U.S. Data Analytics Firm Qlik to Buy Israeli Software Services Provider Attunity

All-cash $560 million deal values software company at 18% premium to its last Nasdaq close

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FILE PHOTO: The headquarters of Morgan Stanley, near Times Square, in New York, 2014.
FILE PHOTO: The headquarters of Morgan Stanley, near Times Square, in New York, 2014.Credit: Richard Drew,AP

In the country’s second $560 million exit in just three days, Israeli software services provider Attunity said Thursday it was being acquired by U.S. data analytics firm Qlik in an all-cash deal.

The U.S. company Palo Alto Networks said Tuesday it was paying $560 million for the Israel cybersecurity startup Demisto. The same day, Google Cloud announced it was buying Israel’s Alooma for an undisclosed sum that sources estimated was $150 million.

Shareholders of Attunity will receive $23.50 in cash per share, representing a premium of 18% to Attunity’s closing price the day before. The U.S.-Israeli company’s Nasdaq-traded shares closed the gap, climbing 17.9% to $23.49 at late morning local time in New York.

Attunity provides data integration and big data management software that helps businesses, increasingly reliant on predictive analytics and artificial intelligence.

“Attunity’s strength in real-time data delivery across complex cloud environments will uniquely position Qlik to help customers lead with data and align their enterprise analytics strategy,” said Qlik CEO Mike Capone. “Attunity has demonstrated strong growth in a large market and together we’re better positioned to serve our enterprise customers along with our partner ecosystem to solve the most challenging data problems.”

The biggest gainer from the deal, which is expected to close in the second quarter, is Attunity’s Israeli CEO Shimon Alon, who owns 6.44% of the company, worth $33 million. The other major shareholders are all U.S. institutional investors, although Israel’s Yellin Lapidot holds an 0.84% stake worth $4.2 million.

Financing for the deal is being provided by Morgan Stanley and Goldman Sachs, the companies said. Qlik, which went public in 2010, was bought by private equity firm Thoma Bravo for about $3 billion in 2016.

Founded in 1988, Attunity is headquartered in Burlington, Massachusetts but has a research and development center in Tel Aviv. Its shares rose 185% in the 12 months through Wednesday, for a market cap of $413 million. In the fourth quarter it posted $2.7 million net profit on revenue of $26 million, turning around from a year-earlier loss of $1.6 million on sales of $18 million.