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S&P Global to acquire private markets data firm With Intelligence for $1.8 billion

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S&P Global has agreed to acquire With Intelligence, a London-based provider of private markets data and analytics, in a $1.8 billion deal, the company announced on Wednesday. The acquisition aims to expand S&P Global’s footprint in the rapidly growing private markets sector.

Founded in 1998, With Intelligence serves around 3,000 clients globally, offering analytics and intelligence for alternative investments, including private equity, credit, and infrastructure. The firm is expected to generate $130 million in revenue in 2025, with annual contract value growth projected in the high teens.

The transaction is expected to close in late 2025 or early 2026, and S&P Global said it anticipates the deal will add to adjusted earnings per share by 2027. Citi acted as the financial advisor to S&P Global, while Centerview Partners advised With Intelligence.

The move comes amid growing investor interest in private markets, as rising interest rates and limited exits have put pressure on valuations in public markets. As traditional markets show signs of volatility, investors are increasingly turning toward alternative assets for diversification and yield.

The acquisition aligns S&P Global with a broader industry trend. Major financial institutions such as BlackRock have made significant pushes into private markets, including its $12.5 billion acquisition of Global Infrastructure Partners, its $3.2 billion deal for Preqin, and its $12 billion purchase of HPS Investment Partners earlier this year.

Private markets also received a boost from U.S. President Donald Trump’s executive order in August, which seeks to expand 401(k) access to private equity and private credit investments.

Confluent explores potential sale amid rising AI data demand

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Confluent, a leading data streaming software company, is exploring a potential sale after attracting acquisition interest from private equity firms and technology companies, sources told Reuters. The discussions are still in early stages, with no guarantee a deal will materialize.

Shares of Confluent (CFLT.O) jumped 11% on Wednesday following the report, lifting its market value to about $7.9 billion. The move comes after the company’s stock fell 26% this year, making it a more appealing target for potential buyers, particularly after it lost a major customer in July.

Based in Mountain View, California, Confluent provides enterprise software that manages real-time data streams — a critical function for training and scaling artificial intelligence models. The firm was founded by the creators of Apache Kafka, an open-source system widely used for handling large volumes of live data such as financial transactions and web analytics.

The growing interest underscores the surge in demand for data infrastructure tools amid the AI boom. In May, Salesforce agreed to buy Informatica for about $8 billion to enhance its AI data management capabilities, signaling broader consolidation in the sector.

Confluent has not commented publicly on the talks. Industry analysts say any acquisition could mark a major shift in the AI software landscape as companies race to strengthen their data processing capabilities.

Novacap to Acquire Integral Ad Science in $1.9 Billion Deal

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Private equity firm Novacap will acquire Integral Ad Science (IAS) in a deal that values the digital advertising verification company at roughly $1.9 billion, IAS announced on Wednesday.

Novacap, which manages more than $10 billion in assets, will purchase all outstanding IAS shares for $10.30 each in cash. The offer represents a premium of about 22% over the company’s last closing price. IAS shares jumped around 20% in premarket trading following the news.

The transaction, expected to close by year’s end, reflects a broader trend of private equity firms buying up software and technology companies amid rising bets that artificial intelligence will fuel significant growth.

Other major firms, such as Thoma Bravo, have also been active in recent months, acquiring companies including Verint Systems, a customer engagement platform, and HR software provider Dayforce.

IAS specializes in ad verification, fraud detection, and optimization services for brands and agencies, helping ensure that digital campaigns are both effective and accurately targeted. Once the acquisition is complete, IAS will transition into a privately held company.