Triton is an intelligence platform
helping investors understand
the private companies that
are inventing the future.
The most compelling companies
stay private longer than ever
There are no sources for
comparable operating data
· Companies “report”
in non-standard ways
· No clearinghouse
to capture all the data
· No arbiter to impose
standardization and comparability
Even sophisticated investors
struggle to value these companies
of disparate sources . . .
. . . for publicly-available
operating metrics . . .
. . . to derive the financials
investors really need
Private feeds from proprietary partnerships
Re-purposed data feeds from
a full spectrum of vendors
Passive, persistent API captures
Metrics extraction from news feeds
Web sniff, scrape, & crawl
Structuring un-structured data
Freedom of Information requests
For private companies
. . . and many more
Our products cover the full spectrum of deal sourcing and analysis:
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TRITON USE CASES
If you work at a . . .
LARGE V.C. FUND
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ASSESSMENT OF TECH IPOs
TRANSACTION DUE DILIGENCE
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TRITON IN THE MEDIA
Our analysis is frequently sought by media outlets looking for insight into companies and markets.
VIEW PRESS / NEWS / PERSPECTIVES ARCHIVE
RECENT PRESS HIGHLIGHTS
UNICORNS FACE A TOUGH ROAD TO WALL ST.
With a pileup of tech companies in the private funding market and public deals losing value, what will become of all the unicorns?
IS SQUARE A TECH COMPANY OR A PAYMENTS COMPANY?
Triton Research Partner Kaylan Tildsley discusses Square’s IPO and valuation on “Bloomberg Markets.”
Are Central Banks Killing the IPO Market?
Rett Wallace, CEO at Triton Research, discusses the state of the IPO market and public vs. private funding of companies on “Bloomberg Surveillance.”
SILICON VALLEY: INSIDE THE WINNERS’ CIRCLE
“The infrastructure on which our public markets are built is all from the 1930s, and the patches on top of that operating system have led to a situation where companies do not want to be public,” says Rett Wallace, founder of Triton Research, a private company research firm.
HOW THE ‘MILLISECOND MARKET’ CAN DETER TECH IPOs
Rett Wallace, co-founder of Triton Research, which focuses on IPOs, says the malaise of newly minted public tech companies should make executives ask: “Does it make sense for companies with a long-term thesis to be exposed to a millisecond market?”
He points to Castlight Health, which provides software to help companies manage spending on employee healthcare. Its stock surged from $16 to $39.80 on the first day of trading in March last year and is now 85 per cent lower.
Low Frequency Disclosure
Now that the initial furor over Michael Lewis’s Flash Boys has subsided, the commentariat seems to have missed the most significant and troubling systemic malfunction the book reveals.
Curiously absent is any notion that manipulative stock trades are related to anything the companies attached to those stocks actually do. Nowhere in the book is a relationship between a company’s stock price and its operating fundamentals even suggested.
TECH STOCKS: SIZING UP THE NEW BUBBLE
Rett Wallace, founder of Triton Research, thinks IPOs are likely to be even worse bets in coming years. “That’s because much of the growth has been claimed. The formative years of a company’s life have been captured by venture capitalists and a handful of investors willing to brave the opacity of the private market for outsize returns,” Wallace says. “Airbnb is America’s largest hotel company. It’s still private.”
SIZING UP BILL GURLEY’S “BUBBLE” AND THE END OF THE IPO
Bill Gurley is one of the best and most prominent venture capitalists in the U.S. right now. And let’s be honest, the current tech valuation climate has been very kind to him. So when he blogs about the “b word” (bubble) and follows it up with a media tour, no wonder serious people pay attention. Interestingly, in the intervening two weeks the market has made him look like a genius, while totally disregarding his warnings.
HOW’S THIS GOING TO END?
PRIVATE MARKET FUNDRAISING IS 31x
BIGGER THAN PUBLIC MARKET
The U.S. market is showing severe signs of IPO constipation. There are 104 companies currently on our Triton Research IPO Watchlist, including all of the “unicorns” that continue to attract investor interest the private market. But U.S. tech companies have overwhelmingly opted to avoid IPOs, raising money privately instead. And the lack of IPO filings indicates it will stay that way in the near term.
ETSY’S IPO IS A DIRECT CHALLENGE TO WALL STREET’S BELIEFS
Etsy’s initial public offering is about to question Wall Street’s conscience: Will investors embrace a company that wants to do good while it does well?
“It’s like a beautiful test in a way to see if it’s possible to have a mission beyond money,” said Rett Wallace, chief executive officer of Triton Research. “You see these situations all the time where even when management is doing their best to take every penny off the table—regardless of what it does to the widows and orphans—you often see fund managers saying, ‘You’re not doing enough to make money.'”
TECH ‘UNICORNS’ OPT FOR DUAL SHARE LISTINGS
There is not the slightest suggestion that anything is wrong with this in Silicon Valley. Instead, the reverse is true: the disaster of turfing Steve Jobs out of Apple in 1985 has lent moral authority to structures that protect founders. As Rett Wallace, co-founder of Triton Research, points out, the lengthier private lifespan of tech companies, with serial funding rounds, is also making them accustomed to having investors who each have different classes of stock. “Every venture-backed founder walking around in the world right now has those complex economics and complex voting rights,” he says.
FOR IPOs, EARNING A PROFIT MATTERS AGAIN
Investors in initial public offerings are taking a fresh look at companies coming to market and asking a new question: Can they make it through a tough stretch?
Concerns about the economy and jitters in credit markets are prompting skepticism about issuers that aren’t very profitable or are carrying heavy debt loads.
“It’s very reasonable for investors in this environment to ask what magic will make a loss-making company more profitable when it’s larger,” said Rett Wallace, chief executive of Triton Research LLC, which analyzes pre-IPO companies.
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Before joining Triton, Kate Andres had 15 years of experience in Project and IT management from Hampton Management, IBM, and Lippincott, Williams & Wilkins.
She holds a BA in English Literature from Fairfield University.
Sam Rounds was created in a laboratory to do private company research. In his spare time Sam breeds Yorkshire terriers and collects antique New England whaling memorabilia.
He holds a BA in the social consequences of new media technology from New York University.
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Explorador Capital Management
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