Alteryx Secures $60 Million in Funding to Meet Growing Global Demand for Data Blending and Advanced Analytics
Insight Venture Partners Leads Investment to Fuel Rapid Global Expansion for Alteryx and Continued Innovation for its Intuitive Analytics Platform
Irvine, Calif., October 06, 2014 – Alteryx, Inc., the leader in data blending and advanced analytics, today announced a $60 Million investment led by Insight Venture Partners with participation from existing investors, SAP Ventures and Toba Capital. This new investment is in response to the explosive growth Alteryx has experienced in the last year, with over 200 percent growth in its customer base. Alteryx will use the investment, in part, to expand the company’s go-to-market capacity to meet this burgeoning global demand, broaden its rapidly expanding partner channel, and continue delivering product innovations to line-of-business data analysts in marketing, sales, customer service and finance roles.
"Empowering analysts to use all the data available to them, while also making it easy for data analysts to produce advanced analytics is enabling Alteryx to expand its total addressable market through increased user adoption and greater demand for its product," said Jeff Horing, managing partner at Insight Venture Partners. "Alteryx is the category leader in its market and among the top decile SaaS companies that I’ve seen in terms of growth and core business metrics."
Horing, who co-founded Insight Venture Partners and has a wealth of experience creating software category leaders as they have scaled through significant growth, will represent Insight Venture Partners on the Alteryx board of directors.
"We are thrilled to have a firm like Insight Venture Partners join our team," said Dean Stoecker, CEO of Alteryx. "Every day tens of thousands of analysts use Alteryx to drive better analytical decisions in their organization. This latest funding round validates the amazing things they do and will allow us to deliver continuously enhanced personal data blending and analytics experiences to even more analysts."
Using an efficient land and expand model, Alteryx has rapidly built a customer base of over 600 organizations across a broad range of industries and in over 20 countries. Alteryx customers vary in size from large enterprise accounts to mid-market organizations; innovative customers, including Verizon, Boston Consulting Group, Ingersoll Rand, and Sudhoff Properties, were highlighted in June at Inspire 2014, the company’s largest user conference to date. The company recently established significant new partnerships with related software and services firms including Qlik Technologies, DataSift, and Slalom Consulting to complement existing partnerships with Tableau and Cloudera. The company opened its first overseas office in London in April of this year and has broadened its international channel partner program with partners in 40 countries.
Alteryx was recently named by JMP Securities1 to the ‘The HOT 100,’ the best privately held software companies report, and was positioned as a Visionary by Gartner Inc.2 in both the 2014 Magic Quadrant for Business Intelligence and Analytics Platforms and the 2014 Magic Quadrant for Advanced Analytics Platforms. Alteryx Analytics 9.1, which increased the product’s data blending support for Hadoop, Excel, and Google Big Query, was released in September of 2014.
"Alteryx uniquely addresses a key problem for every organization - how line-of-business analysts can blend all of the data they need, whether it is Big Data or any other source," said Jai Das, Managing Director with SAP Ventures and Alteryx board member. "They are disrupting the analytics market in a unique way that is delivering real growth for them and exceptional value for their customers."
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies driving transformative change in their industries. Founded in 1995, Insight has raised more than $8 billion and invested in more than 200 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of our investments, visit www.insightpartners.com or follow us on Twitter: @insightpartners.
About SAP Ventures
SAP Ventures, with more than US$1.4 billion under management, is an investment firm that seeks to partner with outstanding entrepreneurs and leading venture firms worldwide to build industry-leading businesses. SAP Ventures is an independent investment organization affiliated with SAP AG, the leading global enterprise software company. SAP Ventures leverages its relationship with SAP and its ecosystem for the benefit of its portfolio companies and underlying fund managers. SAP Ventures was founded in 1997 and has invested in more than 125 companies across five continents. For more information, visit www.sapventures.com. Follow SAP Ventures on Twitter at @SAP_Ventures.
About Toba Capital
Toba Capital is a venture firm focused on enterprise software and infrastructure. Toba backs entrepreneurs building transformative businesses, both as an investor and as an ongoing operational partner. The firm was founded by Vinny Smith, the founder of Patrol Software and former CEO of Quest Software.
About Alteryx, Inc.
Alteryx is the leader in data blending and advanced analytics software. Alteryx Analytics provides analysts with an intuitive workflow for data blending and advanced analytics that leads to deeper insights in hours, not the weeks typical of traditional approaches. Analysts love the Alteryx analytics platform because they can deliver deeper insights by seamlessly blending internal, third party, and cloud data, and then analyze it using spatial and predictive drag-and-drop tools. This is all done in a single workflow, with no programming required. More than 600 customers and thousands of data analysts worldwide rely on Alteryx daily. Visit www.alteryx.com or call 1-888-836-4274. Alteryx is a registered trademark of Alteryx, Inc.
1 JMP Securities published ‘The HOT 100,’ the best privately held software companies report; July 2014.
2 Gartner, Inc., Magic Quadrant for Business Intelligence and Analytics Platforms, [Rita Sallam, Joao Tapdinhas, Josh Parenteau, Daniel Yuen, Bill Hostmann], February 20, 2014 and the Gartner, Inc., Magic Quadrant for Advanced Analytics Platforms, [Gareth Herschel, Lisa Kart, and Alexander Linden], February 19, 2014. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Amber Winans – Bhava Communications