Alteryx offers solutions to aid businesses in analysing data. Credit: Deemerwha studio/Shutterstock.

Software company Alteryx is in advance talks with a consortium of private equity (PE) investors to go private in a deal valued at $5bn, Reuters reported citing sources.

Investment companies Insight Partners and Clearlake Capital Group are leading the consortium vying to acquire the US-listed data analytics software provider.

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Severe competition from rivals such as Microsoft and Oracle as well as difficulties in securing new business have lowered Alteryx’s valuation, making it a potential target for acquisition.

According to sources, Insight and Clearlake are willing to pay over $50 per share in cash to take over Alteryx, including debt.

At that price, a deal would value Alteryx’s shares at 65% premium to what they were on 5 September 2023, the last trading day before reports emerged that the technology company was considering a sale.

PE group Symphony Technology Group (STG) has also been vying to acquire Alteryx and may still try to close a purchase, according to one of the sources.

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Insight Partners, an early investor in Alteryx, still owns a 1.5% stake in the company and is represented on the board of directors.

Sources said that Insight stepped back from board discussions on the company’s potential sale.

Both Clearlake and Insight declined to comment on the development and requests for comments from STG and Alteryx did not elicit a response, the publication said.

Alteryx listed on the New York Stock Exchange through an initial public offering in 2017.

The company offers solutions to aid businesses in analysing data and counts over 8,300 companies as its clients, which includes Vodafone, Walmart, Ford Motor Company, and Coca-Cola.

To capitalise on the rising demand for data analytics services, Alteryx has shifted to a subscription-based business model in recent years.

Earlier this week, Alteryx launched a new unit, called Alteryx Public Sector, to cater to the US public sector entities.