S&P Global has struck a deal to buy private market data provider With Intelligence for $1.8 billion.
Founded in 1998, With Intelligence offers clients proprietary, actionable intelligence sourced directly from limited partners/investment allocators and general partners/fund managers. In 2023 it secured majority investment from Motive Partners, and now serves 3000 customers globally, with revenue set to hit $130 million in 2025.
The acquisition considerably expands S&P Global's data coverage and capabilities across private markets — and enhances its value proposition for general partners, limited partners, intermediaries and advisors.
With alternative assets expected to approach $40 trillion by the end of the decade, S&P says the deal accelerates its strategy of driving innovation and transparency throughout the private markets value chain by delivering end-to-end data, intelligence and connectivity.
Martina Cheung, CEO, S&P Global, says: "Private markets is one of the most dynamic and fast-growing areas of global finance and providing innovative and differentiated data, benchmarks and workflow solutions in this space is a key strategic priority for S&P Global.
"With the addition of With Intelligence, we are expanding the trusted legacy of S&P Global into private markets — bringing the same rigor, data quality and analytical depth that have defined our leadership."