Alterix is an Irvine, California-based software company that develops data science and analytics products. announced Private equity firms Clearlake Capital Group and Insight Partners announced that they have agreed to acquire the company in a deal valued at $4.4 billion.
Clearlake and Insight reportedly beat out another private equity firm, Symphony Technology Group. report I’ve been fighting for Alteryx for a few days now.
Clear Lake and Insight’s deal also includes debt, valuing Alterix’s equity at about $3.46 billion. report Reuters – A 29.1% premium to the company’s closing 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 approximately 2,900 employees is not clear.
“In addition to providing significant and solid cash value to our shareholders, this transaction provides increased working capital and industry expertise; “It gives us the flexibility of being a private company.” “Over the past several years, we have executed a comprehensive transformation strategy to strengthen our go-to-market capabilities and establish a strong cloud and AI innovation roadmap. We are excited to partner with Clearlake and Insight for the next stage of Alteryx’s journey. ”
Alteryx’s predecessor, SRC, was co-founded in 1997 by Dean Stoecker, Olivia Duane Adams, and Ned Harding and initially focused on creating a data engine for demographic-based mapping and reporting. In 2006, SRC released a software app. Alteryx as a platform for building analytical processes and services. By 2011, SRC had changed its name to his Alteryx, and by that time SRC had become the company’s core product.
Alteryx went public on the NYSE in 2017 after raising tens of millions of dollars from VC firms including Toba Capital, Insight, Sapphire Ventures, ICONIQ Capital, and Meritech Capital Partners.
More recently, Alteryx moved to a subscription-centric business model and significantly expanded its AI-powered feature offering as part of its strategy to capture the growing demand for data analytics services. according to The value of the big data analytics market could reach $105.08 billion by 2027, up from $37.34 billion in 2018, according to analyst firm Research and Markets.
Alteryx currently counts more than 8,300 companies as customers, including Coca-Cola, Vodafone, Walmart, and Ford. In its coverage of the deal today, SiliconAngle said: Note That Alterix generated Revenue for the last quarter was $232 million, an increase of 8% from the same period last year. Also, annual recurring revenue grew nearly three times faster over the same period, increasing by about 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 is a differentiated platform that extends the democratization of data in a controlled way. We stand out as an industry leader with “The agreements with Clearlake and Insight demonstrate the strength of our business and the value of Alteryx’s capabilities and innovation.”
Source: techcrunch.com
