The shares had risen 20 percent through Wednesday’s close since Elliott Management Corp. urged a sale in early March.
Qlik, which went public in 2010, focuses on creating applications that help businesses analyze and visualize data to help them cut costs.
The company’s flagship product, QlikView, allows customers to organize vast amounts of data in the form of reports, charts and infographics.
Brean Capital LLC analyst Yun Kim said the price indicated there was “very little interest” for self-service business intelligence (BI) assets.
Elliott, which disclosed an 8.8 percent stake in Qlik in March, had said the company was ripe for being taken over by a larger technology peer.
The hedge fund said later that month it increased its stake to about 10.8 percent. Elliott paid $23.50 per share on average, according to 13D Monitor, a research service that tracks 13D filings.
Qlik joins a growing list of companies such as Compuware Corp, Riverbed Technology Inc, Blue Coat Systems and Informatica that have been bought by private equity firms after Elliott started urging them to sell. Some of these companies were sold to Thoma Bravo.
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