Talend seeks some data talent in Stitch acquisition
Talend, a cloud data integration company, is acquiring Stitch, a data integration firm, for “approximately” £60 million in cash. The deal will be completed before the end of the year, subject to regulatory approval.
Upon completion of the deal, Jake Stein will become SVP of the Stitch business unit reporting directly to Talend CEO, Mike Tuchen.
Stitch, which will be rebranded as Stitch Data Loader, offers a service for moving data from sources to cloud data warehouse platforms, giving Talend a solution for the cloud data warehouse market.
Through the acquisition, Talend will expand its product portfolio as it wants to be more appealing to data warehouse partners such as AWS, Azure, Google, and Snowflake.
Tuchen says: “We believe Stitch will work as an efficient high-volume way to acquire new cloud customers to whom we can market our advanced cloud solutions for data integration, transformation, cleaning, preparing and cataloguing.”
Talend states that Gartner Group predicts that: “By 2020, the number of data and analytics experts in business units will grow at three times the rate of experts in IT departments, which will force companies to rethink their organisational models and skill sets.”
Along with the acquisition, Talend recently released its financial results. Tuchen comments: “We delivered record revenue of $52.1 million for the third quarter of 2018, up 36% year-over-year.
“Our cloud business momentum continued during the quarter with cloud subscription growing over 100% year-over-year for the ninth consecutive quarter. We crossed an important milestone in the quarter with our total customer count exceeding 2,000.”