IRVINE, Calif., Oct. 4, 2019 /PRNewswire/ -- Alteryx,
Inc. (NYSE: AYX), revolutionizing business through data
science and analytics, today announced that it has acquired Feature
Labs, a data science software company launched out of Massachusetts
Institute of Technology (MIT) that
automates feature engineering for machine learning and artificial
intelligence (AI) applications.
The acquisition of Feature Labs will further enable Alteryx to
help organizations empower every data worker to fill the data
science and machine learning talent gap. Alteryx puts insights from
advanced analytics and machine learning—once only available to
statisticians and quants—into the hands of more data workers across
the enterprise. "Gartner predicts that, by 2020, more than 40% of
data science tasks will be automated, resulting in increased
productivity and broader use by citizen data
scientists." 1
"Feature Labs' vision to help both data scientists and business
analysts easily gain insight and understand the factors driving
their business matches the Alteryx DNA. Together, we are
helping customers address the skills gap by putting more powerful
advanced analytic capabilities directly into the hands of those
responsible for making faster decisions and accelerating results.
We are excited to welcome the Feature Labs team and to add an
engineering hub in Boston," said
Dean Stoecker, co-founder and CEO of
Alteryx.
Feature Labs' feature engineering capabilities, combined
with the ease of use of the Alteryx Platform, creates an
environment that further accelerates time-to-insight and
time-to-value for analysts and data scientists alike. As part of
their research at MIT's Computer
Science and AI Lab, Feature Labs co-founders, Max Kanter and Kalyan
Veeramachaneni, developed an innovative set of algorithms to
optimize the manual, time-consuming and error-prone process
required to build machine learning models. In addition to
automating the model fitting and hyper-parameter tuning process,
Feature Labs' differentiated platform automates the feature
engineering and data prep process, resulting in significant
increases in model accuracy and overall process efficiency.
"Alteryx maintains its leadership in the market by continuing to
evolve its best-in-class, code-free and code-friendly platform to
anticipate and meet the demands of the 54 million data workers
worldwide2. With the addition of our unique
capabilities, we expect to empower more businesses to build
machine learning algorithms faster and operationalize data
science," said Max Kanter,
co-founder and CEO of Feature Labs. "Feature engineering is often a
time-consuming and manual process and we help companies automate
this process and deploy impactful machine learning models." Kanter
has also held engineering roles at Twitter, The New York Times, Fitbit and Hewlett Packard.
Data scientists around the world leverage Feature Labs
open-source libraries with over 350,000 downloads, providing
automated feature engineering across nearly every domain. Alteryx
plans to continue to support the open-source community to address
the exponential demand in machine learning. Learn more about the
acquisition on the Alteryx Community blog:
https://bit.ly/2LKuPIj.
About Alteryx
Revolutionizing business through data science and analytics,
Alteryx offers an end-to-end analytics platform that empowers data
analysts and scientists alike to break data barriers, deliver
insights and experience the thrill of getting to the answer faster.
Organizations all over the world rely on Alteryx daily to deliver
actionable insights. For more information
visit https://www.alteryx.com.
Alteryx is a registered trademark of Alteryx, Inc. All other
product and brand names may be trademarks or registered trademarks
of their respective owners.
Safe Harbor Statement
This press release contains forward-looking statements that involve
risks and uncertainties, including statements regarding the
acquisition of Feature Labs, its impact on the Alteryx software
platform and its customers, and Alteryx plans to support the
open-source community, and other future events. These
forward-looking statements are only predictions and may differ
materially from actual results due to a variety of factors
including, but not limited to: our ability to integrate Feature
Lab's employees and operations into our business; the benefits of
the acquisition and impact on the software platform and customers
of Alteryx; our ability to develop and release product and service
enhancements and new products and services to respond to rapid
technological change in a timely and cost-effective manner; intense
and increasing competition in our market; and other general market,
political, economic, and business conditions.
Additional risks and uncertainties that could affect our
business are included in the Risk Factors sections of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2018 and Quarterly Report on Form
10-Q for the quarter ended June 30,
2019. All forward-looking statements contained herein are
based on information available to us as of the date hereof and we
do not assume any obligation to update these statements as a result
of new information or future events.
1 Gartner, Top 10 Strategic Technology Trends
for 2019, David Cearley,
Brian Burke, October 15, 2018
2Alteryx-commissioned IDC Infobrief, The State of Data
Science and Analytics, April 2019
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SOURCE Alteryx, Inc.