SQream, a well-funded Israel-based data analytics platform, today announced that it has acquired no-code data platform Panoply in an effort to expand its cloud services.
At the core of SQream’s service is its GPU-centric “data acceleration platform,” which promises to speed up SQL queries and enable users to run their queries on more data. Panoply, on the other hand, offers its users a no-code data integration platform with support for over 300 different sources, which its users can then query in their favorite BI and analytics tools, or analyze using SQL queries in Panoply itself. In addition, Panoply also helps its users automate their data warehouse configurations. As such, it looks like the two platforms are quite complementary, with Panoply providing SQream with the tools and expertise to expand its platform to a wider user base.
“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 SQream co-founder and CEO Ami Gal. “With Panoply’s acquisition, we are combining SQream’s GPU-powered, cutting-edge technology with Panoply’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.”
Panoply raised $24 million in outside capital since its inception in 2015. Investors include the likes of Ibex Investors and C5 Captial, which led the company’s $10 million round in 2020, as well as Blumberg Capital, 500 Startups, FundersGuild and Intel Capital. The two companies did not disclose the price of today’s acquisition.
Panoply will continue to operate as a separate business unit, but as Panoply co-founder and CEO Yaniv Leven notes in today’s announcement, the acquisition means that the 160+ strong team will now have access to additional resources and expertise. SQream says it has “ambition growth plans” for the service in order to meet demand for the platform’s services.
“Since our inception, we’ve taken a different approach to cloud analytics,” Leven said. “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. The synergy between SQream and Panoply holds great promise for data practitioners as it expands Panoply’s reach to a wider audience and provides Panoply’s advantages of automation, no-code and simplicity to larger and larger organizations.”