S&P Global has announced a landmark acquisition of With Intelligence, a leading data and analytics provider for private markets and alternative assets, in a transaction valued at $1.8 billion. The deal, backed by a consortium led by majority investor Motive Partners, reflects S&P Global’s strategic ambition to deepen its presence in one of the fastest-growing areas of finance.

The acquisition underscores S&P Global’s intent to become a central hub for intelligence in private markets — an asset class projected to exceed $40 trillion by the end of this decade. By combining its long-standing expertise in market data with With Intelligence’s proprietary datasets and workflow solutions, S&P aims to deliver unprecedented transparency, benchmarks, and decision-making tools for investors across private equity, private credit, hedge funds, and other alternative strategies.

Building on Two Decades of Growth

Founded in 1998 by Charlie Kerr, With Intelligence has grown into a global platform serving nearly 3,000 clients worldwide. Its services cover investors, managers, funds, and transactions, offering detailed intelligence that powers smarter allocation and deal-making. Since the 2023 investment by Motive Partners and ICG, the company has experienced double-digit annual growth, with revenues expected to reach $130 million in 2025.

With Intelligence’s appeal lies in its ability to integrate relationship data, proprietary benchmarks, and in-depth coverage of private market players, enabling investors to navigate an industry that has historically been less transparent than public markets.

Strategic Rationale for S&P Global

Headquartered in New York, S&P Global is best known for its credit ratings, indices, and market intelligence products that bring clarity and credibility to global financial markets. The addition of With Intelligence expands its scope into a sector that increasingly demands data-driven decision support.

• Front-office benefits: Fund managers and investors will gain enhanced tools by combining With Intelligence’s fund data with S&P’s private company insights and deal flow information.
• Middle-office advantages: New benchmarking and performance measurement capabilities will help firms evaluate strategies with greater precision.
• Back-office integration: Existing S&P platforms such as WSO, iLEVEL, and Valuations will be reinforced by the integration, supporting reporting, compliance, and transparency.

This acquisition also complements S&P Global’s recent partnerships with Cambridge Associates, Mercer, and NewVest, aimed at creating new private equity indices and performance benchmarks.

Executive Perspectives

Martina Cheung, President and CEO of S&P Global, emphasized the importance of private markets to the company’s long-term growth strategy:
“Private markets represent one of the most dynamic frontiers in global finance. By integrating With Intelligence, we are bringing S&P Global’s legacy of rigor, data quality, and analytical depth to this sector. Together, we will create the most comprehensive provider of private markets intelligence.”

Saugata Saha, President of Market Intelligence and Chief Enterprise Data Officer at S&P Global, added:
“We are thrilled by the synergies this acquisition brings. From proprietary insights to integrated workflow solutions, the combination with With Intelligence elevates our ability to deliver clarity and confidence to clients navigating increasingly complex private markets.”

On the seller’s side, Charlie Kerr, founder and CEO of With Intelligence, highlighted the milestone:
“This transaction validates the dedication of our team and our partnership with Motive Partners in building a differentiated data business. Joining S&P Global allows us to accelerate our strategy globally, bringing our benchmarks and relationships across GPs and LPs to a much broader client base.”

Rob Heyvaert, founder and managing partner of Motive Partners, described the deal as a case study of fintech value creation:
“Together with Charlie and the team, we transformed With Intelligence into a high-quality analytics business with genuine scarcity value. S&P Global is the ideal partner to take it into the next stage, solidifying its role at the center of the private markets data revolution.”

Looking Ahead

The transaction is expected to close in late 2025 or early 2026, subject to regulatory approvals and customary conditions. Once finalized, the acquisition will position S&P Global as one of the most comprehensive providers of data and analytics across both public and private markets — reinforcing its reputation as a global leader in financial intelligence.