Irvine-based data analytics software maker Alteryx Inc. (NYSE: AYX) has been exploring a sale after attracting takeover interest, Reuters news agency reported, citing people familiar with the matter.
Alteryx has been working with an investment bank on the potential sale, according to Reuters.
“Fierce competition from big rivals such as Microsoft Corp. and Oracle Corp. as well as setbacks in winning new business, have suppressed Alteryx’s valuation and made it an acquisition target,” Reuters said.
Expressions of interest that Alteryx has received thus far have not met its valuation expectations, and the company may decide against any deal, the sources told Reuters.
After Reuters broke the news, Alteryx shares soared 14% to $34.58 apiece and a $2.5 billion market cap.
Alteryx’s market cap has fallen from more than $10 billion in early 2020.