Interview with Mike Capone, CEO of Qlik

Qlik is a prime example of a major private equity success story in the software, data, and artificial intelligence sectors. Founded in Sweden over 30 years ago, the company first established itself in visual data analysis before evolving into a comprehensive platform covering data integration, governance, transformation, analysis, and AI-driven insights. Now valued at around $10 billion, Qlik helps companies address a challenge that has become central: making their data reliable, accessible, and actionable at scale. Under the leadership of Mike Capone, Qlik has undergone a profound transformation, shifting from a perpetual licensing model to a SaaS model based on subscriptions and recurring revenue. The partnership with Thoma Bravo was instrumental in this transition. By delisting from public markets, the company was able to transform more smoothly, without facing the quarterly pressure of public markets. Thoma Bravo contributed its industry expertise, M&A know-how, and operational support. This collaboration enabled Qlik to significantly accelerate its growth, notably through 16 acquisitions—including Talend—which strengthened its end-to-end platform. The company now demonstrates solid growth, high profitability, and enhanced innovation capabilities. Private equity support has also helped preserve a culture of efficiency by investing intelligently in R&D, talent, and key technologies. Qlik is now at the heart of the artificial intelligence revolution. For Mike Capone, AI can only function effectively if data is well-structured, governed, and secure. This is precisely Qlik’s role: to provide the necessary foundations to enable companies to leverage AI reliably and effectively. The interview also highlights a positive vision for the democratization of private equity. Mike Capone believes that this asset class can become a relevant diversification tool for more investors, provided it offers greater transparency, education, and governance.