Shares of Alteryx surged Wednesday following a report that the software company is exploring a sale. AYX stock launched nearly 15% higher on the news.
Irvine, Calif.-based Alteryx has brought on investment bank Qatalyst Partners for discussions with potential acquirers, according to a Reuters report that cites unnamed sources. The deal could include private equity firms, according to the report.
AYX stock jumped 13.8% to close at 34.58 on the stock market today.
AYX Stock: Hit By Competitive Pressures
The company provides cloud-based data analytics tools to customers that include Walmart and Amazon.
Competition from Microsoft and Oracle along with other setbacks, have suppressed Alteryx's valuation and made it an acquisition target, according to the Reuters report.
AYX stock had fallen about 39% on the year entering Wednesday's trade. Further, Alteryx now has a market capitalization at just under $2.5 billion.
Alteryx did not immediately respond to a request for comment.
