Alteryx, an Irvine, California-based software program firm creating information science and analytics merchandise, right this moment announced that it’s agreed to be acquired by non-public fairness corporations Clearlake Capital Group and Perception Companions in a deal price $4.4 billion.
Clearlake and Perception reportedly beat out Symphony Know-how Group, one other non-public fairness agency, which Reuters reported a number of days in the past had been vying for Alteryx.
The Clearlake-Perception deal, which incorporates debt, values Alteryx’s fairness at round $3.46 billion, reports Reuters — a 29.1% premium over the corporate’s closing share worth on Friday. It’s anticipated to shut within the first half of 2024 topic to customary closing circumstances and approvals.
The speedy impression on Alteryx’s ~2,900 staff isn’t clear.
“In addition to delivering significant and certain cash value to our stockholders, this transaction will provide increased working capital and industry expertise — and the flexibility as a private company,” Alteryx CEO Mark Anderson stated in a press release. “Over the past several years, we’ve executed a comprehensive transformation strategy to enhance our go-to-market capabilities and establish a strong cloud and AI innovation roadmap. We’re excited to partner with Clearlake and Insight for the next stage of Alteryx’s journey.”
SRC, the predecessor to Alteryx, was co-founded in 1997 by Dean Stoecker, Olivia Duane Adams and Ned Harding and initially centered on creating information engines for demographic-based mapping and reporting. In 2006, SRC launched the software program app Alteryx as a platform for constructing analytical processes and providers. By 2011, SRC had modified its identify to Alteryx, which by then had grow to be its core product.
After elevating tens of tens of millions of {dollars} from VC corporations together with Toba Capital, Perception, Sapphire Ventures, ICONIQ Capital and Meritech Capital Companions, Alteryx went public on the NYSE in 2017.
Extra just lately, Alteryx transitioned to a subscription-focused enterprise mannequin — and drastically expanded its AI-powered function choices — as a part of a technique to faucet into rising demand for information analytics providers. According to the analyst agency Analysis and Markets, the large information analytics market might be price $105.08 billion by 2027, up from $37.34 billion in 2018.
Alteryx now counts greater than 8,300 corporations as its prospects, together with Coca-Cola, Vodafone, Walmart and Ford. In its protection of the deal right this moment, SiliconAngle notes that Alteryx generated $232 million in gross sales final fiscal quarter, up 8% from the identical time a 12 months in the past, and that its annualized recurring income grew almost thrice as quick in the identical timeframe, leaping roughly 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 democratization in a governed manner,” Stoecker stated. “Our agreement with Clearlake and Insight validates the strength of our business and the value of Alteryx’s capabilities and innovation.”
