AlphaSense valued at $4 billion in latest funding, agrees $930 million deal for rival Tegus

(Reuters) -Market intelligence platform AlphaSense said on Tuesday it had notched a valuation of $4 billion in a fresh funding round and agreed to buy privately held Tegus in a deal valuing the rival at $930 million.

The $650 million capital raise was co-led by investment firm Viking Global Investors and merchant bank BDT & MSD Partners. It included participation from existing investors Alphabet's CapitalG and Goldman Sachs Alternatives.

AlphaSense helps business and financial professionals to extract relevant information from a trove of public and private content such as equity research, company filings, transcripts and news.

The company's clients include German software firm SAP SE, U.S. industrial giant 3M and Alphabet's Google.

New investors J.P. Morgan Growth Equity Partners, SoftBank's Vision Fund 2, Blue Owl and Alkeon Capital also took part in the funding round.

New York-based AlphaSense, which surpassed $200 million in annual recurring revenue in April, raised $150 million last year in a Series E financing round that valued the company at $2.5 billion.

TEGUS ACQUISITION

AlphaSense's deal will help the company bring Chicago, Illinois-based Tegus' breadth of data on public and private companies to its platform.

Tegus' financial data offering includes coverage of more than 35,000 public and private companies across consumer goods, energy, life sciences and technology, media, and telecom (TMT) sectors.

The deal is expected to close in the third quarter of 2024.

Goldman Sachs is acting as the financial adviser to AlphaSense, while Evercore and Morgan Stanley advised Tegus on the deal.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Krishna Chandra Eluri and Maju Samuel)