S&P Global has agreed to buy private markets data provider With Intelligence, the company said on Wednesday, as it looks to expand its products for the fast-growing segment of financial services.
Private markets are seeing increased investor interest as years of higher interest rates and muted exits have pressured private valuations at a time when industry executives are concerned about asset price bubbles in public markets.
Insights into pricing and comparables for private assets have become valuable because of the historical opacity around such investments.
The trend has drawn BlackRock, with the world’s largest asset manager spending $12.5 billion to buy Global Infrastructure Partners last year.
It also spent $3.5 billion for private markets data provider Preqin in February and $12 billion for private credit firm HPS Investment Partners in July.
Private markets also received a boost from U.S. President Donald Trump’s executive order in August, aiming to ease access to nontraditional assets like private equity and private credit in 401(k) plans.
Founded in 1998, With provides data and analytics for alternative and private markets to around 3,000 customers globally.
It is expected to generate around $130 million in revenue in 2025, with annual contract value growth expected in the high teens.
The deal is set to close in 2025, or early 2026, and is expected to be add to the company’s adjusted profit per share in 2027, S&P Global said.
Citi advised S&P Global, while Centerview Partners was the financial advisor for With.
