Alteryx acquires Lore IO to leverage data access for cloud data

Alteryx, an American computer software company is an emerging leader in the field of self-service data science and data analytics. Being a part of an analytics platform, the company's products include Alteryx Connect, Alteryx Server, Alteryx Hub, Alteryx Analytics Gallery (a cloud-based website) and others.

 

The company deals with the software that's designed in a manner, such that it provides access to advanced analytics to any data analysts. 

 

It enables the analysts to equip themselves with innovative capabilities that include the analysation and evaluation of information by making best use of a reiterating workflow, and then accelerate the process by sharing analytics for valuable insights in hours.

 

(Must Check: 5 Steps of Data Analysis)

 

Alteryx is funded by five investors, among which ICONIQ Capital and Insight Partners are the most recent ones.

 

Alteryx has made seven acquisitions in total. They are Hyper Anna (7th October, 2021), Feature Labs (4th October, 2019), Semanta (6th June, 2017) and others.

 

The Acquisition 

 

However, the company has recently acquired Lore IO on 22nd October, 2021. 

 

Lore IO is a no-code Artificial Intelligence-enabled data simulating platform that makes use of analytics to dramatically situate itself with a dynamic business landscape. 

 

Alteryx's acquisition of Lore IO will enable the leverage of cloud-based Alteryx Machine Learning as well as Alteryx Designer Cloud, allowing customers to access databases for insights.

 

Since, Lore IO introduces cloud and analytics applications to further big data accession, as reported by the chief executive officer at Alteryx, Mark Anderson states, Lore IO's technology would unearth business-related information irrespective of the location of databases.

 

(Also Check: What is the role of technology in business?)

 

Lore IO's power resides in "product and engineering for large scale infrastructure", as stated by PRNewsWire, big data, machine learning, cloud-related and analytics-based applications.

 

Therefore, the integration of Lore IO and Alteryx will swiftly allow the customers to further their decision-making processes and gain access to complex datasets to a great extent.

 

Introducing cloud-based potentialities in order to make data management approachable, it would be easier for business customers and prove to be a "natural fit with the Alteryx platform," as the founder and chief executive officer of Lore IO, Digvijay Lamba makes a statement.

 

(Related blog: Applications of data science)

 

The chief product officer of Alteryx, Suresh Vittal states that huge datasets must be analysed in both on-premises as well as storage locations in the cloud, i.e. cloud data warehouses.

 

(Related Reading: What is a Data Warehouse?)

 

He also added that the acquisition would help Alteryx to gain access to IP and other assets, which in turn shall elevate Alteryx Designer Cloud and Alteryx Machine Learning supplies via the foundation of cloud-based data modeling and "smart query pushdown into cloud data sources."