Market intelligence platform AlphaSense Inc. said today it has raised $650 million in funding, bolstering its valuation to $4 billion, and agreed to buy rival firm Tegus Ltd. in a deal valued at $930 million.

The funding round follows a $150 million raise in September 2023 that valued the company at $2.5 billion. The current fundraise was co-led by investment firm Viking Global Investors and American merchant bank BDT & MSD Partners, with participation from new investors J.P. Morgan Growth Equity Partners, SoftBank Vision Fund 2, Blue Owl, Alkeon Capital, and existing investors Alphabet Inc.’s CapitalG and Goldman Sachs Alternatives.

Based in New York, AlphaSense provides a platform for market intelligence that asset management firms use to identify investment opportunities. It does this by delivering news articles, earnings reports, transcripts, financial research and other data that companies can search through via an interface that helps investors prioritize potential ideal positions. The company also offers a generative artificial intelligence enterprise solution that allows companies to centralize their own market intelligence with search, summarization and monitoring tools.

Tegus has an extensive library of high-quality expert research including coverage of more than 35,000 public and private companies including technology, media, technology, consumer goods, energy and life sciences. The company also collects a trove of financial data on more than 4,000 public companies, that will be used to augment AlphaSense’s product suite including access to securities filings.

As with any AI-driven solutions access to well-categorized, quality data is key. It is the foundation of providing the necessary insights that help drive accurate and quick reporting. The more trustworthy and larger the dataset the better quality the outcome for customers using the platform.

AlphaSense founder and Chief Executive Jack Kokko said that joining forces with Tegus would be a significant leap forward for the mission of the company, which is providing comprehensive insights to its customers. “This transaction marks a pivotal moment for AlphaSense in our mission to help businesses and investors make better decisions with confidence and speed,” said Kokko.

The acquisition of Tegus also helps cement the company’s position against other industry giants that similarly inform clients with news and reports such as Bloomberg L.P., Exabel AS and FactSet.

“For nearly a decade we’ve worked to transform how companies and investors conduct research,” said Tegus co-founder and CEO Michael Elnick. “By joining forces with AlphaSense, we’re going to empower clients in new and more powerful ways.”

Goldman Sachs & Co. LLC is acting as AlphaSense’s financial adviser in the deal and the transaction is expected to close during the third quarter of 2024.

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