S&P Acquires With Intelligence For $1.8 Billion—What It Means For Wall Street’s Data Wars!

S&P Global is making strategic waves again with its recent agreement to acquire alternative assets data provider With Intelligence for $1.8 billion. The transaction, announced in October 2025, marks another major step by S&P to extend its footprint beyond public markets and deepen its capabilities across private markets. Expected to close either later in 2025 or early 2026, the deal is subject to regulatory approvals and customary closing conditions. Founded in 1998 by Charlie Kerr, With Intelligence has grown into a critical source of insights for alternative asset managers and allocators, serving over 3,000 clients globally. The firm is projected to generate approximately $130 million in revenue in 2025, with contract value growth in the high teens. While the deal is expected to be slightly dilutive to S&P’s GAAP EPS initially, it is forecast to be accretive to adjusted EPS by 2027. This acquisition comes on the heels of a quarter where S&P reported organic revenue growth across most segments, led by Market Intelligence, and continues to emphasize long-term investment in AI, workflow tools, and expanded data coverage.