NEW YORK, October 15, 2025 – S&P Global (SPGI) agreed to acquire UK-based private markets data firm With Intelligence for 1.8 billion, expanding its alternative asset analytics capabilities 1. The deal strengthens S&P Global’s position in the fast-growing private markets sector, where institutional investors are increasingly seeking specialized data and insights.
- S&P Global buying With Intelligence for 1.8 billion cash
- Target firm expected to generate 130 million 2025 revenue
- Deal closes 2025 or early 2026 pending approvals
Strategic Expansion into Private Markets
The acquisition positions S&P Global to capitalize on growing demand for private markets intelligence as institutional investors allocate more capital to alternative assets 2. With Intelligence, founded by Charlie Kerr in 1998, provides data and analytics across private equity, hedge funds, and other alternative investment sectors 3.
The target company is expected to generate approximately 130 million in revenue for 2025, representing a revenue multiple of nearly 14 times for the transaction 3. S&P Global will acquire With Intelligence from private equity firm Motive Partners, which previously transformed the business from an information services company into a comprehensive data and analytics provider 1.
Market Context and Valuation
The deal reflects the premium valuations in the financial data sector, where specialized providers command high multiples due to recurring revenue streams and high switching costs. S&P Global’s acquisition strategy mirrors moves by competitors like Bloomberg and Refinitiv to expand beyond traditional market data into alternative asset classes.
Private markets assets under management have grown significantly in recent years, with institutional investors seeking better data and analytics tools to evaluate performance and risks in these less transparent markets 4. The acquisition establishes S&P Global’s leadership position in private markets intelligence, according to the company’s announcement 1.
Transaction Timeline and Integration
The transaction is expected to close in 2025 or early 2026, subject to customary closing conditions and regulatory approvals 5. S&P Global plans to integrate With Intelligence’s capabilities with its existing Market Intelligence division to offer enhanced private markets solutions.
“Together with the With Intelligence team, we transformed a high-quality information services business into a true data and analytics company,” a Motive Partners representative said in the announcement 1.
Growth Strategy Focus
The acquisition aligns with S&P Global’s strategy to expand its addressable market beyond traditional credit ratings and public market data. Private markets represent a high-growth segment where institutional investors face information asymmetries and seek specialized intelligence tools.
With Intelligence’s established client relationships and proprietary datasets complement S&P Global’s existing capabilities in credit analysis and market intelligence. The deal follows a broader trend of consolidation in the financial data industry as providers seek scale and comprehensive offerings.
Not investment advice. For informational purposes only.
References
1“S&P Global Agrees to Acquire With Intelligence from Motive Partners for 1.8 Billion”. S&P Global Investor Relations. Retrieved October 15, 2025.
2“S&P Global strikes 1.8 billion deal for private markets firm With Intelligence”. Reuters. Retrieved October 15, 2025.
3“S&P Global Buying Data and Analytics Firm With Intelligence for 1.8 Billion”. Wall Street Journal. Retrieved October 15, 2025.
4“S&P Global to acquire With Intelligence for 1.8bn”. PE Hub. Retrieved October 15, 2025.
5“S&P Global strikes 1.8 billion deal for private markets firm With Intelligence”. Channel News Asia. Retrieved October 15, 2025.