Exhibit 99.1

QlikTech Announces First Quarter 2011 Financial Results
•    Total revenue of $63.0 million increases 44% compared to first quarter of 2010
•    License revenue of $37.9 million increases 45% compared to first quarter of 2010
•    Americas revenue of $20.6 million increases 62% compared to first quarter 2010

RADNOR, Pennsylvania — April 28, 2011 — Qlik Technologies Inc. (“QlikTech”) (Nasdaq: QLIK), a leader in Business Discovery—user-driven Business Intelligence (BI), today announced financial results for the three month period ended March 31, 2011.

Lars Björk, Chief Executive Officer of QlikTech, stated, “This was an excellent quarter for QlikTech. Revenue grew 44% year-over-year, with particular strength in the United States, our largest individual sales territory. We continued with our strategy of increasing investments to capture growth, adding 103 net employees during the quarter, the majority of which are in customer facing positions, and ending the quarter with a headcount of 883 people, a 43% increase year-over-year. We believe these ongoing investments, combined with the value of our user-driven BI solution, are paying off.”

Björk added, “Based on our strong start to the year and the opportunity we see in front of us, we are increasing our revenue guidance for 2011. We will continue to invest in all aspects of our business from quota carriers to marketing professionals as well as additional inside sales capabilities in Europe to complement our North American initiative, while still managing the business to meet our operating profitability goals for the full year.”

Financial Highlights for the First Quarter Ended March 31, 2011

Total revenue for the first quarter of 2011 was $63.0 million, an increase of 44% from $43.8 million in the first quarter of 2010. License revenue was $37.9 million, an increase of 45% from $26.2 million in the first quarter of 2010. Maintenance revenue was $19.4 million, an increase of 48% from $13.1 million in the first quarter of 2010. Professional services revenue was $5.7 million, an increase of 29% from $4.5 million in the first quarter of 2010.

GAAP operating loss for the first quarter of 2011 was ($5.0) million, compared to GAAP operating income of $2.0 million for the first quarter of 2010. GAAP net loss was ($4.6) million, or ($0.06) per basic and diluted common share, compared to a GAAP net loss of ($0.1) million or ($0.01) per basic and diluted common share, in the first quarter of 2010.

Non-GAAP operating loss, which excludes stock-based compensation and employer payroll taxes related to stock transactions, was ($2.5) million for the first quarter of 2011, compared to non-GAAP operating income of $2.5 million for the first quarter of 2010. Non-GAAP net loss was ($2.7) million for the first quarter of 2011, compared to a non-GAAP net income of $0.2 million for the first quarter of 2010. Non-GAAP net loss per basic and diluted common share for the first quarter of 2011 was ($0.03), compared to non-GAAP net income per basic and diluted common share of $0.00 for the first quarter of 2010.

GAAP and non-GAAP net loss for the first quarter of 2011 includes $1.5 million of foreign exchange losses, compared to foreign exchange losses of $1.4 million in the prior year period, due primarily to the strengthening of the Swedish Kronor.

The tables at the end of this press release include a reconciliation of GAAP to non-GAAP income (loss) from operations and net income (loss) for the three months ended March 31, 2011 and 2010. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Cash and cash equivalents were $176.8 million as of March 31, 2011, compared to $158.7 million as of December 31, 2010. For the quarter ended March 31, 2011, net cash provided by operating activities was $14.1 million, compared to $15.4 million for the quarter ended March 31, 2010.

Other First Quarter and Recent Business Highlights:

	•		Ended the first quarter of 2011 with an active customer count of approximately 19,000, up from approximately 14,000 active customers at the end of the first quarter of 2010.
	•		Added new customers during the first quarter including ABB AB, Bausch & Lomb, Brau Holding International, British Land, Electrolux IT Solutions AB, Loehmann’s, Mizuho Securities, NHS Direct, PPG Industries, and Volkswagen Group of America.
	•		Expanded numerous customer engagements globally through our land and expand strategy including Autodesk, The Dannon Company, Inc., Marsh, Inc., McKesson Health Solutions, Saab AB, Sanofi-Pasteur, Scania Deutschland Osterreich, and Vodafone.
	•		Revenue in the Americas was $20.6 million, up 62% over the prior year period and representing 33% of total revenue, driven by strength in the United States, our largest individual sales territory. European countries generated $37.3 million in revenue, up 37% over the prior year period and representing 59% of total revenue. Rest of World revenue was $5.1 million, up 36% over the prior year period and representing 8% of total revenue.
	•		Announced the upcoming availability of QlikView on iPad, which will deliver an engaging iPad BI experience that provides business users with anywhere, anytime access to live data and analytics.
	•		Announced new enhancements to the partner program, Qonnect, aimed at increasing the benefits of partnering with and utilizing the impactful, user-focused simplicity of QlikView. Enhancements include: self-service training, extensive product training courses, marketing benefits and a bonus margin program.
	•		Signed a strategic alliance with Deloitte Consulting BV, a subsidiary of Deloitte Netherlands. The agreement consists of a framework, which provides all Deloitte member firms around the world with the opportunity to form local collaborations with QlikTech.

Business Outlook

Based on information available as of April 28, 2011, QlikTech is issuing guidance for the second quarter and updating full year 2011 guidance as follows:

Second Quarter 2011: The company expects total revenue for the second quarter to be in the range of $67.0 million to $70.0 million, non-GAAP operating income to be in the range of $0.0 million to $3.0 million and non-GAAP net income per diluted common share to be in the range of $0.00 to $0.02. QlikTech’s expectations of non-GAAP net income per diluted common share for the second quarter exclude stock-based compensation expense, employer payroll taxes related to stock transactions and assume a tax rate of 32% and weighted average shares outstanding of approximately 89 million.

Full Year 2011: The company expects 2011 total revenue to be in the range of $295.0 million to $305.0 million. Consistent with our previous guidance, non-GAAP operating income to remain in the range of $42.0 million to $46.0 million and non-GAAP net income per diluted common share to remain in the range of $0.32 to $0.35. QlikTech’s expectations of non-GAAP net income per diluted common share for the full year exclude stock-based compensation expense, employer payroll taxes related to stock transactions and assume a tax rate of 32% and weighted average shares outstanding of approximately 88 million.

The foregoing guidance supersedes the QlikTech’s financial guidance for the full year 2011 discussed in the press release issued by the Company on March 1, 2011, which was furnished to the Securities and Exchange Commission under Item 2.02 of the Company’s Current Report on Form 8-K on March 1, 2011.

Conference Call and Webcast Information

QlikTech will host a conference call on April 28, 2011, at 5:00 p.m. Eastern Time (ET) to discuss the company’s first quarter financial results and its business outlook. To access this call, dial 877-312-5507 (domestic) or 253-237-1134 (international). A replay of this conference call will be available until May 5, 2011 at 800-642-1687 (domestic) or 706-645-9291 (international). The replay pass code is 58503687. A live web cast of this conference call will also be available under the “Events & Presentations” section on the company’s investor relations website at http://investor.qlikview.com, and a replay will be archived on the website as well.

Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with generally accepted accounting principles, or GAAP, QlikTech uses measures of non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP income (loss) per share. A reconciliation of these non-GAAP financial measures to the closest GAAP financial measure, is presented in the financial tables below under the heading “Reconciliation of Non-GAAP Measures to GAAP.” QlikTech believes that the non-GAAP financial information provided in this release can assist investors in understanding and assessing QlikTech’s on-going core operations and prospects for the future and provides an additional tool for investors to use in comparing QlikTech’s financial results with other companies in QlikTech’s industry, many of which present similar non-GAAP financial measures to investors.

For the three months ended March 31, 2011 and 2010, non-GAAP operating income (loss) is determined by taking income or loss from operations and adding back non-cash stock-based compensation expense and employer payroll taxes related to stock transactions. Non-GAAP net income (loss) is determined by taking pretax income or loss and adding back non-cash stock-based compensation expense and employer payroll taxes on stock transactions, and the result is tax affected at an estimated 32% tax rate. QlikTech believes this adjustment provides useful information to both management and investors due to the following factors:

•

Stock-based compensation. Although stock-based compensation is an important aspect of the compensation of QlikTech’s employees and executives, determining the fair value of the stock-based instruments involves a high degree of judgment and estimation and the expense recorded may bear little resemblance to the actual value realized upon the future exercise or termination of the related stock-based awards. Furthermore, unlike cash compensation, the value of stock-based compensation is determined using a complex formula that incorporates factors, such as market volatility, that are beyond QlikTech’s control. Management believes it is useful to exclude stock-based compensation in order to better understand the long-term performance of QlikTech’s core business and to facilitate comparison of its results to those of peer companies.

•

Employer payroll taxes on stock transactions. The amount of employer payroll taxes on stock transactions is dependent on QlikTech’s stock price and other factors that are beyond QlikTech’s control and do not correlate to the operation of its business.

Non-GAAP income (loss) per share is determined by taking non-GAAP net income (loss) and, for the three months ended March 31, 2010, adjusting the weighted average outstanding common share calculations for the automatic conversion of the convertible preferred stock and issuance of common stock in connection with the company’s initial public offering as if the offering had occurred at the beginning of the period.

This press release includes forward-looking non-GAAP financial measures under the heading “Business Outlook”. These non-GAAP financial measures were determined by excluding stock-based compensation expense and employer payroll taxes related to stock transactions and assuming an estimated long-term tax rate of 32%. We are unable to reconcile this non-GAAP guidance to GAAP because it is difficult to predict the future impact of these adjustments.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant elements that are required by GAAP to be recorded in QlikTech’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management in determining these non-GAAP financial measures. In order to compensate for these limitations, management of QlikTech presents its non-GAAP financial measures in connection with its GAAP results. Investors are encouraged to review the reconciliation of our non-GAAP financial measures to their most directly comparable GAAP financial measure. As previously mentioned, a reconciliation of our historic non-GAAP financial measures to their most directly comparable GAAP measures has been provided below.

About QlikTech

QlikTech (NASDAQ: QLIK) is a leader in Business Discovery — user-driven Business Intelligence (BI). QlikTech’s powerful, accessible Business Discovery solution bridges the gap between traditional business intelligence solutions and standalone office productivity applications. Its QlikView Business Discovery platform enables intuitive user-driven analysis that can be implemented in days or weeks rather than months, years, or not at all. The in-memory associative search technology it pioneered allows users to explore information freely rather than being confined to a predefined path of questions. QlikView Business Discovery works with existing BI applications and adds new capabilities: insight for everyone, zero-wait analysis, mobility, an app—like model, remixability and reassembly, and a social and collaborative experience. Headquartered in Radnor, Pennsylvania, QlikTech has offices around the world serving more than 19,000 customers in over 100 countries.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to, statements regarding the value and effectiveness of QlikTech’s products, the introduction of product enhancements or additional products and QlikTech’s growth, expansion and market leadership, that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause QlikTech’s results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “predicts,” “plan,” “expects,” “anticipates,” “believes,” “goal,” “target,” “estimate,” “potential,” “may”, “will,” “might,” “could,” and similar words. QlikTech intends all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in such statements due to various factors, including but not limited to: risks and uncertainties inherent in our business; our ability to attract new customers and retain existing customers; our ability to effectively sell, service and support our products; our ability to manage our international operations; our ability to compete effectively; our ability to develop and introduce new products and add-ons or enhancements to existing products; our ability to continue to promote and maintain our brand in a cost-effective manner; our ability to manage growth; our ability to attract and retain key personnel; the scope and validity of intellectual property rights applicable to our products; adverse economic conditions in general and adverse economic conditions specifically affecting the markets in which we operate; and other risks more fully described in QlikTech’s publicly available filings with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent QlikTech’s views as of the date of this press release. QlikTech anticipates that subsequent events and developments will cause its views to change. QlikTech undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing QlikTech’s views as of any date subsequent to the date of this press release.

QlikTech and QlikView are trademarks or registered trademarks of QlikTech or its subsidiaries in the U.S. and other countries. Other company names, product names and company logos mentioned herein are the trademarks, or registered trademarks of their respective owners.

Qlik Technologies Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except for share and per share data)

		Three Months Ended March 31,
		2011				2010
Revenue:
License revenue		$	37,885			$	26,222
Maintenance revenue			19,377				13,069
Professional services revenue			5,757				4,474
Total revenue			63,019				43,765
Cost of revenue:
License revenue			915				679
Maintenance revenue			1,541				695
Professional services revenue			5,199				2,912
Total cost of revenue			7,655				4,286
Gross profit			55,364				39,479
Operating expenses:
Sales and marketing			37,672				25,413
Research and development			5,312				2,664
General and administrative			17,389				9,393
Total operating expenses			60,373				37,470
Income (loss) from operations			(5,009	)			2,009
Other income (expense):
Interest income (expense), net			33				(258	)
Change in fair value of warrants			—				(554	)
Foreign exchange loss and other expense, net			(1,474	)			(1,362	)
Total other expense, net			(1,441	)			(2,174	)
Loss before benefit for income taxes			(6,450	)			(165	)
Benefit for income taxes			1,877				46
Net loss		$	(4,573	)		$	(119	)
Net loss per common share
Basic and diluted		$	(0.06	)		$	(0.01	)
Weighted average number of common shares outstanding
Basic and diluted			79,234,069				16,846,798

Stock-based compensation expense for the three months ended March 31, 2011 and 2010 is included in the Consolidated Statements of Operations as follows (in thousands):

		Three Months Ended March 31,
		2011				2010
		(unaudited)
Cost of revenue		$	96			$	26
Sales and marketing			849				260
Research and development			42				21
General and administrative			513				193
		$	1,500			$	500

Qlik Technologies Inc.
Reconciliation of non-GAAP Measures to GAAP
(in thousands, except share and per share data)

		Three months ended March 31,
		2011				2010
		(unaudited)
Reconciliation of non-GAAP income (loss) from operations:
GAAP income (loss) from operations		$	(5,009	)		$	2,009
Stock-based compensation expense			1,500				500
Employer payroll taxes on stock transactions			990				—
Non-GAAP income (loss) from operations		$	(2,519	)		$	2,509
Non-GAAP income (loss) from operations as a percentage of total revenue			-4.0	%			5.7	%
GAAP income (loss) from operations as a percentage of total revenue			-7.9	%			4.6	%
Reconciliation of non-GAAP net income (loss):
GAAP net loss		$	(4,573	)		$	(119	)
Stock-based compensation expense			1,500				500
Employer payroll taxes on stock transactions			990				—
Income tax adjustment*			(610	)			(153	)
Non-GAAP net income (loss)		$	(2,693	)		$	228
Non-GAAP net income (loss) per common share — basic		$	(0.03	)		$	0.00
Non-GAAP net income (loss) per common share — diluted		$	(0.03	)		$	0.00
GAAP net loss per common share — basic and diluted		$	(0.06	)		$	(0.01	)
Non-GAAP weighted average number of common shares outstanding — basic**			79,234,069				76,448,222
Non-GAAP weighted average number of common shares outstanding — diluted***			79,234,069				83,714,602
GAAP weighted average number of common shares outstanding — basic and diluted			79,234,069				16,846,798

Qlik Technologies Inc.
Unaudited Consolidated Balance Sheets
(in thousands)

		March 31,				December 31,
		2011				2010
Assets
Current assets:
Cash and cash equivalents		$	176,790			$	158,712
Accounts receivable, net			63,196				85,364
Prepaid expenses and other current assets			9,364				7,107
Deferred income taxes			527				527
Total current assets			249,877				251,710
Property and equipment, net			5,118				4,399
Intangible assets, net			350				388
Goodwill			2,787				2,746
Deferred income taxes			4,248				4,248
Deposits and other noncurrent assets			1,566				1,573
Total assets		$	263,946			$	265,064
Liabilities and stockholders’ equity
Current liabilities:
Income taxes payable		$	2,790			$	8,431
Accounts payable			5,550				5,627
Deferred revenue			55,007				50,024
Accrued payroll and other related costs			24,127				25,262
Accrued expenses			12,521				12,960
Deferred income taxes			337				337
Total current liabilities			100,332				102,641
Long-term liabilities:
Deferred income taxes			48				48
Other long-term liabilities			3,229				3,185
Total liabilities			103,609				105,874
Commitments and contingencies
Stockholders’ equity:
Common stock			8				8
Additional paid-in-capital			161,843				157,928
(Accumulated deficit) retained earnings			(4,440	)			133
Accumulated other comprehensive income			2,926				1,121
Total stockholders’ equity			160,337				159,190
Total liabilities and stockholders’ equity		$	263,946			$	265,064

Qlik Technologies Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)

		Three Months Ended March 31,
		2011				2010
Cash flows from operating activities
Net loss		$	(4,573	)		$	(119	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			550				322
Stock-based compensation expense			1,500				500
Excess tax benefit from stock-based compensation			—				(230	)
Other non-cash items			98				118
Change in fair value of warrants			—				554
Unrealized foreign currency (gain) loss, net			(1,403	)			1,324
Changes in assets and liabilities:
Accounts receivable			25,974				17,172
Prepaid expenses and other assets			(1,378	)			(1,210	)
Deferred revenues			2,667				1,989
Accounts payable and other liabilities			(9,320	)			(5,006	)
Net cash provided by operating activities			14,115				15,414
Cash flows from investing activities
Acquisitions, net of cash acquired			—				245
Purchase of property and equipment			(1,074	)			(403	)
Net cash used in investing activities			(1,074	)			(158	)
Cash flows from financing activities
Proceeds from exercise of and issuance of common stock options			2,415				338
Payments on line of credit and long-term debt			—				(1,603	)
Excess tax benefit from stock-based compensation			—				230
Payments for deferred offering costs			—				(488	)
Net cash provided by (used in) financing activities			2,415				(1,523	)
Effect of exchange rate on cash			2,622				(1,219	)
Net increase in cash and cash equivalents			18,078				12,514
Cash and cash equivalents, beginning of period			158,712				24,852
Cash and cash equivalents, end of period		$	176,790			$	37,366
Supplemental cash flow information:
Cash paid during the period for interest		$	52			$	252
Cash paid during the period for income taxes		$	4,208			$	626
Non-cash investing activities:
Common stock issued for acquisition of business		$	—			$	622

Investor Contact:
Staci Mortenson
ICR
IR@qliktech.com
+1 (484) 685-0578

Media Contact:
Maria Scurry
Qlik Technologies
Maria.Scurry@qliktech.com
+1 (508) 409-7939

###