Alternative data quickly went from a quirky subset used by only the most sophisticated hedge funds to a multi-billion-dollar behemoth that has investors and companies like Vista Equity Partners, Nasdaq, and Bloomberg diving in. Last year was an inflection point for the industry, which is adding new vendors every day and putting more and more pressure on long-time players. Once rock-solid business models have been upended, as hedge fund clients have grown more sophisticated and changed their preferences. As Business Insider has reported, the rapidly changing space has rocked veteran players like Thasos, 7Park Data, and Jefferies' MScience.