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| {{short description|Private financial information company headquartered in Raleigh, North Carolina}} | |||
| {{Infobox company | {{Infobox company | ||
| | name = Sageworks | | name = Sageworks | ||
| | logo = |
| logo = Sageworks-logo.png | ||
| | foundation = 1998 | | foundation = 1998 | ||
| | founders = Brian Hamilton |
| founders = {{unbulleted list|]|Sarah Tourville}} | ||
| | location = ], |
| location = ], United States | ||
| | key_people = |
| key_people = Scott Ogle, CEO | ||
| | industry = Computer |
| industry = {{unbulleted list|]|]}} | ||
| | homepage = {{URL|https://www.sageworks.com/}} | | homepage = {{URL|https://www.sageworks.com/}} | ||
| }} | }} | ||
| '''Sageworks''' is a privately held company incorporated and headquartered in ]. The company collects financial analysis and data on private companies in the U.S. and makes it available for purchase through web based software. | |||
| '''Sageworks''' was a private financial information company headquartered in ]. Founded in 1998, Sageworks provides financial analysis and risk management software, in addition to creating products for commercial lenders. It collects financial information on the private sector by aggregating data from large accounting firms. The company also publishes "private company indicator" reports, which analyze activity and profitability in certain market segments. The firm is a private business<ref name="Bloomberg-Profile">{{cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=7702023|title=Company Overview of Sageworks, Inc.|publisher=]|accessdate=25 August 2017}}</ref> key executives include co-founder and chairman Brian Hamilton and CEO Scott Ogle.<ref name="Bloomberg-Profile" /> | |||
| == Corporate history == | |||
| The company was founded in 1998 by Sarah Tourville and Brian Hamilton, the company's current chairman.<ref> FORTUNE Small Business.</ref> Hamilton and Tourville started the company in a business incubator in ], ].{{CN|date=March 2015}} Its second location was subsequently opened in ].<ref> Crain's New York</ref> Scott Ogle was named chief executive officer in 2013.<ref> Triangle Biz Journal.</ref> | |||
| == |
== History == | ||
| Sageworks was founded in Raleigh, North Carolina in 1998 by ] ] and ] Sarah Tourville.<ref>{{cite news|url=https://money.cnn.com/magazines/fsb/fsb_archive/2006/05/01/8376226/index.htm |newspaper=FORTUNE Small Business|title=Bolt down those costs|first=Ron|last=Stodghill|date=June 14, 2006|accessdate=March 16, 2015}}</ref><ref name="NCbiz">{{Cite news|title=Out on your own|first=David|last=Bailey|url=http://businessnc.com/out-on-your-owncategory/ |newspaper=North Carolina Business|accessdate=April 7, 2015|date=November 2011}}</ref> The two met while Hamilton was teaching at ] Continuing Studies in the early 1990s. Tourville, one of Hamilton's students, said she could program a financial analysis system after Hamilton said that no one has come up with a way to automate certain analyses.<ref name=Rhee11>{{cite web |url=http://www.dukegen.com/profiles/interview-with-brian-hamilton-90 |title=Interview with Brian Hamilton '90, Co-founder and CEO of Sageworks |author=Howie Rhee |date=13 September 2011 |publisher=DukeGEN |accessdate=24 August 2017}}</ref> In the late 1990s Hamilton and Tourville spent two years developing software for what was to be known as Sageworks' Financial Information into Narrative Data (FIND), the technology behind its ProfitCents product.<ref name="NCbiz"/> Initially the firm struggled to properly market its tools in the early 2000s.<ref name="NCbiz"/> ] and ] were both early adopters.<ref name="NCbiz"/> | |||
| ⚫ | Sageworks |
||
| Sageworks has collected financial data since financial statement year 2001. By 2014, it included 2001-2011 data from nearly 240,000 private firms, including three or more consecutive years of financial data for each of 99,040.<ref name=corpinv>{{cite journal|last1=Asker |first1= John |first2=Joan |last2=Farre-Menser |first3=Alexander |last3=Ljungqvist |title=Corporate Investment and Stock Market Listing: A Puzzle? |date=October 20, 2014 |accessdate=March 19, 2015 |journal=Review of Financial Studies (Forthcoming) |url=http://exceptionalgrowth.org/insights/Shorttermism141024.pdf }} (full paper available in pre-publication form)</ref>{{rp|8}} It provides financial performance data on private companies based on their income statements and balance sheets.{{refn|group=notes|Statement of cash flow data, financial statements' footnote data, and CEO ownership and most other ownership data are not available in Sageworks.<ref name=whatdo>{{cite web |first1=John |last1=Asker |first2=Joan |last2=Farre-Mensa |first3=Alexander |last3=Ljungqvist |date=28 March 2011 |title=What Do Private Firms Look like? Data Appendix |ssrn=1659926 |url=https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1659926 |access-date=23 July 2023}} (a 34-page paper labelled as a "Data Appendix", which supports the authors' other papers using the Sageworks data: Abstract available with full paper also freely downloadable)</ref>{{rp|1,6,15–17}}}} The data is provided by large accounting firms that work with private companies, then anonymized by labeling each company with a unique identifier number.{{refn|group=notes|The accounting firms participating "input data for all their corporate clients directly into Sageworks’ database in an anonymous fashion."<ref name=whatdo/>{{rp|1}}}} Commercial users are given access to aggregated data by industry and region and not the financials of individual companies.<ref name="corpinv" /> Its data tends to comprise figures from large private firms; as of 2014, it contained data on almost 240,000 private companies.<ref name="corpinv" />{{rp|9}} This compares to Sageworks' multi-year data from 2001 to 2011 of 4,360 public U.S. firms.{{refn|group=notes |As derived by Asker et al. from ] and ] databases, after certain exclusions including removal of all financial firms and regulated utilities.<ref name=corpinv/>{{rp|8}} }}Commercial users are given access to aggregated data by industry and region and not the financials of individual companies.<ref name="corpinv" /> Its data tends to comprise figures from large private firms; as of 2014, it contained data on almost 240,000 private companies.<ref name="corpinv" />{{rp|9}} | |||
| According to <ref></ref>, Sageworks does not obtain data from the business data owners because it could raise selection concerns. Instead, it collects the data from professional advisers of these firms, such as accountants. | |||
| In January 2004, the company announced a deal to license to ] its ProfitCents public product, which turns ] data from public companies into ] text reports.<ref name=Lanza04>{{cite news |title=Sageworks licenses its ProfitCents public technology to LexisNexis |last1=Lanza |first1=Sheri R. |url=http://newsbreaks.infotoday.com/NewsBreaks/Sageworks-Licenses-Its-ProfitCents-Public-Technology-to-LexisNexis-16529.asp |newspaper=Information Today |date=26 January 2004 |accessdate=24 August 2017}}</ref> | |||
| Sageworks Terms of Use <ref>Terms of Use</ref> state that it reserves the right to use and sell customer provided data as it sees fit. The Terms of Use also include an indemnity clause seeking to shield Sageworks from responsibility in the event of legal action arising out of Sageworks use and sale of private business data. | |||
| In 2013, Scott Ogle became ].<ref name=biz2012>{{cite news|url=http://www.bizjournals.com/triangle/blog/2012/12/scott-ogle-named-sageworks-ceo.html |newspaper=Triangle Biz Journal |accessdate=March 15, 2015 |title=Scott Ogle named Sageworks CEO |date=December 27, 2012 |first=Lee|last=Weisbecker }}</ref> | |||
| In 2014, Sageworks launched its LoanSage product, a platform for small business owners to get loans of up to $2 million in one day.<ref name=Follari14>{{cite news|url=http://www.crainsnewyork.com/article/20140925/TECHNOLOGY/140929923/manhattan-fin-tech-incubator-unveiled |newspaper=Crain's New York|accessdate=March 15, 2015|title=Manhattan fin-tech incubator unveiled|first=Gemma|last=Follari|date=September 25, 2014}}</ref> That same year, the company unveiled Sageworks Bank Information, a cloud-based platform providing data on banks and credit unions with data of 6,000 U.S. banks and 7,000 credit unions.<ref name="Dymi14">{{cite news|url=https://www.americanbanker.com/news/sageworks-launches-bank-performance-database|title=Sageworks launches bank performance database|last1=Dymi|first1=Amilda|date=17 July 2014|newspaper=American Banker|accessdate=24 August 2017}}</ref> The same year it launched its ] platform, a suite of financial analysis tools for financial executives with financial analysis, ], ], and industry data,<ref name=O'Bannon14>{{cite news |title=Online CFO platform helps businesses manage finances |last1=O'Bannon |first1=Isaac |url=http://www.cpapracticeadvisor.com/news/12020208/online-cfo-platform-helps-businesses-manage-finances |newspaper=CPA Practice Advisor |date=18 November 2014 |accessdate=24 August 2017}}</ref> and Sageworks Bank Information, a cloud-based platform with bank and credit union data.<ref name="Dymi14" /> | |||
| In November 2016, the company launched a platform that helps lenders provide financing for small and medium-sized businesses.<ref name=PYMNTS16>{{cite news |title=Sageworks offers lenders a door to SMEs |url=http://www.pymnts.com/news/b2b-payments/2016/sageworks-sme-small-business-loan-finance-platform-banks-financial-institution-origination-data-management/ |newspaper=PYMNTS |date=15 November 2016 |accessdate=24 August 2017}}</ref> In June 2017, it released its CashSage product, for analyzing cash flow.<ref name="Arrowsmith17">{{cite news |title=Sageworks releases cash flow analysis tool |last1=Arrowsmith |first1=Ranica |url=https://www.accountingtoday.com/news/sageworks-releases-cash-flow-analysis-tool |newspaper=Accounting Today |date=29 June 2017 |accessdate=24 August 2017}}</ref> | |||
| In 2018, Banker's Toolbox acquired Sageworks and relaunched a combined product under the name Abrigo. | |||
| ==Uses== | |||
| Sageworks' data has been used by academics to analyze economics using data from private companies, where traditionally only a very small data-set of about 4,000 public companies that publicly reported their data was available.<ref name="corpinv" />{{rp|8}} According to a paper from researchers with ] and Harvard Business School, Sageworks' data is especially useful, because it is free of ] and other selection biases.<ref name="whatdo" />{{rp|1}} | |||
| ⚫ | Sageworks also uses data to create the "Sageworks Private Company Indicator", which shows private-company sales growth and profit margins.<ref>{{cite news|title=Sageworks Private Company Data|url=http://www.foxbusiness.com/politics/sageworks-private-company-data |publisher=]|accessdate=March 15, 2015}}</ref><ref name="AW12">{{cite web |url=https://www.accountingweb.com/technology/trends/private-companies-growing-sales-growth-slowing |title=Private companies growing; sales growth slowing |date=9 October 2012 |publisher=Accountingweb.com |accessdate=25 August 2017}}</ref> The firm also occasionally issues aggregate information about average profitability of private firms in various industries.<ref name="chitrib">{{cite news|url=http://www.chicagotribune.com/2014/08/06/accounting-is-most-profitable-industry-study-shows/ |newspaper=]|title=Accounting is most profitable industry, study shows|first=Becky|last=Yerak|date=August 6, 2014}}</ref><ref name="wsj2011">{{cite news|url=https://blogs.wsj.com/economics/2011/08/23/private-companies-see-record-profits/?KEYWORDS=sageworks |title=Private Companies See Record Profits |publisher=The Wall St Journal |date=August 23, 2011|first=Conor|last=Dougherty}}</ref> | ||
| == Acquisition == | |||
| In 2018,<ref>{{Cite news |last=Gronberg |first=Ray |date=19 May 2018 |title=Private equity firm acquires Sageworks |volume=130 |page=A6 |work=] |publisher=McClatchy |issue=83 |department=Business |location=Raleigh, North Carolina |url=https://www.newspapers.com/article/the-herald-sun-private-equity-firm-acqui/128743945/|access-date=23 July 2023 |via=Newspapers.com}}</ref> Accel-KKR acquired Sageworks for an undisclosed amount and became part of the Banker's Toolbox suite of products.<ref>{{Cite web|url=https://www.americanbanker.com/news/private-equity-firm-acquires-financial-software-provider|title=Private equity firm acquires financial software provider|website=www.americanbanker.com|date=21 May 2018 }}</ref> In 2019, Banker's Toolbox sunset the Sageworks brand and re-branded themselves as Abrigo.<ref>{{Cite web|url=https://www.accountingtoday.com/news/sageworks-becomes-abrigo|title=Sageworks becomes Abrigo|website=Accounting Today|date=17 January 2019 |language=en|access-date=2019-05-22}}</ref> | |||
| ==Inmates to Entrepreneurs== | |||
| Sageworks and its co-founder, Hamilton, started a program called in 2008.<ref name="NCbiz"/> The program encourages prison inmates to start their own business.<ref name="NCbiz"/> The program is based on Hamilton's small business seminar, focusing on marketing, sales, customer service, accounting, finance and staffing.<ref name="NCbiz"/> Participants make informal business plans and are paired with mentors.<ref name="NCbiz"/> | |||
| ==Notes== | |||
| {{reflist|group=notes}} | |||
| ==References== | ==References== | ||
| Line 26: | Line 48: | ||
| ==External links== | ==External links== | ||
| * | * | ||
| * http://www.bizjournals.com/profiles/company/us/nc/raleigh/sageworks_inc/1603160 | |||
| ] | ] | ||
| ] | ] | ||
| ] | ] | ||
Latest revision as of 14:51, 20 September 2024
Private financial information company headquartered in Raleigh, North Carolina | |
| Industry | |
|---|---|
| Founded | 1998 |
| Founders |
|
| Headquarters | Raleigh, North Carolina, United States |
| Key people | Scott Ogle, CEO |
| Website | www |
Sageworks was a private financial information company headquartered in Raleigh, North Carolina. Founded in 1998, Sageworks provides financial analysis and risk management software, in addition to creating products for commercial lenders. It collects financial information on the private sector by aggregating data from large accounting firms. The company also publishes "private company indicator" reports, which analyze activity and profitability in certain market segments. The firm is a private business key executives include co-founder and chairman Brian Hamilton and CEO Scott Ogle.
History
Sageworks was founded in Raleigh, North Carolina in 1998 by serial entrepreneur Brian Hamilton and computer programmer Sarah Tourville. The two met while Hamilton was teaching at Duke University Continuing Studies in the early 1990s. Tourville, one of Hamilton's students, said she could program a financial analysis system after Hamilton said that no one has come up with a way to automate certain analyses. In the late 1990s Hamilton and Tourville spent two years developing software for what was to be known as Sageworks' Financial Information into Narrative Data (FIND), the technology behind its ProfitCents product. Initially the firm struggled to properly market its tools in the early 2000s. CitiBank and Intuit were both early adopters.
Sageworks has collected financial data since financial statement year 2001. By 2014, it included 2001-2011 data from nearly 240,000 private firms, including three or more consecutive years of financial data for each of 99,040. It provides financial performance data on private companies based on their income statements and balance sheets. The data is provided by large accounting firms that work with private companies, then anonymized by labeling each company with a unique identifier number. Commercial users are given access to aggregated data by industry and region and not the financials of individual companies. Its data tends to comprise figures from large private firms; as of 2014, it contained data on almost 240,000 private companies. This compares to Sageworks' multi-year data from 2001 to 2011 of 4,360 public U.S. firms.Commercial users are given access to aggregated data by industry and region and not the financials of individual companies. Its data tends to comprise figures from large private firms; as of 2014, it contained data on almost 240,000 private companies.
In January 2004, the company announced a deal to license to LexisNexis its ProfitCents public product, which turns U.S. Securities and Exchange Commission data from public companies into plain-English text reports.
In 2013, Scott Ogle became chief executive officer.
In 2014, Sageworks launched its LoanSage product, a platform for small business owners to get loans of up to $2 million in one day. That same year, the company unveiled Sageworks Bank Information, a cloud-based platform providing data on banks and credit unions with data of 6,000 U.S. banks and 7,000 credit unions. The same year it launched its CFO platform, a suite of financial analysis tools for financial executives with financial analysis, benchmarking, valuation, and industry data, and Sageworks Bank Information, a cloud-based platform with bank and credit union data.
In November 2016, the company launched a platform that helps lenders provide financing for small and medium-sized businesses. In June 2017, it released its CashSage product, for analyzing cash flow.
In 2018, Banker's Toolbox acquired Sageworks and relaunched a combined product under the name Abrigo.
Uses
Sageworks' data has been used by academics to analyze economics using data from private companies, where traditionally only a very small data-set of about 4,000 public companies that publicly reported their data was available. According to a paper from researchers with New York University and Harvard Business School, Sageworks' data is especially useful, because it is free of survivor bias and other selection biases.
Sageworks also uses data to create the "Sageworks Private Company Indicator", which shows private-company sales growth and profit margins. The firm also occasionally issues aggregate information about average profitability of private firms in various industries.
Acquisition
In 2018, Accel-KKR acquired Sageworks for an undisclosed amount and became part of the Banker's Toolbox suite of products. In 2019, Banker's Toolbox sunset the Sageworks brand and re-branded themselves as Abrigo.
Inmates to Entrepreneurs
Sageworks and its co-founder, Hamilton, started a program called Inmates to Entrepreneurs in 2008. The program encourages prison inmates to start their own business. The program is based on Hamilton's small business seminar, focusing on marketing, sales, customer service, accounting, finance and staffing. Participants make informal business plans and are paired with mentors.
Notes
- Statement of cash flow data, financial statements' footnote data, and CEO ownership and most other ownership data are not available in Sageworks.
- The accounting firms participating "input data for all their corporate clients directly into Sageworks’ database in an anonymous fashion."
- As derived by Asker et al. from Compustat and CRSP databases, after certain exclusions including removal of all financial firms and regulated utilities.
References
- ^ "Company Overview of Sageworks, Inc". Bloomberg LP. Retrieved 25 August 2017.
- Stodghill, Ron (June 14, 2006). "Bolt down those costs". FORTUNE Small Business. Retrieved March 16, 2015.
- ^ Bailey, David (November 2011). "Out on your own". North Carolina Business. Retrieved April 7, 2015.
- Howie Rhee (13 September 2011). "Interview with Brian Hamilton '90, Co-founder and CEO of Sageworks". DukeGEN. Retrieved 24 August 2017.
- ^ Asker, John; Farre-Menser, Joan; Ljungqvist, Alexander (October 20, 2014). "Corporate Investment and Stock Market Listing: A Puzzle?" (PDF). Review of Financial Studies (Forthcoming). Retrieved March 19, 2015. (full paper available in pre-publication form)
- ^ Asker, John; Farre-Mensa, Joan; Ljungqvist, Alexander (28 March 2011). "What Do Private Firms Look like? Data Appendix". SSRN 1659926. Retrieved 23 July 2023. (a 34-page paper labelled as a "Data Appendix", which supports the authors' other papers using the Sageworks data: Abstract available here at SSRN.com with full paper also freely downloadable)
- Lanza, Sheri R. (26 January 2004). "Sageworks licenses its ProfitCents public technology to LexisNexis". Information Today. Retrieved 24 August 2017.
- Weisbecker, Lee (December 27, 2012). "Scott Ogle named Sageworks CEO". Triangle Biz Journal. Retrieved March 15, 2015.
- Follari, Gemma (September 25, 2014). "Manhattan fin-tech incubator unveiled". Crain's New York. Retrieved March 15, 2015.
- ^ Dymi, Amilda (17 July 2014). "Sageworks launches bank performance database". American Banker. Retrieved 24 August 2017.
- O'Bannon, Isaac (18 November 2014). "Online CFO platform helps businesses manage finances". CPA Practice Advisor. Retrieved 24 August 2017.
- "Sageworks offers lenders a door to SMEs". PYMNTS. 15 November 2016. Retrieved 24 August 2017.
- Arrowsmith, Ranica (29 June 2017). "Sageworks releases cash flow analysis tool". Accounting Today. Retrieved 24 August 2017.
- "Sageworks Private Company Data". Fox Business. Retrieved March 15, 2015.
- "Private companies growing; sales growth slowing". Accountingweb.com. 9 October 2012. Retrieved 25 August 2017.
- Yerak, Becky (August 6, 2014). "Accounting is most profitable industry, study shows". Chicago Tribune.
- Dougherty, Conor (August 23, 2011). "Private Companies See Record Profits". The Wall St Journal.
- Gronberg, Ray (19 May 2018). "Private equity firm acquires Sageworks". Business. The Herald-Sun. Vol. 130, no. 83. Raleigh, North Carolina: McClatchy. p. A6. Retrieved 23 July 2023 – via Newspapers.com.
- "Private equity firm acquires financial software provider". www.americanbanker.com. 21 May 2018.
- "Sageworks becomes Abrigo". Accounting Today. 17 January 2019. Retrieved 2019-05-22.