AlphaSense to Join Forces with Tegus; Increases Latest Valuation to $4B

The $930m acquisition will provide customers with a comprehensive combined public and private content offering, further cementing AlphaSense’s leadership in market intelligence

AlphaSense, the leading market intelligence and search platform, announced an agreement to acquire Tegus, a leading provider of expert research, unique private company content, and financial data and workflow tools. This transaction will bring Tegus’ breadth of private company data to AlphaSense’s platform, further delivering on the companies’ shared mission to empower business and financial professionals to make smarter decisions through AI-driven market intelligence. As part of this deal, AlphaSense has raised $650 million in funding, co-led by Viking Global Investors and BDT & MSD Partners, and joined by new investors, J.P. Morgan Growth Equity Partners, SoftBank Vision Fund 2, Blue Owl, Alkeon Capital, as well as existing investors Alphabet’s CapitalG and Goldman Sachs Alternatives. This raise brings AlphaSense’s valuation to $4 billion.

AlphaSense to Join Forces with Tegus; Increases Latest Valuation to $4B

“This transaction marks a pivotal moment for AlphaSense in our mission to help businesses and investors make better decisions with confidence and speed,” said Jack Kokko, CEO and Founder at AlphaSense. “I am thrilled to join forces with the Tegus team as a significant leap forward in furthering our mission, adding top-quality content on public and private companies, and enhancing our ability to deliver even more comprehensive insights to our customers around the world.”

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Today, Tegus has an extensive and fast-growing library of high-quality expert research, which includes coverage of 35,000+ public and private companies across TMT, consumer goods, energy and life sciences sectors. Additionally, Tegus’ financial data offering, which includes financials, KPIs, and fully drivable models on more than 4,000 public companies, as well as its BamSEC self-serve solution to search and access securities filings, adds new and unique offerings to AlphaSense’s extensive product suite and datasets. Users will benefit from the addition of this content with AlphaSense’s market-leading AI and search capabilities, enabling its combined user base to continue easily extracting proprietary insights.

Michael Elnick, Co-Founder and Co-CEO at Tegus, said, “This is a significant moment for Tegus. For nearly a decade we’ve worked to transform how companies and investors conduct research. By joining forces with AlphaSense, we’re going to empower clients in new and more powerful ways. AlphaSense and Tegus are like-minded companies, with a shared vision, and I couldn’t be more excited to continue pursuing our mission of modernizing research for businesses, together.”

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For over a decade, AlphaSense has been transforming the research process with the latest innovations in AI technology, while also building its vast collection of top-tier, trustworthy business content. Together, AlphaSense and Tegus will accelerate growth, innovation, and content expansion, bringing their complementary product and content capabilities together to enable users to unearth even more comprehensive insights from thousands of content sets.

This agreement follows a series of recent company milestones for AlphaSense, including being named to the 2024 CNBC Disruptor 50 list, exceeding $200 million in ARR and doubling revenue in less than two years, the opening of a new Singapore hub to fuel expansion in the APAC region, a $100 million Series D investment led by Alphabet’s CapitalG, and the close of a $150 million Series E funding round led by BOND.

The transaction is expected to close in the third quarter of 2024. Goldman Sachs & Co. LLC is acting as AlphaSense’s financial advisor, and DLA Piper LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as AlphaSense’s legal advisors. Evercore is acting as Tegus’ lead financial advisor and Latham Watkins is acting as Tegus’ legal advisor. Morgan Stanley also acted as financial advisor to Tegus.