Jerusalem Venture Partners (JVP) has sold more shares in Sweden's Qlik Technologies Inc. (Nasdaq:QLIK), which has a market cap of $2.4 billion. On Friday, JVP sold shares worth $95 million (NIS 333 million), giving a return of 50 times its its original investment.
In the past six months, JVP has sold $294 million worth of Qlik shares, 75% of its original holding.
Friday's sale was made at a higher price than Qlik's closing price. Following the sale, JVP owns 5% of Qlik, worth $119 million.
Israeli beneficiaries of the sale include JVP and its partners, who are eligible for 20% of the profit after repaying the principal, and the fund's investors, including insurance companies, investment houses, and the pension funds of the Hebrew University of Jerusalem and the Technion Israel Institute of Technology.
The total value of JVP's holding in Qlik (including sales) is $409 million. JVP first invested in the business intelligence company eight years ago. Qlik was founded in 1993, and held its IPO on Nasdaq in July 2010.
Two weeks ago, Qlik published its financial report for the first quarter of 2011. Sales rose 44% compared with the corresponding quarter to $63 million. The company's full-year revenue guidance is $295-304 million.
JVP manages $820 million in seven funds.
Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2011
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