Companies Transacting in User Data

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Companies Transacting in User Data

Five companies that transact in user data and are similar to Cambridge Analytica are Mu Sigma, Quid, Civis Analytics, Tamr, and Unacast.

I. Mu Sigma

  • According to Crunchbase, Mu Sigma raised about $211.4 million from seven funding rounds spanning from January 2006 to March 2016.
  • According to Forbes, Mu Sigma's valuation was about $900 million after the 2016 investment activities. Therefore, Mu Sigma's post-money valuation would be about $900 million as of 2016.

II. Quid

  • According to Crunchbase, Quid raised about $108.2 million from six funding rounds spanning from September 2006 to October 2018.
  • According to PitchBook, Quid's pre-money valuation before the latest funding round in 2018 was about $134 million.

III. Civis Analytics

IV. Tamr

V. Unacast

  • According to Crunchbase, Unacast raised about $24.1 million from two funding rounds spanning from April 2015 to February 2018.
  • According to Dealroom, Unacast's valuation was between SEK568 million and SEK852 million as of February 2018, which would be about the same time that the company raised its last funding. Therefore, Unacast's post-money valuation would be between $57.4 million and $86.1 million when converted using as currency converter.

RESEARCH STRATEGY

The research team began by searching for the valuation multiples for the companies identified in the previous request, i.e., Quid, Civis Analytics, and Unacast. We started by searching through each company's official website for any information on the subject. However, all three are privately-held companies and do not provide information on their financials.

Our second strategy was to leverage through financial media resources including CNBC, Forbes, the WSJ, and Bloomberg, as well as general media resources such as the New York Times and the Washington Post. We found a report by CNBC that provides the Quid's valuation figures obtained from PitchBook, a company profiling resource that provides analytics on private companies and markets. CNBC updated the information in March 2018, barely months before Quid's latest funding round in October 2018. Thus, the research team concluded that this would be the pre-money valuation for the company before the funding round. Our attempts at finding the post-money valuation after the 2018 funding round was fruitless since Quid declined to reveal any valuation information, according to Bloomberg. While our second strategy produced reports on the funding activities for the other two companies, there were no further insights into their valuation multiples.

Third, the review team searched through company profiling and analytics sites including PitchBook and Crunchbase. We also leveraged sites that provide information on startups including Startup Map as well as platforms that provide data and analytics on funding rounds and other related M&A transactions such as Dealroom. From this strategy, we managed to find the valuation ranges/estimates for Civis Analytics and Unacast from Crunchbase, Dealroom, and Startup Map. However, these resources require a subscription to access the exact valuation.

The research team then decided to take another approach and look for additional companies in the hope that we could find readily available information on their valuation multiples. From the same Built In report that the first three companies were sourced, we managed to identify several other companies that transact in user data and are similar to Cambridge Analytica. We used the aforementioned strategies to determine their valuation multiples. From Forbes, we found information on the valuation of a company named Mu Sigma (which we had determined to be similar to Cambridge Analytica) and we used that to provide estimates of its valuation multiples. Unfortunately, we could not find the valuation information for most companies and there were only estimates/ranges for the rest. Therefore, the research team has provided a range of the post-money valuation for Unacast and Civis Analytics as well as for Tamr, an additional company that fits the research criteria. Notably, we chose to produce Dealroom-sourced estimates over Crunchbase's because the former offers a narrower scope.
Sources
Sources