ApexMake vs Tegus
Tegus solved the waiting problem by archiving other people's expert calls. ApexMake solves it by making the experts themselves queryable.
- Corpus: 260,000+ archived transcripts, against live expert knowledge
- Questions: whoever commissioned the call, against the one you actually have
- Follow-ups: impossible against a transcript, instant against the network
The short answer
- Tegus pioneered the transcript-library model. Instead of booking a call you search a back-catalogue of expert interviews other investors commissioned. The library now runs past 260,000 transcripts covering roughly 25,000 to 29,000 public and private companies.
- AlphaSense acquired Tegus for $930M, announced in June 2024 and closed a month later. It now operates as the Tegus Expert Transcript Library inside the AlphaSense platform.
- Every library has the same ceiling: it answers questions somebody else already asked. You cannot ask a transcript a follow-up, and coverage of a niche topic depends on whether an investor happened to commission that call.
- ApexMake interviews its experts directly with a proprietary AI agent and keeps the knowledge live, so an analyst asks their own question in plain language and gets a sourced answer in roughly six seconds, with follow-ups, the way a live call works. When the expert themselves is wanted, a call books directly, with their previous answers already in view.
- Tegus suits broad company-level coverage and cheap historical context. ApexMake suits questions specific enough that nobody else is likely to have asked them first.
Which should you use?
Tegus and ApexMake started from the same observation, that scheduling an expert call takes too long, and split on what to do about it. Tegus made the archive searchable, which is enormously useful for company-level context and for getting oriented in a sector you are new to. ApexMake made the experts themselves queryable, which is what you need once your question is specific enough that nobody has asked it before. A library gives you instant answers to past questions. ApexMake gives you an answer to yours.
What sets ApexMake apart
| Dimension | ||
|---|---|---|
| Core model | Live expert knowledge, AI-interviewed and continuously refreshed | Archive of expert calls previously commissioned by other investors |
| Whose question gets answered | Yours | Whoever commissioned the original call |
| Follow-up questions | Ask immediately in the same thread, as you would on a live call | Not possible against a transcript. You commission a new call. |
| Live expert calls | Included. Book the expert behind an answer in a couple of clicks. | Commissioned separately, with the scheduling delay the library was built to avoid |
| Freshness | Knowledge captured and updated continuously from people | Fixed at the date of the original interview |
| Time to answer | About 6 seconds to a synthesised, cited answer | Instant to find transcripts, then reading and synthesis is on you |
| Coverage shape | Deep on AI infrastructure, inference, training, 1,000+ software and infra products | Broad company-level coverage across roughly 25,000 to 29,000 companies |
| Synthesis | Synthesised across experts, with agreement and divergence shown | You read across transcripts yourself, with AlphaSense AI tools assisting |
| Attribution | Every claim cites the named expert behind it | Transcript-level attribution to an anonymised expert profile |
| Compliance record | MNPI screening plus a timestamped audit trail on every query | Content compliance-reviewed before publication to the library |
What Tegus is
- 2017, Chicago. Acquired by AlphaSense in 2024.
- Subscription access to a searchable library of investor-led expert call transcripts, plus the ability to commission new calls.
- More than 260,000 expert transcripts covering roughly 25,000 to 29,000 public and private companies.
- Acquired by AlphaSense for $930M, announced June 2024 and closed July 2024. AlphaSense raised $650M at a $4B valuation at the same time.
- Per-seat subscription to the library. Expert calls historically ran around $500 to $600 each, with prices reported to have risen materially after the acquisition. AlphaSense now advertises flat-fee 1:1 expert calls.
The library model and its ceiling
Tegus started from a good observation. Expert calls were being commissioned, transcribed, then thrown away. Pool them, and most investors' questions would already have been answered by somebody. Charge a subscription instead of a per-call fee, and research stops being rationed.
That worked. The library passed 260,000 transcripts covering 25,000 to 29,000 companies, and for company-level diligence it is a formidable place to start. Reading five transcripts about a target's competitive position beats booking five calls on both time and cost.
The ceiling is baked into the model, though. A library can only hold answers to questions somebody already thought to ask. The moment your question is narrower than the market average, a specific vendor's failure mode, a specific integration's real switching cost, how a particular silicon architecture behaves at production latency, the archive thins out exactly where your edge would have come from.
You cannot ask a transcript a follow-up
The most valuable ninety seconds of an expert call are usually the follow-up, when the analyst hears something unexpected and pushes. That exchange is where the non-obvious insight lives, and it exists only because a human was on the other end.
A transcript records somebody else's follow-ups. If the original analyst never thought to ask about the thing you care about, the document simply stops. Your options are to commission a new call, which reintroduces the days of delay the library was meant to remove, or to work with what is there.
ApexMake keeps the follow-up. The underlying knowledge is a live, structured representation of what each expert knows rather than a fixed document, so you can push on an answer, narrow it, ask for the counter-case, and get a response in seconds each time. The interaction is shaped like a call. The delay is shaped like a search.
Age of information
A transcript is a snapshot with a date on it. In slow-moving industrials that hardly matters. In AI infrastructure, where pricing, lead times, vendor relationships and architectural trade-offs shift quarter to quarter, an eighteen-month-old transcript can mislead you. Accurate when recorded, wrong now, and shaped like a fact either way.
ApexMake refreshes its network rather than archiving it. Knowledge gets captured from people on an ongoing basis, so what you query reflects the current state rather than the state when somebody happened to run an interview.
It is also why ApexMake answers show where experts diverge. Two experts disagreeing often signals that something changed between them, and that signal disappears when you are reading two transcripts recorded a year apart.
What the AlphaSense acquisition changed
AlphaSense bought Tegus for $930M in mid-2024, and Tegus now sits inside the AlphaSense platform as the Tegus Expert Transcript Library, alongside filings, broker research, financial models and AlphaSense's generative search and Deep Research agents.
For users that has been a real capability upgrade, since AI synthesis across transcripts beats reading them one at a time by a wide margin. It has also, by most public accounts, been a price increase. Per-call pricing that historically sat around $500 to $600 was reported to rise materially after the deal.
It also finished consolidating the library model into a broader document-intelligence platform. That platform is document-first by design and it is exceptional at reasoning over text that already exists. ApexMake is people-first: its corpus gets created by interviewing operators, which is how it answers questions that were never written down anywhere.
The two work well together
This comparison has no obvious loser. A library is the cheapest way to build baseline context on a company or sector, and most deal teams should have access to one.
The failure mode is treating the library as the whole research stack. Transcripts are strongest exactly where an edge is weakest, on the questions everybody thought to ask, and thinnest where the edge actually lives.
The natural split: use the archive to get oriented, use ApexMake for the specific, technical, current questions it cannot answer, and book the expert live for the handful that justify a call. On ApexMake that booking takes a couple of clicks, because the expert is pre-vetted and their previous answers are already in front of you.
Choosing between them
Tegus fits better when
- You need broad, company-level coverage across thousands of public and private names rather than depth in one technical domain.
- Your workflow already runs on AlphaSense and you want expert content in the same interface as filings, broker research and models.
- Historical context is what you are after, and how a market was described eighteen months ago is the actual question.
- Cost per unit of baseline context matters more to you than the ability to ask a specific new question.
ApexMake fits better when
- Your question is specific enough that nobody is likely to have commissioned a call about it.
- You need to ask follow-ups and pressure-test an answer rather than read somebody else's conversation.
- The topic moves fast enough that a transcript's date changes whether it is still true.
- You want a synthesised answer with citations, not a reading list.
- Compliance wants an auditable record of your firm's own queries and the answers returned.
- You sometimes want the person rather than the document, and you want that call bookable on the spot.
ApexMake vs Tegus, explained
Is Tegus still a separate product?
AlphaSense acquired Tegus in 2024 for $930M, and it now operates inside the AlphaSense platform as the Tegus Expert Transcript Library, alongside AlphaSense's document corpus and AI research agents.
How big is the Tegus transcript library?
Publicly reported figures put it above 260,000 expert call transcripts covering roughly 25,000 to 29,000 public and private companies, with several thousand added each month.
Why can't a transcript library answer my specific question?
A library holds answers to questions other investors already asked. If nobody commissioned a call on your specific vendor, integration or architectural trade-off, the archive has nothing on it, and you cannot ask a document a follow-up.
Does ApexMake have transcripts?
ApexMake's corpus comes from structured interviews its own AI agent conducts with vetted experts, and it is refreshed continuously rather than archived. What you query is the experts' knowledge, with citations back to the named expert, rather than a static document set.
Is ApexMake more expensive than a Tegus subscription?
They price differently and cover different jobs. A library subscription is priced for broad baseline coverage. ApexMake is priced as an always-on answer layer for technical questions in the sectors it covers deeply. Many teams run both, using the library to get oriented and ApexMake for the questions it cannot answer.
Sources
Figures describing Tegus are drawn from the company’s own published materials and third-party reporting, and were accurate as of the date of publication. Product and pricing details change; verify with the provider before making a purchasing decision.