Tableau rides Big Data wave with secondary offering
Unlike some of the other buzzed-about technology companies that went public in recent years, Tableau has managed to sustain its growth streak on the back of accelerating demand for self-service analytics among everyday business users. And investors have taken note.
The data visualization firm saw its share price nearly double since its stock exchange debut last May, momentum that it’s reportedly looking to seize with a secondary offering set to take place after the markets close on Thursday. According to an SEC filing uncovered by the Wall Street Journal, the company will put 3.5 million shares up for grabs in hopes of raising another $310.3 million that would be used to fuel operations and expand sales and marketing activities.
Tableau also disclosed that some of proceedings may be spent on acquisitions and strategic investments, a potential sign that it’s looking to expand into adjacent segments in a bid to match the functionality of the traditional business intelligence (BI) tools it has set out to disrupt. Such a move could push the vendor even deeper into the territory of IBM, SAP and Oracle, which have dominated the market since BI took off in the enterprise two decades ago. As far as Tableau co-founder and CEO Christian Chabot is concerned, a change is long overdue.
Paraphrasing Steve Jobs, Chabot highlighted in an interview on theCUBE that analytics hold the potential to be “a bicycle for our minds,” a promise that the incumbents have failed to realize as far as he is concerned. The reason, he explained, is that the focus has always been placed on the technology rather than the user.
“Google is effortless to use and makes my brain a thousand times smarter than it is, unfortunately, over in analytics software we have never seen anything that does that. Business intelligence software has so much development weight, and complexity, and expense, and slow roll out schedules, that we’re never able to get that augmentation of the brain that can help lead to better decisions,” Chabot told Wikibon’s Dave Vellante and Jeff Kelly.
“Tableau, in terms of design, our product requirement documents say things like ‘intuition’ and ‘feel’ and ‘design’ and ‘instinct’ and ‘user experience. They’re focused on the journey of working with data, not just some magic algorithm that’s gonna spit up some answer that will tell you what to do,” he said. This approach is what ultimately sets the company apart from the competition, presenting a very real threat to the established vendors that have gone uncontended for almost as long as the concept of BI has been around.
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