QlikTech to explore market in India

MUMBAI, INDIA: Qlik Technologies Inc., the global provider of business intelligence solutions, which completed its IPO at the Nasdaq Global Market, is now looking at strengthening its market presence and investments in emerging economies such as India, Brazil and Mexico.

“We are looking aggressively for expansions in markets such as Brazil and Mexico along with India,” Les Bonney, QlikTech’s executive vice president - Global Field Operations told CyberMedia News in Mumbai.

Following the initial public offering (IPO) of 11,200,000 shares of the company’s common stock at US$ 10 per share during July month, QlikTech had raised US$120 million funds. The technology IPO was 17 times oversubscribed on the opening day and now the stock has been valued around US$19.

Now with the finances getting sound, the company has strategic plans to explore the investments opportunities and tap the business intelligence (BI) market in India.

“India is an untapped market with huge potentials. We will be investing in India, and will double our staffs over the next 18 months,” said Bonney. He said the company is looking at possibilities for research and development (R&D) in India.

“In fact we are reviewing the R&D capabilities in India. At present all our software research and development is done in Sweden,” he said.

However, he did not disclose the present headcount of the company in India.

According to Bonney, the company will open its third sales office in New Delhi by the end of this year and would be recruiting staffs for sales and customer support. The NASDAQ listed company has started India operations in 2008 and already has offices in Bangalore and Mumbai.

However, company claimed that the IPO move was not aimed to raise money. “Floating the company public was not to raise money as we are already a profitable company,” Bonney commented.

Within the last two years, the Sweden-based company has acquired 250 customers in India, including six top insurance firms such as Reliance Life Insurance, along with BSE, Fullerton India, Honeywell, L&T Finance, HDFC, Citi, Vodafone and Indian Oil.

“BI market in India is not fully penetrated at large and the market provides a great opportunity for QlikTech to tap the potential here,” Brierley added.

The company posted revenues of US$ 157.4 million in 2009 with a growth rate of 33.1 per cent. Since its inception in 2005, the company is growing at a CAGR of 59 per cent.

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