Every company the Study holds, and what was ruled about it. Published so that anyone can check the claim rather than take it.
The StudyThe Truthscaling Study is a study of 182 business-to-business technology companies: 78 that failed to scale and 104 that scaled and held. All 182 were scored on one instrument, locked before any company was read. The register holds 199 companies. Twelve moved after they had been coded, ten off the failure side and two off the success side, and none was deleted. Every ruling is recorded and reversible, and the register is published.
How to read this
Four groups. The first two are the Study. The third records every company that moved after it had been coded. The fourth is on the register but was never part of the Study, and its rows were kept rather than deleted so that the count can be checked.
| Group | Count | What the ruling means |
|---|---|---|
| The failure set | 78 | Failed to scale. In the Study. |
| The success set | 104 | Scaled and held. In the Study. |
| The Study | 182 | |
| Reclassified off the failure side | 5 | Ruled not to be scaling failures after they had been coded. Out of the failure set. Not yet written into the success set, because success membership and the durability test have still to be applied to them. |
| Held pending resolution | 5 | On or near the line that separates the two sets, or with no current market mark. Out of both sets until the question is settled. |
| Excluded | 6 | Healthy take-privates and acquisitions. Not scaling failures. Marker rows, never researched. |
| Calibration anchor | 1 | Kept only as an anchor for the enabling failures. Not a scaling failure. |
| On the register | 199 |
Two counting bases, and the rule about them.78 is how many companies failed to scale. 76 is how many of those have been fully coded, because two were moved into the failure set on 25 August 2026 and their failure-mode coding is still queued. Every figure about what the failures exhibited is stated on 76. Every figure about how many failed is stated on 78. The two are never mixed in one sentence.
1. The failure set
78 companies. Two are marked as having moved in from the success side on 25 August 2026; their coding is queued, so they count towards membership and not towards any failure-mode figure.
| Reference | Company | Sector, as recorded |
|---|---|---|
| CASE-076 | 2U, Inc. | Education technology – online program management and tech-enabled education services |
| CASE-001 | Airware | Enterprise commercial drone software – cloud platform for aerial data collection and analytics |
| CASE-077 | Anthology Inc.(core platform rebranded Blackboard Inc. on emergence; brands include Blackboard Learn, Ally, Illuminate) | Vertical software with configuration – higher-education software-as-a-service spanning learning management, student information, CRM, ERP and student-success systems |
| CASE-003 | Appen | Artificial intelligence training data / data annotation services / AI-and-machine-learning data crowdsourcing – Australian-headquartered global crowd workforce for labelling speech, natural language, image, video, text, and relevance data used by AI model builders |
| CASE-004 | Apprenda | Enterprise platform-as-a-service (PaaS) – private-cloud application platform for .NET and Java enterprise workloads with subsequent Kubernetes integration |
| CASE-080 | Arrival SA(Arrival Group; Nasdaq: ARVL), Luxembourg-domiciled, UK-headquartered | Industrial and supply chain – electric commercial vehicle manufacturing via "microfactory" assembly |
| CASE-005 | Atos | IT services / managed infrastructure services / cybersecurity / supercomputing – diversified European IT services group |
| CASE-006 | Atrium | Legal technology – hybrid law firm and legal software-as-a-service for startup clients |
| CASE-088 | Aventiv Technologies, LLC(parent of Securus Technologies; brands include Securus Technologies, JPay, Securus Monitoring and AllPaid) | Regulated communications technology – correctional and government communications and payments (incarcerated-person communications services) |
| CASE-008 | Babylon Health | Healthcare / digital health – AI-powered telehealth, virtual primary care, NHS GP partnership platform |
| CASE-009 | Bench Accounting | Small-business bookkeeping and tax services – technology-enabled human-bookkeeper service |
| CASE-011 | Blippar | AR software – consumer-facing AR unicorn pivoting to enterprise |
| CASE-012 | Bright Health | Healthcare technology – health insurance and value-based care platform |
| CASE-070 | Builder.ai(Engineer.ai Global Limited) | Artificial intelligence and machine learning – no-code app-development platform with services attach |
| CASE-078 | Byju’s(parent Think and Learn Private Limited; U.S. financing subsidiary Byju’s Alpha, Inc.) | Education technology – consumer online tutoring and learning apps with acquired test-prep, coding and upskilling businesses (edge-of-scope; see Notes) |
| CASE-013 | C3.ai | AI / enterprise software – industrial AI applications |
| CASE-014 | Capita | Business process outsourcing / professional services (UK public-sector heavy) |
| CASE-015 | Carta | FinTech / vertical SaaS – cap-table management and equity administration |
| CASE-097 | Cervest Limited | Data and analytics technology – AI-powered climate intelligence and risk analytics |
| CASE-018 | Convoy | Logistics technology / digital freight brokerage / B2B marketplace – Uber-for-trucking matching truckers with shippers via ML-powered platform |
| CASE-096 | Cubyn(Cubyn Logistics SAS) | Industrial / supply-chain technology – e-commerce logistics and fulfilment (3PL, on-demand) |
| CASE-021 | Cybereason | Cybersecurity – endpoint / XDR / MDR services attach |
| CASE-023 | Daqri | Enterprise augmented reality / industrial wearables / smart-helmet and smart-glasses hardware – AR headsets and software for manufacturing, construction, energy, defence, and field-service customers |
| CASE-024 | Docker | Container technology – enterprise container platform (Docker Enterprise) and developer-focused container tooling (Docker Desktop, Docker Hub) |
| CASE-025 | Domo | Vertical SaaS / BI – cloud-based business intelligence platform |
| CASE-026 | Element AI | Artificial intelligence professional services / enterprise AI consultancy |
| CASE-093 | Embark Technology, Inc.(Embark Trucks) | Industrial / supply-chain technology – autonomous (Level 4) trucking software |
| CASE-027 | Fast | Consumer payments – one-click online checkout for ecommerce merchants |
| CASE-092 | Fast Radius, Inc. | Industrial / supply-chain technology – cloud (additive and subtractive) manufacturing service bureau |
| CASE-028 | Flexport | Logistics technology / digital freight forwarding / customs brokerage / e-commerce fulfillment – end-to-end global supply chain software platform |
| CASE-030 | Forward Health | Healthcare / consumer primary care – AI-augmented tech-enabled primary care clinic chain and self-service AI clinic kiosks (Forward CarePods) |
| CASE-031 | Fuze | Unified communications-as-a-service (UCaaS) – enterprise cloud voice, video, messaging and collaboration |
| CASE-090 | Ghost Autonomy, Inc.(formerly Ghost Locomotion, Inc.) | Autonomous-driving software – self-driving software platform for automaker partners |
| CASE-071 | Greensill Capital(UK) Ltd | Regulated-industries financial technology – supply-chain finance and securitisation |
| CASE-032 | Hopin | Virtual events / online conference hosting platform / video communications – COVID-era category-creator for fully-remote business events |
| CASE-033 | Hortonworks | Enterprise data infrastructure / open-source Hadoop distribution / big data platform – data storage, orchestration, and computation across multi-cloud, on-premises, and edge environments |
| CASE-035 | InVision | Design technology – cloud-based design collaboration software and digital product design prototyping for designers and enterprise design teams |
| CASE-036 | IronNet | Cybersecurity – network detection / collective defence |
| CASE-037 | Katerra | Construction technology – vertically integrated modular construction |
| CASE-085 | Kimura Capital LLP(Kimura) | Financial services – non-bank private-credit commodity trade finance asset manager |
| CASE-038 | Knewton | Education technology – adaptive learning platform and Open Educational Resource (OER) courseware |
| CASE-039 | Lacework | Cybersecurity – cloud security / CNAPP |
| CASE-040 | Layer | Communications platform-as-a-service / messaging API / chat-and-video infrastructure for application developers – API-and-SDK platform enabling brands and developers to integrate Facebook-Messenger-like messaging experiences inside their own apps |
| CASE-084 | LifeScan Global Corporation(operating subsidiary LifeScan, Inc.; OneTouch brand) | Healthcare and life-sciences technology – blood-glucose monitoring devices and connected diabetes-management software |
| CASE-041 | MapR | Big data and Hadoop distribution – converged data platform for analytics, AI and machine learning |
| CASE-095 | Northvolt AB | Industrial / supply-chain technology – lithium-ion battery cell manufacturing for electric vehicles |
| CASE-045 | Olive AI | Vertical SaaS – healthcare workflow automation |
| CASE-100 | Own(OwnBackup)moved in 25 Aug 2026 | Software as a service data protection and data management (Salesforce ecosystem) |
| CASE-101 | PagerDutymoved in 25 Aug 2026 | Digital operations and incident response software |
| CASE-046 | Pear Therapeutics | Healthcare / digital therapeutics – FDA-cleared prescription digital therapeutics (PDTs) |
| CASE-047 | Pivotal Software | Data and analytics – enterprise PaaS (Cloud Foundry) |
| CASE-048 | Plastiq | Business-to-business payments – credit-card-funded payables for small and medium businesses |
| CASE-049 | Pluralsight | Enterprise technology workforce development – on-demand video training |
| CASE-050 | Powa | UK-based commerce technology – ecommerce platform, point-of-sale and mobile payments (PowaTag) |
| CASE-075 | Power by Britishvolt Ltd(trading as Britishvolt) | Industrial and supply chain – electric-vehicle lithium-ion battery cell manufacturing (gigafactory) |
| CASE-091 | Prospect Medical Holdings, Inc. | Regulated healthcare services – for-profit acute-care hospital operator |
| CASE-081 | Railsbank Technology Limited(trading as Railsr; formerly Railsbank) | Financial services tech – embedded finance / Banking-as-a-Service and Cards-as-a-Service (API platform) |
| CASE-053 | Rethink Robotics | Robotics / industrial automation / collaborative robots ('cobots') – pioneer creator of the collaborative robot category for manufacturing applications |
| CASE-098 | Romeo Power, Inc. | Industrial / supply-chain technology – electric-vehicle battery modules and packs with battery-management software |
| CASE-055 | ScaleFactor | Small-business accounting automation – 'AI-powered' bookkeeping, payroll and back-office automation |
| CASE-082 | Silverbird Global Limited(trading as Silverbird) | Financial services technology – cross-border payments and multicurrency accounts for international-trade SMEs |
| CASE-072 | Stenn International Ltd / Stenn Assets UK Ltd(Stenn Technologies, Luxembourg parent) | Financial services technology – cross-border invoice and trade finance for small and medium-sized enterprises |
| CASE-057 | Sumo Logic | Cloud-native machine data analytics – observability and security analytics |
| CASE-058 | Sungard | Financial-services technology and business-continuity / disaster-recovery services – dual-entity scope: (1) SunGard Data Systems pre-2014 integrated parent (financial-services software plus information availability services); (2) post-2014 spin-off Sungard Availability Services (data centre / disaster recovery / workplace recovery) |
| CASE-059 | Synapse | Banking-as-a-service infrastructure – fintech-to-bank middleware |
| CASE-060 | Tintri | Enterprise storage / VM-aware all-flash and hybrid-flash storage arrays / data centre infrastructure for virtualised environments – storage systems designed specifically for VMware shops with virtual-machine-level analytics |
| CASE-099 | Truphone Limited | Regulated-industries technology – telecoms, eSIM and global MVNO with regulated-communications compliance software |
| CASE-061 | Uptake | Industrial Internet of Things (IIoT) / industrial AI / predictive analytics for heavy-equipment operators – data-science platform for condition monitoring and asset optimisation across mining, energy, rail, wind, and military verticals |
| CASE-062 | Ve Interactive | Digital advertising / adtech / e-commerce re-engagement – cart abandonment recovery, programmatic advertising, email remarketing for online retailers and e-commerce operators |
| CASE-063 | Veev | Construction technology / proptech – modular and prefabricated residential homebuilding (single-family homes and multi-family residential) with technology-enabled manufacturing process |
| CASE-064 | Veritone | Artificial intelligence operating system / enterprise AI services / data refinery – aiWARE platform plus advertising-services plus content-licensing-and-media-services for media, government, legal, and energy verticals |
| CASE-094 | Volta Trucks Ltd / Volta Trucks AB | Industrial / supply-chain technology – electric commercial vehicles (16-tonne electric truck) |
| CASE-079 | WANdisco plc(renamed Cirata plc, October 2023) | Data and analytics – enterprise data replication / migration software (LiveData, Hadoop/Big Data, cloud data movement) |
| CASE-069 | Wejo Group Limited(UK operating entity Wejo Limited) | Data and analytics – connected-vehicle data exchange and software |
| CASE-086 | Wellpath Holdings, Inc.(correctional-healthcare operating entity Wellpath, LLC; behavioural-health division Wellpath Recovery Solutions) | Healthcare and life-sciences services – tech-enabled correctional and behavioural healthcare delivered under government contract |
| CASE-065 | Zendesk | Customer service / customer experience software (SaaS) |
| CASE-066 | Zenefits | HR technology / HR-SaaS / employee benefits administration – free HR platform monetised via state-licensed health insurance brokerage commissions |
| CASE-067 | Zume | Food technology / restaurant automation / sustainable food packaging |
2. The success set
104 companies. The success registry holds 106 rows; the two reclassified to the failure side on 25 August 2026 are listed in section 3 and are not counted here.
| Reference | Company | Sector, as recorded |
|---|---|---|
| SCASE-044 | Abridge | AI/ML; healthcare clinical documentation |
| SCASE-016 | Academia | Vertical SaaS with configuration; education reseller |
| SCASE-022 | Acora | IT services and managed services; Microsoft |
| SCASE-026 | Air IT | IT services and managed services; SME |
| SCASE-018 | ANS Group | Cloud services; cybersecurity |
| SCASE-019 | Apogee Corporation | IT services and managed print |
| SCASE-056 | AppDynamics | Application performance monitoring and observability |
| SCASE-007 | Aspire Technology Solutions | IT services and managed services; cybersecurity |
| SCASE-003 | Babble | Contact-centre and unified communications |
| SCASE-025 | BCN Group | IT services and managed services; Microsoft |
| SCASE-030 | Block Solutions | IT services and managed services; NHS Cisco |
| SCASE-008 | Bridewell | Cybersecurity |
| SCASE-004 | Business Systems(UK) | Regulated industries technology; financial services tech |
| SCASE-051 | Business Systems International(BSI) | AI/HPC infrastructure; technical infrastructure |
| SCASE-017 | Centerprise International | IT services and managed services; public sector |
| SCASE-049 | Chainguard | Cybersecurity; container security and supply chain |
| SCASE-048 | Chronosphere | AI/ML; observability for Kubernetes |
| SCASE-010 | Clay | Data and analytics; AI/ML; go-to-market software |
| SCASE-094 | ClearBank(ClearBank Ltd – ClearBank Group) | Embedded banking / Banking-as-a-Service infrastructure; UK regulated bank with Dutch EU credit institution licence |
| SCASE-054 | ClickUp | Productivity SaaS; work operating system |
| SCASE-009 | CloudClevr | Unified communications; cybersecurity |
| SCASE-035 | Codestone Group | Vertical SaaS with configuration; SAP / Microsoft Business Central |
| SCASE-103 | Cognism(Cognism Limited) | B2B sales intelligence platform – contact data, intent signals, KYC-compliant prospecting for revenue teams |
| SCASE-057 | Confluent | Data streaming infrastructure |
| SCASE-024 | Connect Managed Services | Unified communications; managed services |
| SCASE-058 | Coupa | Business spend management |
| SCASE-046 | Crescendo | AI/ML; customer experience |
| SCASE-038 | Croft Communications | Unified communications; managed services |
| SCASE-059 | CrowdStrike | Cybersecurity platform |
| SCASE-052 | Cursor | AI/ML; developer tools |
| SCASE-060 | Datadog | Cloud observability and security |
| SCASE-027 | DSP-Explorer | Data and analytics; Oracle managed services |
| SCASE-106 | Dufrain(Dufrain Ltd) | Data management services and data analytics consultancy – data discovery, governance, business intelligence, analytics implementation |
| SCASE-061 | Elastic | Search, observability, and security platform |
| SCASE-037 | Espria | IT services and managed services (formerly Mode / eacs) |
| SCASE-020 | FluidOne | Connectivity; IT services and managed services |
| SCASE-014 | Focus Group | Unified communications; IT services |
| SCASE-032 | FourNet | Cybersecurity; Cisco; Critical National Infrastructure |
| SCASE-036 | FSP Consulting Services | Microsoft consulting; strategy |
| SCASE-062 | Further | Health-spending account administration |
| SCASE-053 | Gamma | AI/ML; productivity and visual storytelling |
| SCASE-102 | Gearset(Gearset Ltd) | DevOps platform for the Salesforce ecosystem – release management, CI/CD, testing, sandbox seeding, backups, code analysis |
| SCASE-063 | GitLab | DevSecOps platform |
| SCASE-042 | Glean | AI/ML; enterprise search |
| SCASE-064 | Gong | Revenue intelligence and revenue workflows |
| SCASE-011 | Harvey | AI/ML; legal technology |
| SCASE-065 | HashiCorp | Infrastructure automation and secrets management |
| SCASE-066 | Highspot | Revenue enablement |
| SCASE-098 | Hippo Digital(Hippo Digital Ltd; CH 09877239; ultimate parent Project Cake Bidco Ltd) | Digital transformation consultancy (service design, software engineering, data, cyber, AI) – PE-backed services firm with technology overlay |
| SCASE-097 | Hyperexponential(Hyperexponential Ltd / "hx") | Pricing decision intelligence (PDI) software for commercial property and casualty (P&C) insurance |
| SCASE-067 | iContact | Email marketing software |
| SCASE-099 | Immersive Labs(Immersive Labs Ltd; ultimate parent Immersive Labs Holdings Limited) | Cybersecurity workforce resilience platform – simulated labs, drills, and assessments for security teams and board-level cyber readiness |
| SCASE-031 | Intercity Technology | Unified communications; managed services |
| SCASE-068 | Iodine Software | Healthcare artificial intelligence and revenue cycle software |
| SCASE-013 | Iomart | Cloud hosting; IT services |
| SCASE-021 | Kerv | Contact-centre and unified communications; Microsoft services |
| SCASE-069 | LeanIX | Enterprise architecture and software estate management |
| SCASE-029 | Littlefish | IT services and managed services; Microsoft |
| SCASE-070 | LMS365 | Learning and talent development software |
| SCASE-033 | Made Tech | Government digital services |
| SCASE-047 | Menlo Security | Cybersecurity; browser isolation |
| SCASE-071 | monday.com | Work management software |
| SCASE-072 | MuleSoft | integration software |
| SCASE-073 | nCino | cloud banking software |
| SCASE-074 | NinjaRMM | endpoint management and information technology operations software |
| SCASE-075 | Okta | identity security software |
| SCASE-100 | Panaseer(Panaseer Limited) | Continuous Controls Monitoring (CCM) / Security Posture Management for enterprise cybersecurity |
| SCASE-078 | Pipedrive | Sales CRM and revenue intelligence software |
| SCASE-092 | PolyAI(PolyAI Limited) | Enterprise conversational AI / voice agents for contact centres |
| SCASE-079 | Procore Technologies | Construction management SaaS; vertical software |
| SCASE-002 | Qodea(formerly Appsbroker CTS) | Data and analytics; cloud consultancy |
| SCASE-104 | Quantexa(Quantexa Limited) | Decision Intelligence (DI) platform – AI-driven data analytics for financial crime, KYC, customer intelligence, fraud detection |
| SCASE-039 | Quorum Cyber | Cybersecurity; Microsoft Security MSSP |
| SCASE-043 | Replit | AI/ML; coding agents |
| SCASE-050 | Retell AI | AI/ML; voice agents |
| SCASE-028 | Roc Technologies | IT services and managed services; public sector |
| SCASE-080 | Samsara | Industrial IoT; Connected Operations Cloud |
| SCASE-015 | SCG / Southern Communications | Unified communications; managed services |
| SCASE-081 | SendGrid | Email API; transactional and marketing email infrastructure |
| SCASE-082 | ServiceTitan | Vertical software for trades (HVAC, plumbing, electrical, home services) |
| SCASE-083 | Shopify | E-commerce platform; merchant operating system |
| SCASE-012 | Sierra | AI/ML; conversational agents |
| SCASE-084 | Snowflake | Cloud data platform; data cloud / AI data cloud |
| SCASE-085 | Sonar(formerly SonarSource) | Developer tools; code quality and security |
| SCASE-095 | Summize(Summize Ltd) | AI-powered Contract Lifecycle Management (CLM) software for in-house legal teams |
| SCASE-045 | Supabase | AI/ML; open-source Postgres backend |
| SCASE-034 | Switchshop | Networking; Cisco |
| SCASE-093 | Synthesia(Synthesia Limited) | Enterprise AI video generation / AI avatars |
| SCASE-101 | Thirdfort(Thirdfort Limited) | KYC / AML / Source of Funds verification for regulated professionals (legal, property, accounting, mortgage broking, wealth management) |
| SCASE-086 | Toast | Restaurant management software; vertical SaaS plus fintech |
| SCASE-105 | TransFICC(TransFICC Limited) | E-trading connectivity and workflow automation for fixed income and derivatives venues |
| SCASE-087 | Twilio | Cloud communications APIs; customer engagement platform |
| SCASE-041 | UBDS | Public-sector digital |
| SCASE-088 | UiPath | Robotic process automation; agentic AI and enterprise automation |
| SCASE-089 | Unify | AI-native go-to-market software; outbound sales AI |
| SCASE-055 | Vanta | Trust/compliance software; GRC |
| SCASE-023 | Viadex | IT services; global |
| SCASE-001 | Wavenet | IT services and managed services |
| SCASE-005 | Xalient | Cybersecurity; identity |
| SCASE-096 | Xapien(Digital Insight Technologies Ltd, trading as Xapien) | AI-powered due-diligence platform for KYC / AML / third-party risk assessment |
| SCASE-040 | Xperience | Vertical SaaS with configuration; Sage / Microsoft Business Central (NI) |
| SCASE-090 | Yoobic | Frontline employee experience; retail operations software |
| SCASE-006 | Zenzero | IT services and managed services |
| SCASE-091 | Zerto | Disaster recovery and ransomware resilience software; cloud data management |
3. Moved after coding
Twelve companies. This section is the substantiation of the claim that rulings are reversible and recorded. No row was deleted in any of the twelve cases.
Reclassified off the failure side, five
| Reference | Company | Ruling, as recorded |
|---|---|---|
| CASE-002 | Anaplan | Reclassified to the success set (leaver): scaled and either exited at or above three-quarters of peak or trades healthily; fails the failure-to-scale membership rule (no ≥25% reset and no distress event). Physical ingest into the success master is subject to the same success-side membership and durability test (Chunk A, gated on the durability run). Row retained, not deleted; fully reversible. |
| CASE-017 | Cloudera | Reclassified to the success set (leaver): scaled and either exited at or above three-quarters of peak or trades healthily; fails the failure-to-scale membership rule (no ≥25% reset and no distress event). Physical ingest into the success master is subject to the same success-side membership and durability test (Chunk A, gated on the durability run). Row retained, not deleted; fully reversible. |
| CASE-022 | Cylance | Reclassified to the success set (leaver): scaled and either exited at or above three-quarters of peak or trades healthily; fails the failure-to-scale membership rule (no ≥25% reset and no distress event). Physical ingest into the success master is subject to the same success-side membership and durability test (Chunk A, gated on the durability run). Row retained, not deleted; fully reversible. |
| CASE-043 | Mphasis | Reclassified to the success set (leaver): scaled and either exited at or above three-quarters of peak or trades healthily; fails the failure-to-scale membership rule (no ≥25% reset and no distress event). Physical ingest into the success master is subject to the same success-side membership and durability test (Chunk A, gated on the durability run). Row retained, not deleted; fully reversible. |
| CASE-044 | Mu Sigma | Reclassified to the success set (leaver): scaled and either exited at or above three-quarters of peak or trades healthily; fails the failure-to-scale membership rule (no ≥25% reset and no distress event). Physical ingest into the success master is subject to the same success-side membership and durability test (Chunk A, gated on the durability run). Row retained, not deleted; fully reversible. |
Held out of both sets pending resolution, five
| Reference | Company | Ruling, as recorded |
|---|---|---|
| CASE-010 | BigBear.ai | Held, out of the failure set pending an as-of date-stamp: trades above peak only on a point-in-time 2025 market swing, not a durable position. |
| CASE-016 | Citrix–TIBCO | Held, out of the failure set pending the durability test: take-private at about 82–83% of public peak, so the reset sits just inside the 25% line and is borderline. |
| CASE-042 | Medallia | Held, out of the failure set pending the durability test: take-private at or near peak, borderline on the 25% line. |
| CASE-052 | project44 | Held, out of the failure set: private with no current mark; treated as a disclosure ceiling rather than a verdict. |
| CASE-056 | SoundHound | Held, out of the failure set pending an as-of date-stamp: trades above peak only on a point-in-time 2024–25 market swing, not a durable position. |
Moved off the success side into the failure set, two
| Reference | Company | Ruling, as recorded |
|---|---|---|
| CASE-100 | Own(OwnBackup) | In the failure set, moved in from the success set (scaled, then reset). Failure-mode, trap and scale-validation coding is queued under open question OQ-118 |
| CASE-101 | PagerDuty | In the failure set, moved in from the success set (scaled, then reset). Failure-mode, trap and scale-validation coding is queued under open question OQ-118 |
4. On the register, not in the Study
Excluded, six
Healthy take-privates and acquisitions. Each was assessed and ruled out. None was researched further, and every empty field in these rows is empty by design.
| Reference | Company | Sector, as recorded |
|---|---|---|
| CASE-019 | Coupa | n/a. Excluded under the healthy take-private rule (D-02), row kept, never researched |
| CASE-020 | Cvent | n/a. Excluded under the healthy take-private rule (D-02), row kept, never researched |
| CASE-029 | ForgeRock | n/a. Excluded under the healthy take-private rule (D-02), row kept, never researched |
| CASE-034 | Inovalon | n/a. Excluded under the healthy take-private rule (D-02), row kept, never researched |
| CASE-051 | Practice Fusion | Healthcare / electronic health records (EHR) software – free / advertiser-supported cloud-based EHR for small-and-medium clinical practices |
| CASE-054 | SailPoint | n/a. Excluded under the healthy take-private rule (D-02), row kept, never researched |
Calibration anchor, one
| Reference | Company | Sector, as recorded |
|---|---|---|
| CASE-007 | Avalara | n/a. Excluded under the healthy take-private rule (D-02), row kept, never researched |
What this register does not claim
- No denominator. The Study does not know how many companies it could have examined. It makes no claim to be complete, representative or the largest of anything.
- No screening record. The candidates considered before these rulings were never counted. That record does not exist and is not reconstructed.
- Two failures are not yet coded. Their membership is settled; their failure-mode coding is queued.
- “Held” means no recorded reset. For 64 of the 104 successes the financials are undisclosed. For those, held means no recorded reset of a quarter or more against peak and no distress event, as at 18 June 2026. It does not mean disclosed figures were checked. Thirty-two are affirmatively still scaling and eight are too recent to judge.
- Partial fact verification. Most atomic claims in the success workbook are recorded as not yet publication-verified and are treated as not-in-source until that pass closes.
- Not all sponsor-backed. 103 of the 182 had a named private equity operating partner. The rest were venture-backed, publicly listed, or held by a corporate parent. Sponsor-backed describes the audience this work is calibrated to, not the companies studied.
- Sectors are as recorded. The sector text in this register is the working tag written at the time of coding. It has not been normalised into a taxonomy, and it is published as it stands.
How to cite it
Cite asWard, Mark C. The Truthscaling Study, 2026 edition. Revenue Arc, 2026. revenuearc.co.uk/research
A reference in the left-hand column of each table identifies a row for citation. Questions about a ruling go to contact@revenuearc.co.uk.
Truthscaling_Study_Register_v20260908a · Generated 8 September 2026 from FAILURE_CORPUS_MASTER_v20260825a.xlsx and SUCCESS_CORPUS_MASTER_v20260825a.xlsx · Counting bases and standing rules are set in Truthscaling_Study_Definition_and_Standing_v20260908a · The account of what the Study found is the book Truthscaling, out in 2027