Analysis of 5 Data & Analytics M&A and Fundraising Deals, and a Potential IPO - July 22-29, 2024
TL;DR - Deals in Governance, Risk & Compliance, Insurance, Media Monitoring, Legal, and Government Data & Analytics.
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July 29 - ACA Group (ACA), a provider of governance, risk, and compliance (GRC) solutions to clients in the financial services industry, announced the acquisition of Encore Compliance (Encore), a provider of AI compliance software solutions focused on Expert Network calls.
Not strictly a Data & Analytics business, but given that Encore Compliance sits on a large database of Expert interviews to train its model, we’ll include it.
Expert Network chaperoning has grown along with hedge funds’ compliance needs when using Expert Networks. According to Genstar-backed ACA’s press release:
This acquisition enhances ACA’s Managed Services suite of people, processes, and technology, adding AI-enabled surveillance for expert network chaperoning and research calls to help asset managers and investment advisors comply with SEC, FCA, and ESMA regulations. Additionally, this technology can enable research teams to create their own expert libraries and identify potential risks in other voice communications subject to heightened regulatory oversight, aimed to strengthen overall compliance controls.
According to LinkedIn, Encore Compliance only has 4 employees - it would be fascinating to know the financial metrics of this deal.
July 23 - Applied Systems acquires underwriting Data & Analytics provider Planck for $300m.
Another AI deal, this time for Insurance Data & Analytics provider Planck. The companies did not disclose the value of the deal, but is estimated by Calcalist at around $300 million. Not bad for a 65-person organisation.
Planck had previously raised $73m from VCs including Team8, 3L Capital, Greenfield Partners, Viola Fintech, Arbor Ventures, Vintage Investment Partners, and Eight Roads.
Hellman & Friedman-backed Applied is acquiring Planck for its Data & Analytics tools which help clients to assess risk levels, promote underwriting processes, and increase premiums while reducing expenses.
July 23 - Disinformation-focused Media Monitoring provider Cyabra announced plans to list on NASDAQ through a combination with Trailblazer Merger Corporation, a SPAC. The transaction values Cyabra at a total enterprise value of $70m at signing. Upon the closing of the transaction, which is expected by the end of Q4 2024, the combined company will operate as Cyabra.
We looked at another focused Media Monitoring provider in Dataminr last month:
While Dataminr monitors for critical events likely to cause problems for business operations, Cyabra focuses on helping their customers identify and protect against narrative attacks created by misinformation and disinformation.
Cyabra had previously raised $7.6m from investors including OurCrowd, Founders Fund, Harpoon Ventures, Alabaster, Accomplice, Red Shepherd Ventures, Summus Z, TAU Ventures and Capital Y Management.
Trailblazer had been looking for an acquisition opportunity since November 2021.
July 23 - Harvey raises $100m Series C from Google Ventures, OpenAI, Kleiner Perkins, Sequoia Capital, Elad Gil, and SV Angel, valuing Harvey at $1.5bn.
The metrics here are eye-catching. Two-year-old AI-driven Legal Data & Analytics provider Harvey is valued at $1.5bn.
We’re going to publish a more detailed piece on Harvey later this week but, for now, take in those numbers!
July 23 - Informa nears deal to buy Cannes Lions owner Ascential for more than £1.1bn.
Not Data & Analytics, so we’re not covering it in detail. But Ascential is of historical interest for the Data & Analytics business it once was, first as EMAP, then as Top Right Group, then as Ascential from 2015.
Along the way it has bought and sold many Data & Aanlytics assets including Media Business International, MEED, HSJ and WARC.
Ascential recently sold their remaining Data & Analytics assets - WGSN to Apax and Flywheel Digital to Omnicom - for £1.4bn. And now the events rump will be merged into Informa.
So long, farewell, and thanks for all the Data!
July 22 - Accela acquires OpenCounter to transform permitting and licensing experience.
Berkshire Partners and Francisco Partners-backed Accela provides cloud solutions for the public sector in the US. OpenCounter’s Data & Analytics-driven workflow solutions enable businesses and consumers to know what forms they need to complete in order to stay compliant with government regulations.
Pretty dry stuff, but highly valuable in an age of growing government regulation of our day-to-day lives.
OpenCounter was sold by Euna Solutions (formerly GTY Technology), a GI Partners-backed business.