Analytics software maker Alteryx Inc. has signed a deal to move its headquarters to an office at the Park Place campus in Irvine, a shift that will accommodate the venture capital-backed technology company’s plan to double its local workforce.
The provider of data integration and predictive analytics recently completed a deal to move its local operations to 3345 Michelson Drive, one of the mid-rise offices at LBA Realty’s Park Place, a mixed-use campus just off the San Diego (I-405) Freeway at Jamboree Road.
The lease runs nearly 45,000 square feet, which is about double the size of the company’s current headquarters at Market Place center in Irvine.
Alteryx will be moving into the new space in June, according to chairman and chief executive Dean Stoecker.
The news of the big-data specialist’s expansion comes about four months after the company announced it had raised nearly $85 million in a round of venture capital funding led by Iconiq Capital in San Francisco and Insight Venture Partners in New York.
The company said at the time it would use the proceeds from the funding to boost sales and marketing efforts in the U.S. and overseas.
The company currently employs about 300, about 100 of those workers in Orange County. It also has offices in Chicago, San Mateo, Dallas and Europe, where it recently opened a branch in Munich.
The Park Place headquarters will allow Alteryx to add another 100 or so employees to its Irvine sales force and corporate operations, Stoecker said. About 100 additional jobs will be spread over other offices.
Corporate customers of Alteryx—a number now said to top 1,400, nearly triple what it was a little more than a year ago pay a subscription fee for services such as analytics software to integrate data, forecast sales, map out retail expansion plans, and compare sales and product placement, among other features.
The product, which has an initial cost of $4,000 and a range of subscription fees, is used in more than 40 countries.
Individual users typically include marketers, analysts, and sales and financial personnel.
Last October’s $85 million round of VC funding followed a $60 million funding round in 2014.
Additional funding deals aren’t on the immediate horizon, Stoecker said.
“We’ve raised enough money to get to the next level,” he said. “We’re growing fast.”
Other investors in the company include Palo Alto-based Meritech Capital Partners, and Vinny Smith’s Toba Capital, which is based in Newport Beach.
Toba Capital partner Doug Garn, who previously served as chief executive of Aliso Viejo-based Quest Software, where Smith was chairman prior to its 2012 sale to Dell for $2.4 billion, serves on the board of Alteryx.
VC Surge
The Alteryx deal is the largest in a string of recent Orange County office leases involving VC-backed companies. Among them:
• Security software maker Cylance Inc., which raised $42 million last summer, took 21,000 square feet at the 18201 Von Karman Ave. office tower in Irvine and now has its name atop the airport-area building.
• Acorns Grow Inc., a mobile investment software company that’s raised more than $30 million in venture capital, last year announced a deal to take 30,000 square feet of space at the Newport Gateway office complex in Irvine.
• Predixion Software, whose fourth round of funding last year pushed its total funding past $32 million, now occupies about 18,000 square feet at 15 Enterprise in Aliso Viejo, according to brokerage data.
Other VC-based companies rumored to be on the lookout for space in the area include Laguna Beach-based startup NextVR, which provides live and on-demand virtual reality experiences.
NextVR received about $30.5 million in funding in the fourth quarter.
The increase in lease deal-making comes during a recent surge in VC funding for OC companies.
High-tech companies in Orange County received $609 million in VC funding last year, up about 94% year-over-year, according to data from the Irvine office of real estate brokerage JLL.
Much of the funding was concentrated in the John Wayne Airport area and south Orange County, the research shows. High-tech companies in Irvine were the biggest recipient, netting about $384 million of last year’s funding totals.
Alteryx’s $85 million funding round was the largest deal in OC in the fourth quarter, when $141 million in high-tech funding deals were announced, according to JLL’s data.
In the past, many local VC-funded tech companies might have pulled up roots and moved closer to Silicon Valley, though the area’s strong base of employees and relatively cheap office space is now keeping them locally based, according to JLL Vice President Jason Lantgen.
VCs “now realize that the skilled workforce is here,” Lantgen said.
Alteryx’s Stoecker agrees.
Orange County “is a fantastic tech center,” he said, noting that the Park Place campus houses the headquarters of Western Digital and Ingram Micro Inc. (see related story, page 1), as well as a local office of Palo Alto-based online design and architecture firm Houzz Inc.
“We’ll be in Orange County for a long time to come,” Stoecker said.
Alteryx is working with the Irvine office of architecture firm IA Interior Architects to design its new headquarters, which will feature a number of creative-office features, Stoecker said.
The Park Place offices will include a pub and a Volkswagen bus that’s being turned into a conference room. “We want to make it the coolest office in Orange County” as a way to boost recruiting as the company gears up for new hires, Stoecker said.
