Abu Dhabi sovereign wealth fund buys stake in US software company

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Deal with Thoma Bravo to invest in Qlik shows growing role of Middle East investors

Abu Dhabi’s sovereign wealth fund is buying a large stake in data analytics software company Qlik at a valuation of about $10bn, as appetite grows among Middle Eastern investors for businesses owned by the world’s biggest buyout groups.

Qlik’s recapitalisation drew interest from many new investors after its business accelerated over the past year. Its sales are on track to reach $1.5bn this year and bookings for its software subscriptions are up 30 per cent from the prior year, sources said. In 2022, Thoma Bravo merged Qlik, which is used by companies ranging from Domino’s Pizza to Airbus to analyse performance data, with Talend, a rival software company it acquired in 2021 for $2.4bn.

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