Analysis of five Data & Analytics M&A and fundraising deals - May 7-13, 2024
TL;DR - Track the deals, understand the sector
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May 8 - Genomenon, a genomic intelligence company announced its acquisition of the Clinical Knowledgebase (CKB) from The Jackson Laboratory (JAX). CKB is a curated variant database used for interpreting complex cancer genomic profiles by some of the world’s premier oncology labs. This strategic acquisition enables Genomenon to provide an unprecedented understanding of the genome, with insights now covering both germline and somatic variants, furthering its lead in the race to curate the genome. Financial terms of the acquisition were not disclosed.
We’ve overdue a post on a company in Pharmaceutical Data & Analytics. Maybe it should be VC-backed Genomenon, who are aggregating large amounts of genomic data for their oncology-focused AI to parse. The acquisition of the Clinical Knowledgebase from JAX is part of that strategy. Genomenon raised $20m in Series B financing in March 2022, and also acquired Boston Genomics in June 2023.
May 8 - CUBE, a provider of Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), announced its acquisition of Reg-Room, LLC, a regulatory intelligence provider serving the financial services industry.
Fresh from its March funding round from Hg, Cube has acquired one of the stalwarts of the Regulatory Data & Analytics space. This isn’t Cube’s first acquisition - they also added scale through buying The Hub last year. More to come under Hg’s stewardship.
Well done to my ex-colleagues in the Solomon Partners Technology team who represented Reg-Room.
May 7 - Corlytics, a provider of regulatory intelligence, content and automated policy compliance acquired a digital RegTech platform from Deloitte UK.
We covered Corlytics’ majority investment from Verdane on April 10 this year.
At the time we noted that “Corlytics made two acquisitions last year - ING SparQ in January and Clausematch in July - and more seem likely to follow.”
Well, it didn’t take them long to announce the next one!
We know very little about the Deloitte regtech platform - but it’s safe to assume it brings customers, data and some tech.
Very interesting to note CUBE and Corlytics’ acquisitions side by side. We can expect to see these two businesses compete for market share over the coming years. And, perhaps, at some point a coming together?
May 7 - Daloopa, the fundamental and historical data provider, announced that it closed its $18m Series B round led by Touring Capital with participation from Morgan Stanley and existing investor, Nexus Venture Partners.
When we saw this we thought of Tegus’s acquisition in August 2022 of Canalyst, a provider of financial models, a deal estimated at USD300m.
Touring Capital include the following detail about Daloopa in their investment rationale announcement:
Despite the scale and maturity of the $10 trillion+ alternative investment industry, many day-to-day workflows remain manual and time consuming. Financial analysts across hedge funds, private equity funds, investment banks, and mutual funds spend hours manually extracting, inputting, and auditing data in financial models. These hours are uncorrelated with business outcomes and distract from financial analysts’ core function of investing.
At its core, Daloopa is a data company. Daloopa has built the industry’s most robust and accurate database of metrics for public companies. Daloopa’s AI-powered extraction engine and modeling copilot enables analysts to update models with unparalleled speed and accuracy, massively boosting productivity and providing an edge in the markets. The customer love Daloopa receives in the industry is a testament to the clear value the company drives. Today, Daloopa is used across the world’s leading hedge funds, private equity firms, and investment banks.
Dataloopa will not be independent for long. It will be too attractive to the large Financial Data & Analytics providers selling into banks. Perhaps AlphaSense will acquire Daloopa in their tit-for-tat battle with Tegus, adding functionality ahead of an IPO.
May 7 - Apple cofounder Steve Wozniak's space data startup, Privateer, raised $56.5m and also acquired the analytics firm Orbital Insight, a merger that will add mapping and intelligence services to Privateer's space data offerings.
This is an odd one.
Privateer is on a mission to sell space situational awareness solutions to satellite companies. That’s to say, data to help their satellites from being damaged by space junk.
Orbital is focused on selling earth observation data for more conventional uses, such as supply chain monitoring and real estate due diligence.
We can only assume that Privateer have realised that they are about 10 years too early to market and are trying to make some other revenue in the meantime…
The Privateer website is worth a visit - unconventional to say the least. They seem to be more interested in promoting their sponsorship by watchmaker Omega than their actual services. Here’s Woz in a spacesuit flexing his Omega…
