Tegus Expert Network

Tegus is an expert network currently based in Chicago, where it relocated from San Francisco in 2018. It was started in 2016 by two brothers with a background at Alphasights, backed by the Investment Group Santa Barbara.

In addition to a standard expert network service, it offers a database of call transcripts reminiscent of Third Bridge‘s Forum product, Stream by Alphasense, and services offered by GLG and Guidepoint. These calls are to large part generated by Tegus customers, who get discounted rates in exchange for allowing their calls to be recorded, transcribed, and resold to Tegus subscribers.

Conversely, firms that use Inex One accumulate their internal content libraries. All calls done on Inex One are recorded and transcribed (for free), and stored on your proprietary transcript library. While this is not shared with anyone outside of your firm, you may choose to make it available to your colleagues. This way you avoid doing the same call twice, and can quickly share learnings across the firm.

Tegus has a strong followership on "fintwit", where independent investors laud the company's accessibility and service level. Really nice vibes, and a testament to Tegus truly adding value in the hedge fund space (seemingly especially for smaller funds?).

Tegus pricing

The Tegus CEO described the business model in a couple tweets early January 2021, shown below. Tegus prices subscriptions based on fund AuM, starting at $20-25,000 per user and year. If both the client and the expert agree to have your calls published to all Tegus customers, you can pay on average $375/call (on top of the $25,000 "starter fee").

tegus pricing model

Tegus CEO tweets on revenue model

tegus pricing model 2

Tegus CEO tweets on pricing. Most users we speak to pay a bit more than $20k/seat.

Tegus traction

In February 2021, Tegus' website states that the platform hosts 9,000 transcripts, with 500 new transcripts added every month.

These numbers are up from a stock of 4,000 transcripts and 300 new/month, in October 2019, 16 months earlier. The effective average is 312.5 transcripts added/month.

Now, not all calls will end up being transcribed and shared widely: both experts and clients may opt-out. If we assume that 30-70% of all calls on Tegus are transcribed, this would mean Tegus delivers 450-1,050 calls/month.

Tegus revenue estimate

Our best guess would place Tegus' revenues at $12m, blended revenues from expert calls and library subscriptions.

Expert calls: If the average price is $375 as stated by the CEO, Tegus would be making $2-5m from its expert calls, annualized. Most likely, however, Tegus charges a regular fee for calls that are not transcribed, and thus not monetized from subscription clients. Assuming those residual 30-70% of calls are priced at $1,000 would imply that Tegus' price-blended expert call revenues are $3-10m.

Tegus library: Let's assume 400 funds pay a starting price of $20k per year, for one seat each. That would mean $8m in annual subscription revenues. If true, that's an impressive monetization, as much as or more than the fees for Bloomberg, CapitalIQ, Factset and Refinitiv access (as stated in this article). Even if subscription fees are just half of the listed price, it still means that Tegus' subscription fees of $4m are roughly at par with its expert call fees.

Highlights and notes

  • Tegus was founded in 2016, based in San Francisco.
  • The company raised $1.5m in 2017.
  • In 2018, Tegus moved its HQ to Chicago.
  • March 2019 it made an announcement it was planning to hire 100 additional employees by 2020.
  • In October 2021, Tegus acquired BamSEC, a research tool for indexing and browsing SEC filings. The deal has many similarities to the Alphasense-Stream acquisition, combining expert transcript content with a tool to index and browse them.
  • In November 2021, Tegus raised $90m in series B from Oberndorf Enterprises and Willoughby Capital. The funds were said to be used for further growth and to broaden the data offering and product suite.
  • In August 2022, Tegus acquired Canalyst, a platform for ready-made financial models and company data.
  • In September 2022, Tegus raised a $20m bridge round from Positive Sum, the VC firm of investor Patrick O'Shaughnessy. The investment might have been made earlier, as Patrick has played ads for Tegus on his podcast (recommended!) for a couple years.

We identified Tegus as a regional challenger in our review of the 2019 expert network market size. This title was confirmed again in the 2021 market review. Regional challengers are separated from other smaller expert networks by merit of their growth and/or business model.

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