Financial data and analytics startup Canalyst has been acquired by Tegus, a research platform for investors based in Chicago.
Vancouver-based fintech Canalyst offers 4,000 drivable financial models and company benchmarking data for making business-critical decisions.
Following a $70 million Series C round of fundraising, Canalyst was recently #49 on The Financial Times’ list of The Americas’ 500 Fastest-Growing Companies 2022. The Globe and Mail sang similar praise late last year.
“Canalyst provides the most accurate and up-to-date financial models on publicly traded companies,” said Damir Hot, CEO of Canalyst. “By joining the Tegus team, we will be able to give customers deeper and more efficient access to critical investment insights.”
“Canalyst’s data moat is substantial and will continue to compound,” Christian Jensen, Partner at Dragoneer, an investor in Canalyst, stated in January. He noted the Canalyst team is building “a remarkable business centred around a product that customers truly love.”
Acquiring, analyzing, and acting on volumes of data has become an increasingly lengthy and time-consuming task for investors and businesses. At the same time, they are expected to make high-stakes decisions quickly and effectively. Tegus is trusted by over 2,500 investment firms, corporations, and consultancies worldwide to make investment decisions simpler and faster.
“Evaluating business and investment opportunities is an extremely inefficient process today,” said Tegus cofounders Michael Elnick and Thomas Elnick. “With our acquisition of Canalyst, we’ll be able to provide customers with a comprehensive view of the qualitative and quantitative data they need to uplevel and scale their investment decisions—all on a single platform.”
Combining the Tegus and Canalyst solution offerings “will help investors and businesses consolidate their research and due diligence processes across disparate terminals and platforms,” according to a joint statement from the companies.
Terms of the deal were not disclosed.