Alteryx Inc. insiders will control the vast majority of voting rights after the company’s initial public offering last week.
Outstanding Class B shareholders will have 98.2% of voting power, and founder Dean Stoecker, executives, directors and investors with more than a 5% stake in the company will hold 83.6% of that, according to a recent regulatory filing.
The Irvine-based analytics software maker sold 9 million shares of Class A common stock at $14 per share on March 24, the first of trading on the New York Stock Exchange. Net proceeds of $126 million, or roughly $145 million if underwriters exercise options, are earmarked for working capital and other general corporate purposes.
Alteryx’ largest shareholder, New York-based Insight Ventures, which has a 27% stake, and San Francisco-based Iconiq Capital, which controls a 5.6% stake, have indicated interest in buying up to 675,000 shares of Class A common stock in the offering.
Alteryx was the 19th largest software maker in Orange County last year, with 120 local workers, according to Business Journal research. It posted sales of $85.8 million and a net loss of $24.2 million.
Clean-Tech Campaign
Democrat Mike Levin, who co-founded the largest clean-tech trade organization in the region, will aim to unseat Republican Congressman Darrell Issa in the 2018 mid-term for California’s 49th Congressional District with a message heavily tied to climate change and environmental policy.
The district encompasses San Clemente, Dana Point, San Juan Capistrano and Ladera Ranch in Orange County, and Carlsbad, Encinitas, Vista, Oceanside, Del Mar, Camp Pendleton, Solana Beach and Rancho Santa Fe in San Diego County.
Levin, a director and co-founder of CleanTech OC—now known as Sustain OC—addressed Issa on those topics during a town hall meeting in Oceanside this month.
“For 16 years, you’ve doubted the fundamental scientific consensus around climate,” he said. “Why do you blindly support Donald Trump’s agenda to gut the EPA, to gut basic science?”
The rest of the question was drowned out by a raucous crowd that cheered on Levin, who has more than a decade of experience in governmental affairs and business development in the clean-tech industry, including his current role as director of government affairs for Connecticut-based FuelCell Energy Inc. He held a similar role at Irvine startup FlexEnergy LLC, which developed a system that turned methane gas emitted from landfills into electrical power. A reverse merger in June 2013 created a new company, Ener-Core, with a business model focused on licensing technology rather than selling microturbines, microturbine systems and recuperators.
The viability of the shift is unclear, although Chief Executive Alain Castro told the Business Journal last year that he anticipated the company would be cash-flow positive this year.
Issa, who sits on the House judiciary, oversight and government reform, and foreign affairs committees, was elected to Congress in 2001. He nearly lost last year’s election to Democrat Doug Applegate, who plans on contending for the seat next year.
Trump’s 2018 budget proposes a 31% cut to the Environmental Protection Agency, the largest cut to any federal agency.
OC Tech Mum on Trump
More than 50 tech companies opposed President Donald Trump’s revised travel ban in an amicus brief supporting Hawaii’s lawsuit aimed at permanently blocking the executive order.
None of the dissenters were from Orange County, where local contingent has been mum on the subject of Trump and his doctrine, with numerous companies failing to acknowledge Business Journal inquiries on the matter as others indicate it’s dropped to third-rail status.
Most of the companies that filed the brief, including Pinterest, Lyft and Kickstarter, are based in San Francisco, Silicon Valley and New York.
