Tegus was acquired for $930M by AlphaSense in a deal that was announced in June 2024 and closed a month later. The announcement of the deal came alongside the news of AlphaSense raising $650M in a funding round valuing the company at $4B, co-led by Viking Global Investors and BDT & MSD Partners.

Tegus raised $108M in total funding across multiple rounds from 2017 to 2021. The company's most recent standalone funding was a $90M Series B round in December 2021, led by WestCap with participation from Citi Ventures, Drive Capital, Base10 Partners, Western Technology Investment, and Footwork Ventures.

Tegus is an investment research platform that combines a library of over 100,000 expert interview transcripts with financial models and regulatory filings, accessible through an AI-powered search interface. It functions as a qualitative research tool, enabling analysts to access insights from industry experts alongside financial and regulatory data.

The platform integrates three primary datasets into a unified workspace. The expert transcript library includes interviews with former executives, customers, competitors, and industry specialists covering 35,000 public and private companies.

Users can query this library using AskTegus, an AI chat interface that generates sourced answers with direct citations to specific transcript excerpts. Canalyst provides access to over 4,000 pre-built financial models that align with the expert insights, while BamSEC offers searchable SEC filings and regulatory documents.

A typical use case involves an analyst entering a query such as "How is Datadog's usage-based pricing performing in Europe?" into AskTegus. The AI scans the transcript library and delivers a paragraph response with bullet-point citations linking to relevant interviews. Clicking a citation opens the full transcript, which includes audio, speaker biographies, and compliance metadata. The platform also identifies frequently asked questions about specific companies, providing one-click access to related expert responses.

For users requiring new insights beyond the existing library, Tegus enables on-demand expert calls through the platform. The service manages expert sourcing, compliance, recording, and transcription, with new calls automatically added to the shared library. An Excel add-in allows users to integrate Tegus data points into their models via formulas, with quarterly updates for ongoing analysis.

Tegus operates a B2B subscription platform that generates revenue through annual licenses, offering unlimited access to its integrated research datasets. Customers pay a flat annual fee for unrestricted access to expert transcripts, financial models, and SEC filings, rather than incurring costs per individual research request or data point.

The company’s go-to-market strategy includes outbound sales, inbound marketing, and account executive (AE) self-sourcing to engage institutional investors.

Outbound sales account for approximately 33% of the pipeline, inbound marketing contributes 25%, and AE prospecting generates the remaining 40-45%. The sales process capitalizes on the accessibility of investment professionals by phone and their willingness to evaluate tools that streamline research workflows.

Tegus segments its customers by assets under management: SMB firms under $500M, mid-market firms between $500M and $1B, enterprise firms from $1B to $5B, and strategic accounts exceeding $5B. The company offers two primary packages: one includes the full Tegus transcript library along with Canalyst models and BamSEC filings, while the other provides only the Canalyst and BamSEC components, catering to public market-focused investors.

The business model supports retention through workflow integration and content network effects. As more investors conduct calls via the platform, the transcript library’s value increases for all users.

Tegus charges expert calls at cost, avoiding the markup typical of traditional expert networks. This pricing strategy appeals to cost-conscious customers while enhancing the proprietary content base that underpins subscription revenue.

Revenue growth is driven primarily by seat-based expansion within existing accounts, emphasizing firm-wide agreements that offer discounted access to additional users and limit competitor penetration. The integrated platform approach raises switching costs as customers rely on the unified workflow for both qualitative and quantitative research.

AlphaSense is a key competitor with a document search platform that spans over 35,000 premium sources, including broker research, earnings calls, and regulatory filings.

Its 2024 acquisition of Tegus created a combined investment research platform that integrates AlphaSense's AI search capabilities with Tegus's expert transcript library. Bloomberg Terminal, FactSet, and S&P Capital IQ maintain strong positions due to their real-time market data and established enterprise relationships, though they lag in expert interview content and modern search functionality.

Traditional financial data providers are introducing expert call add-ons but lack the transcript scale and compliance infrastructure Tegus developed over nearly a decade. These incumbents face significant integration challenges, as their platforms are primarily designed for quantitative data rather than qualitative insights.

GLG, Third Bridge, Guidepoint, and AlphaSights represent the traditional expert network model that Tegus has disrupted. GLG operates the largest expert database, with over 1 million professionals, but charges 3-4x the markup on expert calls compared to Tegus's at-cost model.

Third Bridge reports 40,000 transcripts with 10,000 new additions annually, focusing on China and Asia-Pacific coverage in response to regulatory scrutiny of competitors like Capvision.

These incumbents are shifting toward subscription transcript libraries to compete with Tegus's model but face challenges in transitioning from high-margin call businesses to lower-margin platform subscriptions. Their strengths include established client relationships and global expert networks, while their weaknesses lie in the lack of integrated quantitative data and modern AI-powered search capabilities.

Platforms such as Inex One, NewtonX, Prosapient, and Lynk are targeting specific aspects of the expert insight value chain with technology-first approaches. These companies typically offer lower pricing, faster expert sourcing, or specialized vertical focus but lack the comprehensive content library and integrated workflow Tegus provides.

The primary threat from these players is their ability to unbundle specific use cases and address them more efficiently than integrated platforms. However, they face challenges in achieving the content scale and breadth required to compete for enterprise accounts that prioritize consolidated vendor relationships.

The launch of AskTegus in 2024 allows the company to address the broader $15B+ financial services AI tooling market, expanding beyond the traditional $3-4B research data segment. By incorporating large language model capabilities into its expert transcript library, Tegus transitions from a content repository to a decision-support tool capable of synthesizing insights across thousands of interviews in real time.

This AI interface supports use cases in corporate strategy, competitive intelligence, and business development teams that require expert insights but lack the capacity for manual transcript review. The addressable market includes the $2.1B competitive intelligence software segment, which is growing at 13% annually, as well as consulting expenditures that could be replaced by self-service expert research solutions.

Tegus's international strategy prioritizes building European-specific expert transcript coverage to address the Western European investment market, which remains underserved. The Dublin-based team focuses on Europe, the Middle East, North Africa, and Asia, offering pricing approximately 25% lower to reflect regional price sensitivity and smaller average fund sizes.

The European market presents opportunities due to the lower adoption of expert network services and increasing demand for localized market insights. Achieving success requires expanding transcript coverage of European companies and industries while addressing compliance requirements across jurisdictions. Tegus's existing expert sourcing infrastructure supports scalable content generation, providing a foundation for geographic growth.

The unified platform strategy enables Tegus to capture a larger share of customer research budgets by bundling expert transcripts, financial models, SEC filings, and upcoming broker research into a single subscription. This approach targets the $32B global investment workstation market, currently dominated by Bloomberg, FactSet, and Refinitiv.

Planned additions include consensus estimates, earnings call transcripts, and alternative data feeds, creating a more comprehensive research environment. The Excel add-in and API access facilitate integration with customers' existing workflows and could support internal AI research tools. This platform strategy increases customer lifetime value and raises switching costs through deeper workflow integration.

Content commoditization: The expert transcript model faces competitive pressure from advancements in AI capabilities and synthetic data generation, which may reduce demand for human-generated insights. As large language models improve in analyzing public information and producing market insights, the premium associated with expert interviews could decline, particularly for routine industry research that does not require proprietary knowledge.

Regulatory compliance: Expert networks operate within a complex regulatory landscape where investment firms are subject to heightened scrutiny regarding material non-public information and insider trading risks. Stricter compliance requirements may decrease customer willingness to engage in expert calls or restrict the types of insights that can be shared. This could limit both the volume of new content generated and the utility of existing transcripts.

Integration execution: The AlphaSense acquisition presents integration challenges related to merging technology platforms, sales teams, and customer bases. Ineffective execution risks customer attrition, product quality issues, or erosion of the specialized focus that has historically differentiated Tegus. This risk is particularly acute if AlphaSense's broader document search approach undermines the core value of expert interviews.