Startup News: AlphaSense buys Tegus, raises $650M in funding round

AlphaSense, a leading market intelligence and search platform, has announced that it’s buying Tegus, a niche provider of expert research and private company content, for $930 million.

New York City-based AlphaSense also announced last week that it has raised $650 million in fresh funding, co-led by Viking Global Investors and merchant bank BDT & MSD Partners. Several investors funded AlphaSense for the first time, including JP Morgan Growth Equity Partners, SoftBank Vision Fund 2, Blue Owl, and Alkeon Capital.

The company added that the new funding round effectively values itself at $4 billion, which is a sizable jump from the $2.5 billion that the company was last valued at based on a September 2023 funding round, according to Reuters.

Founded in 2011, AlphaSense has developed a market intelligence research platform that enables businesses to get insights from both private and public sources. Tegus, founded in Chicago in 2017, has a Forge Price™ of $60.36 which implies a valuation of $3.3 billion. That figure is more than triple the amount that AlphaSense was willing to pay for its smaller rival.

According to the press release announcing the AlphaSense-Tegus merger, Tegus' financial data offering compliments 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,” the release added.

Stubhub reveals revenues and profits ahead of planned IPO

StubHub, a leading online marketplace for sports and entertainment tickets, has revealed its top and bottom line results over the past year as a prelude to its plan to go public, writes Bloomberg.

According to a person familiar with StubHub’s financials who spoke with Bloomberg, the San Francisco-based ticket seller reported $350 million in earnings before interest, taxes, depreciation, and amortization for the year ending in March, on revenues of $1.4 billion.

Bloomberg reports that StubHub, which operates both the StubHub and Viagogo ticket platforms and competes with Live Nation’s Ticketmaster, is in early discussions about its public listing with prospective investors. The company is working with several leading Wall Street investment banks on IPO plans.

According to CNBC, StubHub is interested in going public this summer and is intent on a valuation of $16.5 billion, which is what the company was valued at in late 2021 during its latest funding round.

About the Author

John Kimelman is a veteran journalist who has worked at Barron’s and CNBC covering such topics as investing and commercial banking. Mr. Kimelman has received compensation from Forge Global, Inc. for authoring this article. Read more from John.

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