S&P Global has made a bold move to cement its leadership in the fast-growing private markets intelligence sector. The company announced a $1.8 billion deal to acquire With Intelligence, a leading provider of proprietary data and analytics for alternative assets. This acquisition promises to unlock new market opportunities and significantly boost S&P Global’s offerings.
S&P Global Expands Private Markets Intelligence With Acquisition
With this acquisition, S&P Global steps further into private markets, an area marked by rapid expansion and innovation. By leveraging With Intelligence’s deep database and expertise, S&P Global will now offer a comprehensive suite of intelligence across private equity, private credit, hedge funds, and more. This move will position S&P Global as one of the most complete sources for private market insights in the industry.
How With Intelligence Strengthens S&P Global’s Data Platform
Founded in 1998, With Intelligence brings proprietary data covering the entire lifecycle of alternative investments. Its dataset includes:
- ~30,000 investors across various asset classes
- ~30,000 managers and ~70,000 funds
- Detailed reporting on ~350,000 deals
With Intelligence serves about 3,000 customers globally, including limited partners, general partners, and advisors. Its data will directly complement S&P Global’s existing platforms like Capital IQ Pro, iLEVEL, and WSO, strengthening their value proposition and reach.
The Strategic Impact and Future Growth Prospects for S&P Global
This deal is expected to add approximately $130 million in revenue in 2025, with strong annual contract growth. The combination aims to deliver enhanced benchmarks, analytics, and workflow solutions. Additionally, S&P Global’s collaborations—like the upcoming performance analytics launches with Cambridge Associates and new private equity benchmarks—show a commitment to innovation in private markets. While the acquisition is slightly dilutive to S&P Global’s GAAP diluted EPS initially, it is projected to become accretive by 2027.
In summary, S&P Global’s acquisition of With Intelligence marks a significant step in conquering private markets intelligence. This strategic move not only expands data coverage but also promises customers deeper insights and greater transparency. As the deal closes in late 2025 or early 2026, all eyes will be on S&P Global as it shapes the future of global private markets data.
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