Alteryx Acquires Lore IO to Dramatically Enhance Enterprise Analytics for Cloud Data

Rhea-AI Summary

Alteryx (NYSE: AYX) announced its acquisition of Lore IO, a no-code AI-driven data modeling platform, aimed at enhancing analytics capabilities. This strategic move allows Alteryx to leverage Lore IO's expertise and technology to integrate cloud-native analytics into its offerings, such as Alteryx Designer Cloud and Machine Learning. The acquisition is expected to improve self-service insights for clients analyzing large datasets. Key executives highlighted that this integration aligns with Alteryx's innovation goals and will further simplify data management for enterprise users.

Positive

• Acquisition of Lore IO enhances Alteryx's analytics capabilities and cloud offerings.
• Integration will provide talent and technology to support self-service analytics.
• Expected to improve customer access to diverse datasets for better decision-making.

Negative

• None.

IRVINE, Calif., Oct. 22, 2021 /PRNewswire/ -- Alteryx, Inc. (NYSE: AYX), the Analytics Automation company, today announced that it has acquired Silicon Valley-based Lore IO, a no-code AI-enabled data modeling platform that rapidly deploys analytics that adapt easily within a changing business environment. The acquisition of Lore IO provides Alteryx with the talent and technical know-how to leverage cloud-native, elastic compute within Alteryx Designer Cloud and Alteryx Machine Learning, allowing customers to analyze large datasets for actionable self-service insights.

"Lore IO brings a talented and tenured team that has decades of combined experience building mission-critical, cloud and analytics applications to increase big data fluency that enables customers to rapidly deploy analytics," said Mark Anderson, chief executive officer at Alteryx. "Integrating Lore IO's technology and talent aligns with our ambitious innovation agenda to allow enterprises to unlock the value of their data, uncovering business insights no matter how complex their datasets are or where the data resides."

"Alteryx makes analytics and data science easy, which is why customers love it so much. As more enterprises move their data to the cloud, Lore IO's mission to leverage cloud-specific capabilities to make data management accessible and easy for business users is a natural fit with the Alteryx platform," said Digvijay Lamba, founder and chief executive officer of Lore IO. "By bringing our teams together, we'll enable our customers to make business-critical decisions with faster access to bigger and more diverse datasets. The Lore IO team and I are excited by the possibilities of what we can do together with Alteryx."

Lore IO was founded by veterans of Walmart Labs, who have decades of combined experience building scalable data infrastructure. The management team has deep expertise in product and engineering for large scale infrastructure, big data, machine learning and analytic and cloud applications.

"Now more than ever before, our customers across all industries need to analyze large datasets in both on-premises and in cloud repositories, as well as cloud data warehouses," said Suresh Vittal, chief product officer of Alteryx. "The acquisition of Lore IO provides our team the IP and assets to enhance Designer Cloud and Alteryx Machine Learning offerings through cloud-based data modeling and smart query pushdown into cloud data sources."

To learn more about Lore IO, visit www.getlore.io

About Alteryx

Alteryx, the Analytics Automation company, is focused on enabling every person to transform data into a breakthrough. Alteryx unifies analytics, data science and business process automation in one, end-to-end platform to accelerate digital transformation and shape the future of analytic process automation (APA). Organizations of all sizes, all over the world, rely on Alteryx to deliver high-impact business outcomes and the rapid upskilling of their modern workforce. For more information visit www.alteryx.com.

Alteryx is a registered trademark of Alteryx, Inc. All other product and brand names may be trademarks or registered trademarks of their respective owners.

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding the acquisition of Lore IO and its impact on the Alteryx software platform and its customers and users, the anticipated benefits and features of a joint solution, and other future events. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including, but not limited to: our ability to integrate Lore IO's employees and operations into our business; the benefits of the acquisition and impact on the software platform, customers and users of Alteryx; risks associated with our international operations; our ability to develop and release product and service enhancements and new products and services to respond to rapid technological change in a timely and cost-effective manner; our ability to attract new customers and retain and expand sales to existing customers; intense and increasing competition in our market; the rate of growth in the market for analytics products and services; and other general market, political, economic, and business conditions.

Additional risks and uncertainties that could affect our business are included in the Risk Factors sections of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. All forward-looking statements contained herein are based on information available to us as of the date hereof and we do not assume any obligation to update these statements as a result of new information or future events.

1.       Industry ARC, Cloud Data Warehousing Market Overview, 2021

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SOURCE Alteryx, Inc.

FAQ

What is the impact of Alteryx's acquisition of Lore IO on AYX stock?

The acquisition is seen as a positive development for AYX stock as it enhances Alteryx's cloud analytics capabilities.

When did Alteryx acquire Lore IO?

Alteryx announced the acquisition of Lore IO on October 22, 2021.

What are the benefits of the Lore IO acquisition for Alteryx?

The acquisition will allow Alteryx to leverage advanced analytics technology and improve self-service insights for customers.

How does Lore IO's technology fit with Alteryx's existing products?

Lore IO's technology complements Alteryx Designer Cloud and Machine Learning by enhancing cloud-native analytics.