integration and governance, offering comprehensive solutions that work with diverse data sources. Intuitive analytics from Qlik uncover hidden patterns, empowering teams to address complex challenges and seize new opportunities. As strategic partners, our platform-agnostic technology and expertise make our customers more competitive.

Qlik Acquires US-based Upsolver

Qlik®, a global leader in data integration, data quality, analytics, and AI, today announced the acquisition of Sunnyvale California-based Upsolver, a  pioneer in real-time data streaming and Apache Iceberg optimization. This move deepens Qlik’s ability to provide enterprises with end-to-end, open and scalable solutions that unify data integration, analytics, and AI under a single platform.

The acquisition combines Upsolver’s real-time ingestion to Iceberg and adaptive optimization with Qlik’s end-to-end data platform, enabling organizations to access data faster, optimize their data estate, reduce costs, and unlock AI-driven insights.

The acquisition of Upsolver positions Qlik to lead in the shift toward open data lakehouses, where enterprises demand flexibility, scalability, and performance. Apache Iceberg, a transformative open table format, enables organizations to implement open lakehouses that provide high-performance analytics on large datasets while ensuring seamless integration with various data processing engines. By integrating Upsolver’s real-time ingestion and optimization technologies, Qlik offers a seamless platform for delivering timely insights, reducing infrastructure costs, and enabling enterprises to scale analytics and AI initiatives with open, trusted and governed data.

Key benefits of this acquisition include:

• Real-Time Insights: Enable continuous ingestion from streaming sources like Kafka and Kinesis, powering faster decisions and AI workflows.
• Unified Data Ecosystem: Single unified data platform to ingest, transform, manage, optimize and govern Iceberg-based open lakehouses.
• Cost Optimization: Cut infrastructure costs with Upsolver’s Adaptive Iceberg Optimizer, reducing storage and improving query performance by up to 5x through automated, table-specific optimizations. 
• Open and Interoperable: Leverage an open Iceberg table format to operate flexibly with a range of tools and engines like Snowflake, Databricks, and Athena.

"With Upsolver’s real-time streaming capabilities and advanced Iceberg optimization, we’re building on Qlik’s proven enterprise solutions to drive even greater value for our customers," said James Fisher, Chief Strategy Officer at Qlik. "We’re also excited to welcome Upsolver’s team of experts to Qlik, further strengthening our commitment to providing open, scalable data solutions that reduce complexity and fuel innovation across data integration, analytics, and AI."

"The integration of Qlik and Upsolver highlights the growing importance of open, real-time data architectures in today’s enterprise landscape," said Stewart Bond, Vice President of Data Intelligence and Integration Software Research at IDC. "This move positions Qlik to deliver solutions that meet the dual demands for scalability and interoperability, helping organizations unlock the full potential of data-intensive workloads such as AI and machine learning while maintaining control over costs and governance."

"Upsolver and Qlik share a deep commitment to simplifying data complexity and empowering enterprises to unlock the full potential of their data," said Ori Rafael, CEO of Upsolver. "What makes this partnership so powerful is how seamlessly our real-time ingestion and Iceberg optimization align with Qlik’s end-to-end platform. Together, we are delivering a unified solution that equips organizations to scale with confidence, reduce costs, and enable AI-driven innovation with trusted and governed data."

The acquisition of Upsolver strengthens Qlik’s ability to address the growing demand for open, real-time data solutions tailored to modern enterprise needs. By integrating Upsolver’s expertise in Iceberg optimization and streaming data with Qlik’s platform, businesses gain the tools to simplify data management, enhance operational efficiency, and scale their AI-driven strategies. Discover how Qlik and Upsolver together can transform your approach to data at Qlik.com.

About Qlik

Qlik converts complex data landscapes into actionable insights, driving strategic business outcomes. Serving over 40,000 global customers, our portfolio provides advanced, enterprise-grade AI/ML, data integration, and analytics. The company is AI/ML tools, both practical and scalable, lead to better decisions, faster. Qlik excel in data integration and governance, offering comprehensive solutions that work with diverse data sources. Intuitive analytics from Qlik uncover hidden patterns, empowering teams to address complex challenges and seize new opportunities. As strategic partners, our platform-agnostic technology and expertise make our customers more competitive.