Data visualization company Qlik will go private in a $3 billion deal with private equity investment firm Thoma Bravo.
Qlik's board of directors unanimously approved the sale, the company announced.
The data visualization and analytics market has grown increasingly competitive over the past few years.
Qlik makes guided analytics and business intelligence tools, and also offers an external data feed service.
The Radnor, Pa.-based company went public in July 2010. By February of this year, the company traded as low as $15.77. The Toma Bravo offer is approximately $30.50 a share -- only slightly above Qlik's $30.20/share price at close of market Wednesday.
Qlik’s CEO Lars Bjork said going private will allow the company "additional flexibility" to operate.
"Thoma Bravo has an excellent track record of investing in outstanding technology businesses for the long term, and I am confident our employees, customers and partners will greatly benefit from our partnership with them.” Bjork said in a statement.
The business intelligence and analytics market is highly competitive and includes many players. According to IDC, 13% of midmarket firms say they have some type of cloud BI solution.