SQream acquires Israel’s Panoply in $60-70 million deal
By purchasing the no-code cloud data platform, the Israeli company will expand its cloud offering, providing a hybrid data platform to power high scale hybrid environments
GPU based data analytics platform SQream has acquired fellow Israeli company Panoply. The companies didn’t reveal the price of the acquisition, but it is estimated to be between $60-70 million. Panoply has raised $24 million to date. Intel Capital, Blumberg Capital, Ibex Investors and C5 Capital are among the company’s investors.
By acquiring the no-code cloud data platform, SQream will expand its cloud offering, providing a hybrid data platform to power high scale hybrid environments (cloud, edge and on-premise). SQream will leverage its portfolio of SaaS cloud offerings to provide companies with the ability to generate insights from any data environment - so they can innovate faster, increase revenue and reduce risk in their digital transformation process. Panoply’s no-code ELT and data warehouse management services will be integrated in SQream’s fast hybrid analytics platform.
SQream co-founder and CEO Ami Gal. Photo: Irina Lyubimova
SQream's data acceleration platform enables rapid analysis of vast amounts of raw data, enabling enterprises to gain meaningful insights. The company was founded in 2010 by Ami Gal and Kostya Varakin and today employs 130 people in its Israeli and international offices. Panoply’s 30 employees will join the SQream team. SQream has raised $77 million to date, including from Mangrove Capital Partners, Schusterman Family Investments, Hanaco Venture Capital, Sistema.vc, World Trade Center Ventures, Blumberg Capital, Silvertech Ventures and the Alibaba Group.
“This is a significant step towards implementing SQream’s vision to provide our customers with the fastest data analytics platform in the industry, at any scale of data for multi size enterprises, and in any environment - Cloud, On Prem and On the Edge,” said Ami Gal, Co-founder and CEO of SQream. “With Panoply’s acquisition, we are combining SQream, GPU-powered, cutting edge technology with Panpoply’s phenomenal ease of use and seamless integration and onboarding. This is a huge milestone on our journey to provide the world with the new category of analytics platform that is ready for tomorrow’s data challenges. I’m excited to welcome Yaniv and the Panoply team to SQream’s family, as we join forces to forge a world class data analytics talent powerhouse. I am confident that the synergy between the two companies, the technologies, the founders and the teams, will yield great value to our customers as well as professional and personal development opportunities for Panoply and SQream teams.”
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Yaniv Leven, Co-founder and CEO of Panoply said: “Since our inception we’ve taken a different approach to cloud analytics. We’ve made it our mission to transform the focus of cloud architecture from data centric to information centric, by focusing on the insights you can gain from your data, rather than just the technical process of moving and storing it. SQream’s focus on driving fast data insights echoes this mission.”