Alteryxa software company based in Irvine, California that develops data science and analytics products, today Announce It has been agreed to be acquired by private equity firms Clearlake Capital Group and Insight Partners in a deal valued at $4.4 billion.
Clearlake and Insight reportedly beat Symphony Technology Group, another private equity firm affiliated with Reuters mentioned A few days ago he was competing on Alteryx.
The Clearlake-Insight deal, which includes debt, values Alteryx stock at about $3.46 billion. Reports Reuters – A 29.1% premium to the company’s closing share price on Friday. It is expected to close in the first half of 2024 subject to customary closing conditions and approvals.
The direct impact on Alteryx’s 2,900 employees is not clear.
“In addition to delivering significant, proven cash value to our shareholders, this transaction will provide increased working capital, industry expertise — and flexibility as a private company,” Alteryx CEO Mark Anderson said in a statement. “Over the past several years, we have implemented a comprehensive transformation strategy to enhance our go-to-market capabilities and create a robust cloud and AI innovation roadmap. We are excited to partner with Clearlake and Insight on the next phase of Alteryx’s journey.
SRC, Alteryx’s predecessor, was founded in 1997 by Dean Stoecker, Olivia Duane Adams, and Ned Harding and initially focused on creating data engines for demographic-based mapping and reporting. In 2006, SRC released a software application Alteryx as a platform for building analytical processes and services. By 2011, SRC changed its name to Alteryx, which had by then become its core product.
After raising tens of millions of dollars from venture capital firms including Toba Capital, Insight, Sapphire Ventures, ICONIQ Capital, and Meritech Capital Partners, Alteryx went public on the New York Stock Exchange in 2017.
Recently, Alteryx moved to a subscription-focused business model — and significantly expanded its AI-powered feature offerings — as part of a strategy to capitalize on growing demand for data analytics services. According to According to analytics firm Research and Markets, the big data analytics market could be worth $105.08 billion by 2027, up from $37.34 billion in 2018.
Alteryx now counts more than 8,300 corporate clients, including Coca-Cola, Vodafone, Walmart and Ford. And in its coverage of the deal today on SiliconAngle Notes That Alterix I was born Its sales were $232 million in its most recent fiscal quarter, up 8% from the same time last year, and its annual recurring revenue grew nearly triple in speed in the same time frame, jumping nearly 21% to $914 million.
“When we founded Alteryx in 1997, we did so with a vision for the future of data science and analytics. Today, Alteryx stands out as an industry leader with a differentiated platform that scales data democracy in a controlled way,” Stoecker said. “Our agreement with Clearlake and Insight underscores the power of Our business and the value of Alteryx’s capabilities and innovations.”