S&P Global (NYSE: SPGI) has announced its acquisition of With Intelligence, a prominent provider of private markets data and analytics, in a deal valued at $1.8 billion. This strategic move, finalized with majority investor Motive Partners, is set to enhance S&P Global's presence in the fast-growing private markets sector, expanding its data coverage and capabilities to deliver comprehensive intelligence to market participants.
Strengthening Private Markets Expertise
The acquisition aligns with S&P Global's strategy to solidify its leadership in private markets intelligence. Martina Cheung, President and CEO of S&P Global, emphasized the significance of this move: "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."
With Intelligence, founded in 1998 by Charlie Kerr, is recognized for its deep expertise in alternative asset classes and its proprietary data, which spans the entire alternatives investing lifecycle. The company serves approximately 3,000 customers, including Limited Partners, General Partners, and advisors in sectors such as private equity, private credit, hedge funds, real estate, and infrastructure. The acquisition is projected to contribute $130 million in revenue for 2025 and boasts annual contract value growth in the high teens.
Unlocking New Opportunities in Private Markets
With Intelligence's robust data assets include detailed information on around 30,000 investors, 30,000 managers, 70,000 funds, and 350,000 deals, making its proprietary intelligence highly valuable. By integrating these resources with S&P Global's existing private markets solutions, the combined entity aims to offer unmatched insights to customers across the ecosystem.
Saugata Saha, President of S&P Global Market Intelligence and Chief Enterprise Data Officer of S&P Global, highlighted the complementary nature of the partnership: "We're deeply excited about With Intelligence's proprietary data, insights and expertise - and even more so about what this combination unlocks for our customers and the broader private markets."
Charlie Kerr, Founder and CEO of With Intelligence, expressed enthusiasm about the collaboration, stating: "This is testament to the hard work of our fantastic team, including our partnership with Motive Partners, in building a differentiated business within private markets and alternatives to power smarter investment decisions. Joining S&P Global is a key milestone in our growth and one we are very excited about as it allows us to accelerate our strategy on a global scale by combining our proprietary datasets, benchmarks and relationships across GPs and LPs with S&P Global's legacy, trust and reach."
A Growing Market
The acquisition comes at an opportune time, with alternative assets projected to approach $40 trillion by the end of the decade. S&P Global aims to play a pivotal role in this expanding sector by fostering transparency and innovation. The integration of With Intelligence's offerings with S&P Global’s existing solutions, such as Capital IQ Pro, iLEVEL, and WSO, will enhance data and analytics capabilities across the private markets' front, middle, and back offices.
Rob Heyvaert, Founder and Managing Partner of Motive Partners, reflected on the transformative potential of the deal: "Our partnership with Charlie and the broader With Intelligence team exemplifies Motive's Investor-Operator-Innovator model in action, as we've built an extremely successful business at the heart of one of the most dynamic transformations in financial services. S&P Global is the right home to take With Intelligence's success to its next phase - cementing its role at the center of the private markets data revolution."
Closing the Deal
The transaction, subject to regulatory approvals and customary closing conditions, is expected to conclude in late 2025 or early 2026. It is anticipated to be slightly dilutive to S&P Global's GAAP diluted earnings per share (EPS) initially but accretive to adjusted diluted EPS by 2027.
S&P Global was advised by Citi and Clifford Chance, while With Intelligence received guidance from Centerview Partners, Proskauer, and Joelson.
This acquisition marks a major milestone for S&P Global as it continues to expand its influence and capabilities in the private markets, offering deeper insights, stronger connectivity, and enhanced transparency for its customers worldwide.
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