- Vancouver Tech Journal
- Canalyst acquired by Chicago-based Tegus
Canalyst acquired by Chicago-based Tegus
The firm joins a growing list of B.C. companies that have been acquired by U.S. buyers.
Canalyst’s Damir Hot, CEO and co-founder, and James Rife, co-founder and head of research.
Vancouver-based Canalyst Financial Modelling, a SaaS platform that provides data on public companies, has been acquired by Chicago-based Tegus, a research tool for institutional investors. The sale acquisition price was not disclosed.
Canalyst creates detailed financial and KPI data on global public companies through the combination of software and human expertise. Canalyst’s customers leverage its models and insights to inform decision-making and workflow. The company was initially launched in 2017 as a research tool for public equity managers. Since then, the firm’s product offerings expanded significantly to serve multiple investor types, including those focused on credit, private equity, and venture capital, in addition to investment banks, consultancies, and corporations.
The sale comes seven months after the firm raised nearly CAD $90 million in Series C funding from Dragoneer Investment Group, Canada Pension Plan Investment Board, Alta Fox Capital, HighSage Ventures, ScaleUP Ventures, and Vanedge Capital (who wrote Canalyst’s seed cheque).
Canalyst is a former Deloitte 2021 Company to Watch, and was ranked 49th on the Financial Times’ list of The Americas' 500 Fastest-Growing Companies in 2022. Today, it offers its clients more than 4,000 financial models and benchmarks on company data. Its growing arsenal of capabilities made it an ideal target for Tegus, as it seeks to augment its offerings.
“Evaluating business and investment opportunities is an extremely inefficient process today," said Tegus founders and co-CEOs Michael Elnick and Thomas Elnick, in a statement. “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."
Damir Hot, CEO of Canalyst, echoed Elnick and Thomas: "by joining the Tegus team,” he said, “we will be able to give customers deeper and more efficient access to critical investment insights."
The Canalyst deal follows a similar transaction executed by Tegus to boost its value proposition. It also recently acquired BamSEC, a tool that provides its users with workflows to analyze core company filings and disclosures. The moves fulfill a long-term Tegus strategy, the founders shared on their company’s blog.