Alteryx, an Irvine, California-based software program firm creating knowledge science and analytics merchandise, at the moment introduced that it’s agreed to be acquired by non-public fairness companies Clearlake Capital Group and Perception Companions in a deal price $4.4 billion.

Clearlake and Perception reportedly beat out Symphony Expertise 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, stories 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 quick influence on Alteryx’s ~2,900 staff isn’t clear.

“Along with delivering vital and sure money worth to our stockholders, this transaction will present elevated working capital and trade experience — and the pliability as a non-public firm,” Alteryx CEO Mark Anderson mentioned in a press release. “Over the previous a number of years, we’ve executed a complete transformation technique to boost our go-to-market capabilities and set up a powerful cloud and AI innovation roadmap. We’re excited to accomplice with Clearlake and Perception for the following 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 knowledge 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 title to Alteryx, which by then had grow to be its core product. 

After elevating tens of tens of millions of {dollars} from VC companies together with Toba Capital, Perception, Sapphire Ventures, ICONIQ Capital and Meritech Capital Companions, Alteryx went public on the NYSE in 2017.

Extra 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 knowledge analytics providers. In accordance to the analyst agency Analysis and Markets, the massive knowledge analytics market may very well 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 at the 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.

“After we based Alteryx in 1997, we did so with a imaginative and prescient for the way forward for knowledge science and analytics. As we speak, Alteryx stands out as an trade chief with a differentiated platform that scales knowledge democratization in a ruled method,” Stoecker mentioned. “Our settlement with Clearlake and Perception validates the power of our enterprise and the worth of Alteryx’s capabilities and innovation.”