S&P Global has announced the acquisition of With Intelligence, a prominent data and analytics platform for private markets and alternative assets.
The deal, valued at $1.8bn, was made with a group led by majority investor Motive Partners, a private equity firm focused exclusively on FinTech investments.
The acquisition aims to significantly enhance S&P Global’s reach and capabilities in private markets, creating one of the most comprehensive sources of data and analytics in the sector. By integrating With Intelligence’s proprietary datasets and workflow solutions with S&P Global’s established expertise, the company will deliver deeper insights and improved transparency across private equity, private credit, and other alternative asset classes.
Founded in 1998 by Charlie Kerr, With Intelligence has developed into a major provider of data and intelligence for the alternative investment industry. The company serves around 3,000 global clients, offering detailed coverage of investors, managers, funds, and deals. Following Motive Partners’ 2023 investment and management reinvestment alongside ICG, With Intelligence has continued to grow rapidly, achieving annual contract value growth in the high teens and expected revenue of approximately $130m in 2025.
S&P Global, headquartered in New York, is widely recognised for bringing transparency and credibility to financial markets. Its data and analytics solutions are trusted by investors and institutions worldwide. The company’s acquisition of With Intelligence underscores its commitment to expanding in private markets — a sector projected to reach $40tn by the end of the decade — and reinforces its role as a global leader in financial intelligence.
This transaction will enhance S&P Global’s offerings across front, middle, and back-office solutions. In the front office, clients will benefit from With Intelligence’s fund data and relationship insights combined with S&P’s private company and transaction data. The middle office will gain access to improved benchmarking and performance tools, while back-office operations will continue leveraging solutions such as WSO for reporting and transparency.
The deal follows a series of recent S&P Global initiatives in private market analytics, including collaborations with Cambridge Associates, Mercer, and NewVest. These partnerships aim to launch new indices and performance benchmarks for private equity funds, strengthening S&P Global’s position as a trusted provider of end-to-end data and analytics solutions.
S&P Global president and CEO Martina Cheung said, “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.”
S&P Global president of market intelligence and chief enterprise data officer Saugata Saha said, “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.”
With Intelligence founder and CEO Charlie Kerr said, “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.”
Motive Partners founder and managing partner Rob Heyvaert said, “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 centre of the private markets data revolution.”
The transaction is expected to close in 2025 or early 2026, pending customary regulatory approvals and closing conditions.
Keep up with all the latest FinTech news here
Copyright © 2025 FinTech Global
