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

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NEW YORK, June 11, 2024 ~ AlphaSense, a leading market intelligence and search platform, has announced its plans to acquire Tegus, a provider of expert research, private company content, and financial data and workflow tools. This strategic move will bring Tegus' extensive private company data to AlphaSense's platform, further advancing their shared mission to empower business and financial professionals with AI-driven market intelligence.

The acquisition of Tegus is accompanied by a significant funding raise of $650 million for AlphaSense. The funding was co-led by Viking Global Investors and BDT & MSD Partners, with new investors including 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 brings AlphaSense's valuation to an impressive $4 billion.

Jack Kokko, CEO and Founder of AlphaSense, expressed his excitement about the acquisition stating that it marks a pivotal moment for the company in their mission to help businesses and investors make better decisions with confidence and speed. He also added that joining forces with Tegus will significantly enhance their ability to deliver comprehensive insights to customers worldwide.

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Tegus has an extensive library of high-quality expert research covering over 35,000 public and private companies in sectors such as TMT, consumer goods, energy, and life sciences. Their financial data offering includes financials, KPIs, and fully drivable models on more than 4,000 public companies. Additionally, their BamSEC self-serve solution allows users to search and access securities filings easily. These offerings will complement AlphaSense's existing product suite and datasets.

Co-Founder and Co-CEO of Tegus Michael Elnick also expressed his enthusiasm about the acquisition stating that it is a significant moment for the company after nearly a decade of transforming how companies and investors conduct research. He believes that joining forces with AlphaSense will empower clients in new and more powerful ways, as both companies share a similar vision.

AlphaSense has been at the forefront of transforming the research process with their AI technology for over a decade. They have also built a vast collection of top-tier, trustworthy business content. Together with Tegus, they aim to accelerate growth, innovation, and content expansion to provide users with even more comprehensive insights from thousands of content sets.

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This agreement follows several recent milestones for AlphaSense, including being named to the 2024 CNBC Disruptor 50 list, surpassing $200 million in ARR and doubling revenue in less than two years, opening a new Singapore hub to expand in the APAC region, and receiving investments from Alphabet's CapitalG and BOND.

The transaction is expected to close in the third quarter of 2024. Goldman Sachs & Co. LLC is acting as AlphaSense's financial advisor, while DLA Piper LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal advisors. Evercore is acting as Tegus' lead financial advisor with Latham Watkins as their legal advisor. Morgan Stanley also acted as a financial advisor to Tegus. With this acquisition and funding raise, AlphaSense is poised for continued growth and success in providing cutting-edge market intelligence solutions to its users.
Filed Under: Business

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