A Secret War Ends in the Data World

The alternative data world has witnessed the end of a high-profile legal battle between two major players, Yipit and M Science. After months of litigation, the companies have decided to settle their dispute, though the details of their agreement remain confidential.

The Beginning of the Feud

The conflict began when Yipit, a provider of credit card transaction data to hedge funds, accused two former employees of taking confidential information to M Science. The stolen data allegedly included client details and plans for a new dataset focused on Apple.

Yipit expanded its lawsuit to include M Science and its executives, claiming they encouraged the ex-employees to take the secrets. M Science retaliated with a counter-suit, accusing a Yipit employee of accessing their data using an old login.

Industry Reaction

The legal battle exposed tensions within the alternative data sector, an industry known for its secrecy and close-knit relationships. Firms were concerned about how their discreet clients would react to the public drama.

Don D'Amico, CEO of Glacier Network, stated that the industry is relieved the spotlight has shifted away from these companies and their clients.

The Settlement and Future Implications

While the settlement is seen as good news for the industry, the lack of transparency could lead to future disputes. D'Amico noted that without legal precedents, future conflicts may arise, especially in a job market where experienced employees hold significant leverage.