Earlier this month, the worldwide provider of end-to-end analytics platform for data analysts and scientists Alteryx Inc. (AYX) announced an alliance with cloud-based data platform provider Snowflake Inc. (SNOW). The collaboration of the technologies would ensure both businesses ‘ faster growth and expansion.
Alteryx offers cloud and on-premise servers with data collection tools. Snowflake, which went public in the fall of 2020, provides the option to integrate all data in a single standardized framework for consumers. This helps consumers to transfer data safely outside of their IT networks.
The collaboration will allow Alteryx’s analytics software to be rapidly integrated with the Snowflake cloud platform. Demand is growing globally for both products, and the combined offering will allow Alteryx tools to exploit the computational capabilities and data sharing capabilities of Snowflake. The client base of the firm includes hundreds of firms, but a major extension of this list would be provided by the new approach. A 30-day free trial of their optimized solution will be offered by the firms to improve sales.
Alteryx’s clients were mainly small enterprises for a long time. Expanding the capacities of its instruments, however, helped it to draw greater consumers, who accounted for more than 35 percent of the customer base in mid-2020. Integration with the platform of Snowflake would also push costs up. Alteryx noted last year that its top 25 buyers spent 33 times more than before they began a relationship.
Shares of Alteryx Inc. (AYX), which increased by more than 7 percent to $123.40 at the trading on January 14 from the previous close of $115.21, backed the news about the joining of forces with Snowflake. The AYX stock was worth $125.83 on Friday while Snowflake Inc. (SNOW) was concluded the trading at $285.68 on the day.