S&P Global completes its $1.8 billion deal for With Intelligence, bolstering its private markets expertise and redefining the landscape of alternative investment data amidst rising global demand.
S&P Global has completed the acquisition of With Intelligence, a private markets data and analytics firm, for $1.8 billion, marking a significant expansion in its presence within the private financial markets sector. The deal, first announced in October and officially closed in late 2025, integrates With Intelligence’s proprietary data and workflow solutions with S&P Global’s existing expertise, aiming to enhance the company’s offerings for a broad range of market participants including investors, advisors, and intermediaries.
According to the announcement, With Intelligence brings deep expertise in alternative investments, a segment that complements S&P Global’s current capabilities. Martina Cheung, President and CEO of S&P Global, underscored the strategic importance of the acquisition, highlighting it as a key step in helping clients navigate the complexities of the rapidly growing private markets and make informed decisions throughout the investment lifecycle.
With Intelligence, founded in 1998, reportedly serves about 3,000 clients worldwide and is expected to generate around $130 million in revenue in 2025, with robust contract growth. The acquisition is projected to enhance S&P Global’s adjusted earnings by 2027, although it may be slightly dilutive to GAAP earnings in the short term as the integration progresses.
The transaction was supported by the global law firm Clifford Chance, which advised S&P Global on multiple legal aspects, including corporate, antitrust, tax, employment, and financial regulation matters.
While the acquisition solidifies S&P Global’s position as one of the most comprehensive providers of private markets intelligence, it also forms part of the company’s ongoing strategy to expand its essential data, benchmarking, and analytics services amid a dynamic market environment. The company cautions that the transaction and its success could be influenced by a range of factors including economic conditions, evolving regulations, market volatility, technological competition, and integration risks.
This move places S&P Global at the forefront of private market data providers, potentially offering clients enhanced insights and improved decision-making tools as demand for alternative investment information continues to rise globally.
- https://www.prnewswire.com/news-releases/sp-global-completes-1-8-billion-acquisition-of-with-intelligence-strengthening-its-position-as-a-leader-in-private-markets-data–analytics-302625980.html – Original press release. View link for all data
- https://www.prnewswire.com/news-releases/sp-global-completes-1-8-billion-acquisition-of-with-intelligence-strengthening-its-position-as-a-leader-in-private-markets-data–analytics-302625980.html – S&P Global has completed its $1.8 billion acquisition of With Intelligence, a leading provider of private markets data, insights, and analytics. This strategic move significantly enhances S&P Global’s capabilities in private markets by integrating With Intelligence’s proprietary data and workflow solutions with S&P Global’s expertise. Martina Cheung, President and CEO of S&P Global, stated that With Intelligence’s deep expertise in alternative investments complements their existing capabilities, enabling S&P Global to assist customers in making valuable decisions throughout the investment lifecycle.
- https://www.cliffordchance.com/news/news/2025/10/clifford-chance-advises-sp-global-on-18-billion-acquisition.html – Global law firm Clifford Chance advised S&P Global on its $1.8 billion acquisition of With Intelligence. The acquisition significantly expands S&P Global’s data coverage and capabilities across private markets, enhancing its value proposition for General Partners, Limited Partners, Intermediaries, and Advisors. The Clifford Chance team, led by partners Dominic Ross and Melissa Fogarty, provided support across various legal areas, including Corporate, Antitrust, Tax, Employment, and Financial Regulation.
- https://www.reuters.com/technology/sp-global-strikes-18-billion-deal-private-markets-firm-with-intelligence-2025-10-15/ – S&P Global has announced a $1.8 billion acquisition of private markets data firm With Intelligence, aiming to strengthen its offerings in the rapidly expanding private financial markets sector. With Intelligence, founded in 1998, supplies data and analytics on private and alternative markets to approximately 3,000 clients worldwide and is projected to generate $130 million in revenue in 2025, with strong contract growth. The deal, expected to close by early 2026, aims to enhance S&P Global’s adjusted earnings by 2027.
- https://www.investing.com/news/company-news/sp-global-completes-18-billion-acquisition-of-with-intelligence-93CH-4378009 – S&P Global has completed its $1.8 billion acquisition of With Intelligence, a provider of private markets data and analytics. The transaction, first announced in October, expands S&P Global’s capabilities in the private markets sector by combining With Intelligence’s proprietary data and workflow solutions with S&P Global’s existing services. Martina Cheung, President and CEO of S&P Global, stated that With Intelligence’s deep expertise in alternative investments complements their existing capabilities, enabling S&P Global to help customers make valuable decisions at every stage of the investment lifecycle.
- https://www.nasdaq.com/articles/sp-global-acquire-intelligence – S&P Global Inc. has agreed to acquire With Intelligence Ltd. for $1.8 billion. The transaction is expected to close in late 2025 or early 2026. The move is forecast to be slightly dilutive to GAAP EPS and accretive to adjusted EPS in 2027. The acquisition will broaden the company’s private markets coverage and capabilities by pairing With Intelligence’s data and benchmarks with its analytics tools to better serve investors, advisors, and intermediaries.
- https://www.benzinga.com/m-a/25/10/48235678/sp-global-buys-with-intelligence-in-1-8-billion-deal/ – S&P Global has completed its $1.8 billion acquisition of With Intelligence, a provider of private markets data and analytics. The transaction, first announced in October, expands S&P Global’s capabilities in the private markets sector by combining With Intelligence’s proprietary data and workflow solutions with S&P Global’s existing services. Martina Cheung, President and CEO of S&P Global, stated that With Intelligence’s deep expertise in alternative investments complements their existing capabilities, enabling S&P Global to help customers make valuable decisions at every stage of the investment lifecycle.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is based on a press release from S&P Global, dated November 25, 2025, announcing the completion of the acquisition of With Intelligence for $1.8 billion. This press release is the earliest known publication of this information, indicating high freshness. The report has not been republished across low-quality sites or clickbait networks. The inclusion of updated data, such as the completion date and financial details, justifies a higher freshness score.
Quotes check
Score:
10
Notes:
The report includes direct quotes from Martina Cheung, President and CEO of S&P Global, and Charlie Kerr, Founder and CEO of With Intelligence. These quotes are consistent with those found in the original press release, with no variations in wording. No earlier usage of these quotes was found, suggesting they are original to this report.
Source reliability
Score:
10
Notes:
The narrative originates from a reputable organisation, S&P Global, which issued the press release. The press release is hosted on PR Newswire, a legitimate and widely used distribution service for corporate communications. This indicates a high level of reliability.
Plausability check
Score:
10
Notes:
The acquisition of With Intelligence by S&P Global for $1.8 billion is a significant event in the private markets data and analytics sector. The details provided, including the expected revenue impact and strategic importance, are plausible and align with industry trends. The language and tone are consistent with corporate communications, and there are no signs of sensationalism or inconsistencies.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The report is based on a recent and original press release from S&P Global, detailing the completion of their $1.8 billion acquisition of With Intelligence. The quotes are consistent with the press release, and the source is reputable. The claims made are plausible and align with industry standards, with no signs of disinformation or recycled content.