S&P Global to acquire With Intelligence for $1.8 billion

NEW YORK - S&P Global (NYSE:SPGI) announced Wednesday it has agreed to acquire With Intelligence, a provider of private markets data and analytics, for $1.8 billion from a group led by majority investor Motive Partners.

The acquisition expands S&P Global’s capabilities in the alternative assets sector, with With Intelligence expected to generate approximately $130 million in revenue in 2025 with annual contract value growth in the high teens.

Founded in 1998, With Intelligence serves approximately 3,000 customers globally, including limited partners, general partners and advisors across private equity, private credit, hedge funds, real estate, infrastructure and family offices.

The company’s proprietary data covers approximately 30,000 investors, 30,000 managers, 70,000 funds, and 350,000 deals.

"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," said Martina Cheung, President and CEO of S&P Global.

Charlie Kerr, Founder and CEO of With Intelligence, stated the acquisition would allow the company to "accelerate our strategy on a global scale."

The transaction is expected to close in 2025 or early 2026, subject to customary closing conditions including regulatory approvals. S&P Global expects the acquisition to be slightly dilutive to its GAAP diluted earnings per share and accretive to adjusted diluted EPS in 2027.

The deal comes as alternative assets are expected to approach $40 trillion by the end of the decade, according to information provided in the press release statement.

In other recent news, S&P Global has announced the completion of a significant transaction involving the sale of its joint venture, OSTTRA, to investment firm KKR for $3.1 billion. The proceeds from this sale will be equally divided between S&P Global and CME Group. Additionally, S&P Global has begun delivering its Stablecoin Stability Assessments directly to blockchain protocols through Chainlink’s DataLink service, marking a notable advancement in decentralized finance applications. This collaboration allows real-time access to S&P Global’s stablecoin risk analyses within smart contracts. In terms of analyst perspectives, Morgan Stanley has raised its price target for S&P Global to $620, maintaining an Overweight rating, citing the company’s potential for growth in high-growth areas. These developments reflect S&P Global’s ongoing strategic initiatives and market positioning.

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