Networking equipment maker Cisco and financial services firms Citi and HSBC are set to exit big data technology producer Platfora through an acquisition by enterprise software provider Workday.
Neither company has disclosed the size of the deal, which is expected to close in the fourth quarter of 2016.
Founded in 2011, Platfora supplies operational analytics and data discovery technology that helps businesses analyse and visually interact with large amounts of data, discovering patterns or trends it claims would be impossible using traditional business intelligence tools.
Workday, which specialises in financial and human resources management, is buying the company to enhance its data analytics potential, particularly in terms of managerial reporting and operational analytics.
Platfora had raised about $95m in venture funding altogether, closing a $30m series D round in December 2015 featuring Cisco, HSBC, Citi, which invested through its Citi Ventures unit, Harmony Partners, Allegis Capital, Andreessen Horowitz, Battery Ventures, Sutter Hill Ventures and Tenaya Capital.
Cisco had already taken part in the company’s $38m series C round in early 2014, investing alongside Citi Ventures, Tenaya, Andreessen Horowitz, Battery Ventures, Allegis, Sutter Hill and In-Q-Tel, the venture capital representative of the US intelligence community.