$147 Billion S&P Global Buys Private Markets Data, Insights & Analytics Company With Intelligence for $1.8 Billion from Investment Firm Motive Partners, With Intelligence Founded in 1998 by Charlie Kerr & Expected to Generate $130 Million Revenue in 2025
17th October | Hong Kong
S&P Global ($147 billion market value) has announced to buy private markets data, insights & analytics company With Intelligence for $1.8 billion from investment firm Motive Partners. With Intelligence was founded in 1998 by Charlie Kerr, and is expected to generate $130 million revenue in 2025. Announcement (15/10/25): “S&P Global (NYSE: SPGI) today announced an agreement with a group led by majority investor Motive Partners, a private investment firm exclusively focused on financial technology, to acquire With Intelligence, a leading source of private markets data, insights and analytics, for $1.8 billion. The acquisition considerably expands S&P Global’s data coverage and capabilities across private markets — and enhances its value proposition for General Partners (GPs), Limited Partners (LPs), Intermediaries and Advisors. By combining With Intelligence’s proprietary data, benchmarks and workflow solutions with S&P Global’s trusted expertise and brand in private markets intelligence and analytics, the company will create one of the most comprehensive data offerings for alternatives and private markets participants. With alternative assets expected to approach $40 trillion by the end of the decade, this transaction accelerates S&P Global’s strategy and commitment to driving innovation and transparency throughout the private markets value chain by delivering end-to-end data, intelligence and connectivity. Founded by Charlie Kerr in 1998, With Intelligence brings a rich history of creating and providing data and insights for alternative asset classes with an unparalleled network across investors and managers. The company’s proprietary, actionable and ahead-of-the-market intelligence is sourced directly from LPs/investment allocators and GPs/fund managers. Following its 2023 investment from Motive Partners, as well as the reinvestment of management and ICG (who have been a significant minority investor since 2020), With Intelligence has become a leading provider of critical, differentiated data and analytics in alternatives and private markets serving ~3,000 customers globally. In 2025, With Intelligence is expected to generate ~$130 million in revenue and annual contract value growth in the high teens. With Intelligence’s extensive data assets include coverage across the fastest growing sections of the market: ~30K Investors, including private equity, private credit, infrastructure, hedge funds and family offices ~30K Managers, ~70K Funds, focusing on the largest funds globally, ~350K Deals covered … … This acquisition will deliver deeper insights, stronger connectivity and greater transparency across the private markets ecosystem — establishing S&P Global as a global leader in private markets data and solutions. It will bring to the market With Intelligence’s proprietary fund data and LP/GP relationship intelligence complemented by S&P Global’s private company and transaction data for the Front Office. In the Middle Office, customers will access With Intelligence’s benchmarking and performance data with S&P Global’s workflow and valuation solutions, enriching portfolio management and monitoring. The Back Office will continue to be supported with established solutions like WSO to streamline fund activity, performance reporting and transparency for clients. For decades, S&P Global has brought transparency, credibility and objective assessments of risk to the public debt markets and is focused on creating that same value in private markets. The With Intelligence acquisition will complement recent advancements across both private credit and private equity at S&P Global, including a collaboration with Cambridge Associates and Mercer to deliver comprehensive private markets performance analytics that is set to launch in beta by year-end 2025. S&P Global also recently announced a collaboration with NewVest to launch the S&P Private Equity 50 Indices, benchmarks designed to measure the performance of 50 of the largest available private equity funds. The transaction is expected to close in 2025, or early 2026, subject to customary closing conditions, including receipt of certain regulatory approvals. The acquisition is expected to be slightly dilutive to S&P Global’s GAAP diluted EPS and accretive to adjusted diluted EPS in 2027. Adjusted diluted EPS excludes the impact of amortization of acquired intangibles and deal-related costs.”
“ $147 Billion S&P Global Buys Private Markets Data, Insights & Analytics Company With Intelligence for $1.8 Billion from Investment Firm Motive Partners, With Intelligence Founded in 1998 by Charlie Kerr & Expected to Generate $130 Million Revenue in 2025 “
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Martina Cheung, President and CEO of S&P Global: ”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. We look forward to welcoming the talented team from With Intelligence, as together, we’ll create the most comprehensive provider of private markets intelligence.”
Saugata Saha, President of S&P Global Market Intelligence and Chief Enterprise Data Officer of S&P Global: ”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. From our private company data on S&P Capital IQ Pro, to differentiated intelligence across private equity and private credit and integrated solutions like iLEVEL, Valuations and WSO — With Intelligence’s capabilities complement our portfolio and enhance our ability to deliver the clarity and confidence needed in today’s increasingly complex private markets.”
Charlie Kerr, Founder and CEO of With Intelligence: ”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, and we look forward to bringing our data and intelligence to a broader customer group as part of S&P Global. 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.”
Rob Heyvaert, Founder and Managing Partner of Motive Partners: ”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. This transaction is a case study of the impact of our proven model, and a powerful proof point of our investment lifecycle thesis on data and analytics. Together with the With Intelligence team, we transformed a high-quality information services business into a true data and analytics company with real scarcity value. 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.”
S&P Global – S&P Global (NYSE: SPGI) provides essential intelligence. We enable governments, businesses and individuals with the right data, expertise and connected technology so that they can make decisions with conviction. From helping our customers assess new investments to guiding them through sustainability and energy transition across supply chains, we unlock new opportunities, solve challenges and accelerate progress for the world. We are widely sought after by many of the world’s leading organizations to provide credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help the world’s leading organizations plan for tomorrow, today.
With Intelligence – With Intelligence provides critical, insight-enriched, exclusive data that powers smarter fund raising, deal origination, asset allocation, and servicing across private and public markets. Home to several of the industry’s most well-known and highly respected databases, including SPS, The Deal, Highworth Research, Eurekahedge and others, With Intelligence delivers deep visibility into opaque markets built on a foundation of 30 years of expertise at the heart of the alternatives marketplace. Its global team includes a diverse mix of data scientists, analysts, technologists, developers, and industry experts to deliver the bigger picture in the asset management industry. By combining one-of-a-kind data with expert intelligence and actionable, forward-looking insights, With Intelligence delivers an unmatched depth and breadth of perspective on alternative markets – from big-picture trends and competitor activity to detail on specific companies, funds and investors. With Intelligence’s data, insight, and responsive platform help investment professionals connect with the right people, intelligence, and opportunities. For more information on With Intelligence, please visit www.withintelligence.com.
Motive Partners – Motive Partners is a private investment firm exclusively focused on financial technology and technology-enabled business services companies, investing from early-stage ventures to growth equity and buyout in North America and Europe. The firm invests across five subsectors: Banking & Payments, Capital Markets, Data & Analytics, Insurance, and Wealth and Asset Management. Motive Partners applies its proven Investor, Operator, Innovator (IOI) model across its portfolio, combining deep financial technology expertise and proven operational rigor to accelerate growth and value creation. With offices in New York, London, and Berlin, the firm provides differentiated insight, connectivity, and capabilities to create long-term value in financial technology companies.
$147 Billion S&P Global Buys Private Markets Data, Insights & Analytics Company With Intelligence for $1.8 Billion from Investment Firm Motive Partners, With Intelligence Founded in 1998 by Charlie Kerr & Expected to Generate $130 Million Revenue in 2025
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