In a landmark deal poised to reshape the private markets data landscape, S&P Global Inc. announced Wednesday that it will acquire With Intelligence, a London-based provider of private markets data and analytics, from a consortium led by Motive Partners, in a transaction valued at $1.8 billion.

The acquisition—unanimously approved by both companies’ boards—marks S&P Global’s bold expansion beyond its traditional financial data strongholds and into the fast-growing realm of private capital intelligence.

A Strategic Leap into Private Markets

“This acquisition expands the trusted legacy of S&P Global into private markets, bringing the same rigor, data quality, and analytical depth that have defined our leadership,” said Martina Cheung, president and CEO of S&P Global.

S&P Global said the merger will combine its existing private markets expertise with With Intelligence’s proprietary datasets, benchmarks, and workflow tools, creating a powerhouse of insight for investors and fund managers. The transaction is expected to close in 2025 or early 2026, pending regulatory approvals.

Clifford Chance is advising S&P Global, while Proskauer Rose LLP and Joelson LLP are representing With Intelligence.

With Intelligence: From Niche to Necessity

Founded in 1998 by Charlie Kerr, With Intelligence has quietly become a critical engine behind private market data, serving over 3,000 global clients. Its platform tracks 30,000 investors, 30,000 managers, 70,000 funds, and 350,000 deals, giving financial professionals real-time insight into the opaque world of alternative assets.

“This is testament to the hard work of our team and our partnership with Motive Partners in building a differentiated business to power smarter investment decisions,” Kerr said. “We look forward to bringing our data and intelligence to an even broader customer base under S&P Global.”

A Play for Data Dominance

With Intelligence is projected to generate $130 million in revenue by 2025, with annual contract value growth in the high teens, underscoring its rapid rise in a competitive market for investment data.

For S&P Global, the acquisition adds an essential layer to its private markets coverage, enhancing services for general partners, limited partners, intermediaries, and advisers seeking sharper visibility into alternative assets.

Rob Heyvaert, founder and managing partner at Motive Partners, described the transaction as a “case study of the impact of our proven model” and a testament to their investment thesis in data and analytics-driven businesses.

Building the Future of Financial Intelligence

The deal comes amid a surge of demand for reliable data in the private capital sector, where opacity has long challenged investors. By marrying S&P’s analytical muscle with With Intelligence’s deep datasets, the combined platform is expected to deliver a new standard of insight across global private markets.

If approved, the deal will not only bolster S&P’s foothold in private market analytics but also mark one of the largest acquisitions in the firm’s history, reaffirming its ambition to dominate every layer of financial intelligence—from Wall Street to venture capital.