Alteryx announced on Monday that it has agreed to be acquired for $4.4 billion in cash and debt by private equity firms Clearlake Capital Group and Insight Partners.
Alteryx announced on Monday that it has agreed to be acquired by private-equity companies Clearlake Capital Group and Insight Partners for $4.4 billion in cash and debt.
Alteryx’s worth was lowered as a result of fierce competition from larger rivals such as Microsoft and Oracle, as well as disappointments in acquiring new business.
Alteryx stockholders will receive $48.25 in cash for each share of Alteryx Class A or Class B common stock owned, valuing the company’s ownership at about $3.46 billion. The amount represents a 29.1% premium over Alteryx’s last closing share price on Friday.
Alteryx was considering a sale in September, and the company’s stock rose over 68%. Despite those increases, the stock is still down 5% this year, compared to the S&P 500 Information Technology Sector Index, which is up 55%.
It was reported last week that the company was close to a deal with Clearlake and Insight.
Alteryx co-founder and executive chair Dean Stoecker, who owns approximately 49% of the company’s voting power through dual-class shares, has entered into a voting agreement to support the deal.
Alteryx, which debuted in the public markets in 2017, has more than 8,300 customers, including Coca-Cola, Vodafone, Walmart, and Ford Motor. Its technology enables firms to examine and crunch data quickly.
Alteryx has shifted to a subscription-based business model in recent years as part of a drive to capitalize on rising demand for data analytics services.
Alteryx was advised by Qatalyst Partners, while Clearlake and Insight were advised by Houlihan Lokey, Goldman Sachs, J.P. Morgan Securities, and Morgan Stanley.
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