Last week of April 2011 was good for Qliktech. It released the results for a First Quarter 2011 and they are very positive.
Revenue is up (does not look like it is slowing down) 44% YoY, if compared with 1Q2010 with revenue $63M and projection for total 2011 now about $300M (up from preliminary projection of $280M before Q1 happened). Ended the first quarter of 2011 with an active customer count of approximately 19,000 (means about 900000 licensed, paying Data Visualization and BI users now and number of Qlikview users may exceed 1 million in 2011!), up from approximately 14,000 active customers at the end of the first quarter of 2010! Among other news:
- Qliktech hired 103 new employees in Q1 of 2011 and currently employed 883 people (a 43% increase year-over-year).
- Qliktech signed a strategic alliance with Deloitte, starting with Netherlands and planning expansion of alliance to Deloitte worldwide.
- About 2 weeks ago Qliktech unveils one of the first HTML5-based full client application: Qlikview on iPad (free [user will need license to access Qlikview Server anyway] – and delivered it through the Safari mobile Web browser) – Qliktech claims that it is “every bit as rich as a native app.”
I guess most of DV Client applications should have HTML5 reincarnation soon… As a result of all these positive sound bites, Qliktech shares ended this week above $32, more than tripled in 9 months:
and I compared Qliktech’s relative growth in above Annotated Timeline chart with Microstrategy, TIBCO and Apple (yes, Qliktech is growing at least twice faster than … Apple). I cannot include Tableau in comparison, because Tableau Software is still … a private company.
Qliktech’s capitalization as of today, 4/30/11 is $2.5B, $1B more than Microstrategy and only twice less than TIBCO’s capitalization. I know at least 3 software vendors, who are focused only on BI and DV: Tableau (it is still a private company; BTW, Tableau 6.1 will be released soon) – growing faster (114% YoY- see it here) than anybody, Qliktech (share price has tripled in last 9 months) and Microstrategy (it’s share price almost doubled in last 9 months). I consider the dedication to DV and BI as very important for future success in DV market; for example TIBCO’s Spotfire is only one of 50+ TIBCO’s products… and it dangers the future of one of the most advanced and mature DV products – Spotfire (version 3.3 is coming soon) .
One of reasons for Qliktech growth is its 1000+ partners and extensive Partner Programs for OEM Partners, Solution Providers, Business Consultants and System Integrators. Those overdeveloped Partner Programs required mandatory commitments from Partners in terms of Revenue Targets, Membership Fees, Qlikview Certifications and Minimum number of Trained employees. Lately Qliktech unreasonably raised those requirements and it may backfire and slowdown Qliktech growth and will help competitors like Tableau (Tableau actually opposite to Qliktech: their partnership program is underdeveloped – in my opinion – and requires big improvements) and recently Microstrategy (which seems learning from own and competitors mistakes and catching up lately).
Update 3 months later:
in Q2 of 2011 Qliktech reached 21000 customers worldwide (it means almost 1 million licensed users), $74 Millions in revenue (45% over Q2 2o1o); 1000 full time employes (400+ more compare with Q2 2010), $2.4B Market Capitalization and guess what – $2.2 Million of lost!