S&P Global Acquires With Intelligence for $1.8 Billion
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S&P Global has announced its acquisition of private markets data firm With Intelligence for $1.8 billion. This strategic move aims to enhance S&P’s capabilities in providing comprehensive data solutions to the financial services industry, particularly in the private markets sector.
With Intelligence, founded in 1998, supplies data and analytics on private and alternative markets to approximately 3,000 clients worldwide. The firm is projected to generate $130 million in revenue in 2025, with strong contract growth. The acquisition is expected to close by early 2026 and is anticipated to enhance S&P Global’s adjusted earnings by 2027.
This acquisition comes amid rising investor interest in private markets, driven by high interest rates, fewer public market exits, and concerns over asset bubbles. These conditions have increased demand for transparent insights into private asset pricing. The deal reflects a broader trend, with major players like BlackRock making significant investments in the sector, including a $3.2 billion acquisition of Preqin.
The integration of With Intelligence’s proprietary data, benchmarks, and workflow tools with S&P Global’s established analytics capabilities is expected to create one of the most comprehensive data services available to alternative and private market stakeholders.
