Tegus Acquisition, Valuation, Funding & Investors

Tegus was acquired by AlphaSense for $930M in June 2024, a 7.8x multiple on $120M of revenue.

See full Tegus profile

Tegus acquisition price

$930M

Acquired by AlphaSense · Jun 2024

Tegus revenue at acquisition

$120M

Last twelve months · Jun 2024

Tegus revenue multiple at acquisition

7.8x

EV/Revenue · Jun 2024

Cumulative funding Tegus raised

$112M

across 3 funding rounds

Tegus Overview

About Tegus

Tegus is a research platform for investment professionals offering searchable transcripts of expert calls. Headquartered in Chicago, its database contains thousands of peer-led interviews covering public and private companies. Investors access on-demand custom calls and historical content to accelerate due diligence processes across sectors.


Founded

2016

HQ

United StatesChicago, IL

Website

tegus.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$120M (Jun 2024)

Valuation

$3.3B (Sep 2022)

Tegus Acquisition

Tegus was acquired by AlphaSense for $930M on 11 June 2024.

The acquisition price implies a 7.8x revenue multiple on $120M of revenue.

Before the acquisition Tegus had raised $112M across 3 funding rounds.

AlphaSense, a leading AI-powered market intelligence and search platform based in New York, acquired Tegus, a provider of expert research, private company content, financial data, and workflow tools, for $930 million. The acquisition was announced on June 11, 2024, and closed on July 8, 2024. Tegus operates a proprietary content library encompassing over 100,000 expert call transcripts, financial coverage of more than 4,000 public companies, and analysis on over 50 sectors, along with previously acquired tools BamSEC and Canalyst. The combination strategically merges AlphaSense's advanced AI search technology with Tegus's extensive data assets covering both public and private companies, enabling customers to extract comprehensive insights from thousands of content sets. Concurrently with closing the Tegus acquisition, AlphaSense secured a $650 million funding round co-led by Viking Global Investors and BDT & MSD Partners, with participation from new investors J.P. Morgan Growth Equity Partners, SoftBank Vision Fund 2, Blue Owl Capital, and Alkeon Capital, alongside existing investors Alphabet's CapitalG and Goldman Sachs Alternatives. This financing elevated AlphaSense's valuation to $4 billion and brought combined revenues to over $300 million. The transaction resolved a prior patent infringement lawsuit that AlphaSense had filed against Tegus in September 2023, with the litigation settled on May 8, 2024. Tegus employees across offices in Chicago, Vancouver, and Waterford, Ireland, were integrated into AlphaSense to scale Tegus's expert transcript library and enhance its financial data and workflow capabilities.

Tegus acquisition details
AcquirerDateTypePriceEV/Revenue
11 Jun 2024Strategic M&A$930M7.8x

Tegus Valuation

Tegus is currently valued at $3.3B, based on its undisclosed-stage round in September 2022.

The $20M round was led by Positive Sum, with participation from Investment Group of Santa Barbara, Willoughby Capital and Oberndorf Enterprises.

Tegus' valuation has grown 1.1x from $3B at its Series B in November 2021 to $3.3B in September 2022, across 2 priced rounds.

Tegus valuation by funding round

Tegus valuation by funding round
DateStageValuation
Sep 2022Undisclosed stage$3.3B
Nov 2021Series B$3B

Tegus Funding History

Tegus has raised a total of $112M across 3 funding rounds.

Tegus' first fundraising round was a $2M Series A in September 2017. The most recent completed round was a $20M undisclosed-stage round in September 2022.

Tegus funding rounds

Tegus funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2022Undisclosed stagePositive Sum (lead); Investment Group of Santa Barbara; Willoughby Capital; Oberndorf Enterprises$20M$3.3BTegus is a Chicago-based investment research platform founded in 2017 by Michael and Thomas Elnick, providing market intelligence, expert calls, and data to institutional investors, Fortune 1000 companies, investment banks, and consultancies. On September 28, 2022, Positive Sum, led by Patrick O'Shaughnessy, invested $20 million in Tegus, joining existing investors Investment Group of Santa Barbara (IGSB), Oberndorf Enterprises, and Willoughby Capital. This venture round followed a $90 million Series B in late 2021 and came shortly after Tegus acquired Canalyst to expand its offerings with financial models and company data. The $20 million investment supported platform growth, enhanced research capabilities, and a partnership with O'Shaughnessy's Invest Like the Best podcast for brand awareness and insights. O'Shaughnessy joined the Tegus board as an observer. Later data shows Tegus reaching over $120 million ARR by October 2024 and $100 million ARR stated in August 2023, prior to its $930 million acquisition by AlphaSense in July 2024. Earlier traction included 195% year-over-year ARR growth as of November 2021 off a meaningful base, with over 2,500 customers and nearly 700 employees at that time.
Nov 2021Series BOberndorf Enterprises (lead); Willoughby Capital (lead)$90M$3BTegus is a market intelligence platform founded in 2017 by twin brothers Michael and Thomas Elnick that revolutionized the primary research process for decision makers at institutional investment firms, Fortune 1000 enterprises, investment banks, and consultancies. The platform provides access to expert interview transcripts, company data, and market research to support investment and business decisions. In November 2021, Tegus announced a $90 million Series B funding round led by Oberndorf Enterprises and Willoughby Capital at a $3 billion pre-money valuation. The company had achieved remarkable growth, expanding from 115 employees to over 300 and serving more than 1,000 customers, representing a 300% increase in the prior year. Tegus planned to use the capital to expand its data offerings, accelerate product development, and hire over 400 new employees across sales, product, and engineering teams. By August 2023, Tegus had grown its ARR to $100 million, and by October 2024 the CFO announced the company had reached over $120 million ARR before the company was acquired by AlphaSense for $930 million in June 2024, which at the stated ARR implied a 7.75x revenue multiple on the transaction.
Sep 2017Series A-$2M--

Who has invested in Tegus?

4 investors have backed Tegus across its funding rounds, including Willoughby Capital, Oberndorf Enterprises, Positive Sum and Investment Group of Santa Barbara.

Lead investors include Positive Sum, Oberndorf Enterprises and Willoughby Capital.


Tegus Investors

Investors in Tegus by funding rounds participated
InvestorHQRoundsRoleFirst check
Willoughby CapitalUnited StatesUnited States2LeadNov 2021
Oberndorf EnterprisesUnited StatesSan Francisco, CA2LeadNov 2021

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Tegus

Tegus has acquired 2 companies to date.

Last acquisition by Tegus was on August 2nd 2022. Tegus acquired Canalyst for $333M.


Latest Acquisitions by Tegus

Canalyst
BamSEC
Description
Canalyst is a Vancouver-headquartered SaaS provider of fundamental data and financial modeling for 25,000 global public companies. Its platform aggregates standardized income statements, balance sheets, and ratios updated quarterly from SEC filings and international regulators. Used by 500 investment firms including Goldman Sachs, Canalyst employs 200 staff across Vancouver and New York since its 2015 founding.
BamSEC is a New York-based platform delivering searchable SEC filings and earnings call transcripts to financial professionals. It aggregates Edgar database documents with advanced filters for 10-Ks, 10-Qs, proxies, and insider trades, serving hedge funds, analysts, and compliance teams. The service covers over 10,000 public companies with real-time updates and export tools.
HQ CountryCanadaUnited States
HQ City
Vancouver
New York City, NY
Deal Date2 Aug 202226 Oct 2021
Valuation$333Mundisclosed
EV/Revenue
EV/EBITDA

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Tegus Competitors

Tegus competitors include listed companies like CRISIL, Business Online, Wolters Kluwer and Equifax, and private ones like YipitData and Dune Analytics.

Public and private companies comparable to Tegus
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
YipitDataUnited StatesNew York City, NYPrivate--$1B-
CRISILIndiaIndiaPublicly listed$380M$122M$3.5B7.5x
Business OnlineThailandThailandPublicly listed$23M$10M$126M-
Wolters KluwerNetherlandsNetherlandsPublicly listed$7.1B$2.5B$18B3.1x
EquifaxUnited StatesUnited StatesPublicly listed$6.1B$1.8B$19B3.7x
Dune AnalyticsNorwayOsloPrivate$4M-$1B250.0x

Tegus Public Comps

Tegus is no longer listed, but its public comps include Clarivate, Beijing Dataway Horizon, Latent View Analytics, CARE Ratings, GlobalData, Mitsubishi Research, Finatext, Enento Group, YouGov and National Securities.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Clarivate$2.5B$829M2.1x2.2x6.3x5.3x
Beijing Dataway Horizon$54M($3M)9.8x-(184.5x)-
Latent View Analytics$111M$27M4.4x4.0x17.8x18.2x
CARE Ratings$49M$21M9.2x9.9x21.5x20.5x
GlobalData$433M$140M1.7x1.7x5.3x5.0x
Mitsubishi Research$781M$88M0.6x0.6x5.3x5.7x
Finatext$71M$13M6.3x5.4x34.1x-
Enento Group$176M$50M3.3x3.2x11.6x9.2x

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Common questions about Tegus

When was Tegus founded?Tegus was founded in 2016.
Where is Tegus headquartered?Tegus is headquartered in Chicago, IL, United States.
Is Tegus publicly listed?No, Tegus was acquired by AlphaSense in June 2024.
Who acquired Tegus?Tegus was acquired by AlphaSense in June 2024.
How much was Tegus acquired for?Tegus was acquired for $930M in June 2024, a 7.8x revenue multiple.
What is Tegus' valuation?Tegus was last valued at $3.3B in its undisclosed-stage round in September 2022.
How much funding has Tegus raised?Tegus has raised $112M across 3 funding rounds.
What was Tegus' last funding round?Tegus' last funding round was a $20M undisclosed-stage round in September 2022, led by Positive Sum.
Who are Tegus' investors?Tegus' investors include Willoughby Capital, Oberndorf Enterprises, Positive Sum and Investment Group of Santa Barbara.
Which companies are comparable to Tegus?Companies comparable to Tegus include YipitData, CRISIL, Business Online, Wolters Kluwer, Equifax and Dune Analytics.
How many companies has Tegus acquired?Tegus has acquired 2 companies, including Canalyst and BamSEC.
What was the largest acquisition by Tegus?The $333M acquisition of Canalyst in August 2022 is the largest acquisition Tegus has made to date.

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