Alteryx set for £3.4bn acquisition by Clearlake and Insight
Wed 20 Dec 2023
Clearlake Capital Group and Insight Partners are set to acquire Alteryx for £3.4 billion ($4.4 billion) including debt, transforming Alteryx into a privately held company.
Under this agreement, Alteryx stockholders are set to receive £38.10 ($48.25) per share in cash, a 59% premium over the company’s unaffected closing stock price on September 5, 2023.
Mark Anderson, CEO of Alteryx, said: “In addition to delivering significant and certain cash value to our stockholders, this transaction will provide increased working capital, industry expertise, and flexibility as a private company.”
Anderson highlighted the prospective investments in areas crucial to their customers and the acceleration of their mission to democratise analytics globally.
“Our agreement with Clearlake and Insight validates the strength of our business and the value of Alteryx’s capabilities and innovation,” said Dean Stoecker, Co-Founder and Executive Chairman of Alteryx, reflecting on the company’s evolution since its inception in 1997.
Stoecker holds approximately 49% of Alteryx’s voting power and has entered into a customary voting agreement to support the transaction.
Behdad Eghbali and Prashant Mehrotra of Clearlake emphasised Alteryx’s potential in the evolving data-driven market: “We see a tremendous growth opportunity for Alteryx’s new AI products and feature-rich cloud solutions.”
They expressed confidence in Alteryx’s ability to continue leading in data preparation and analytics, supported by Clearlake’s sector expertise and operational framework.
Insight Partners, which began its partnership with Alteryx in 2014, shared their perspective on the company’s growth. Managing Directors Deven Parekh and Ryan Hinkle said: “Alteryx’s success stands as a testament to their visionary founder’s exceptional ability in shaping the future of software and technology.”
They expressed enthusiasm for the next phase of Alteryx’s growth, focusing on cloud, artificial intelligence, and machine learning technologies.
The transaction is expected to close in the first half of 2024, subject to customary closing conditions and approvals.