Software company Alteryx Inc (NYSE: AYX) and cloud platform Snowflake Inc (NYSE: SNOW), announced a partnership last week. Integrations will enable faster growth and expansion for both companies.
Alteryx offers data analytics software that works on your computer and through a cloud-based server. In the fall of 2020, Snowflake went public and committed to bringing customers all their data under one roof. The data can be transmitted securely outside of the IT infrastructure, thus enabling companies to serve customers better.
By partnering with Snowflake, Alteryx’s analytics tools will introduce rapidly with the Snowflake cloud platform. Snowflake’s products are in high demand globally, and Alteryx’s tools will benefit from incorporating their computational and communications capabilities. Currently, hundreds of companies rely on their products, but the alternative solution will significantly increase this number. It is also being reported that companies are offering a free 30-day trial of their full-service integrated solutions to drive sales.
Until recently, Alteryx clients were predominantly small companies. Expanding its tools’ capabilities gained access to larger customers, who in mid-2020 constituted over 35% of the total customer base. Integrating the Snowflake platform will cause higher costs. During the last year, Alteryx noted that its top 25 customers had spent 33 times more than they had initially.