Tableau Software is growing fast, thanks in some part to a new cloud-based solution that has become the company’s fastest-selling product.
The Seattle-based maker of data visualization software now has 1,000 customers using Tableau Online, a hosted version of Tableau Server that was released nine months ago and allows users to analyze data in the cloud without hardware or other infrastructure.
Tableau co-founder Chris Stolte noted that the rapid adoption of Tableau Online, which costs $500 per user per year, shows a strong market for business intelligence in the cloud.
“People are discovering that cloud analytics can be the fastest way to get everyone in a company making better data driven decisions today,” Stolte said in a statement.
Tableau, coming off a blockbuster initial public offering last May, is now looking to raise even more money. The company also recently announced plans to take over the Sound Mind & Body gym in Seattle’s Fremont neighborhood near its headquarters. At the end of the 2013, it employed 1,212 people — a 62 percent growth rate in headcount year-over-year — and showed a profit of $7 million last year on revenue of $232 million.
Traded on the New York Stock Exchange under the ticker DATA, Tableau hit the $100 per share mark in late February, but has seen its stock price dip a bit in the last few months. It is now trading at just over $70 per share, more than double the IPO price of $31, while boasting a market value of $4.4 billion.