Key Takeaways
- • Private equity and financial groups have spent billions acquiring proprietary data platforms, including ION-Acuris (about 1.35 billion pounds including debt in 2019), LSEG-Refinitiv (around 27 billion dollars including debt, announced 2019, completed January 2021), AlphaSense-Tegus (930 million dollars in June 2024), BlackRock-Preqin (3.2 billion dollars, completed March 2025), S&P Global-With Intelligence (1.8 billion dollars, announced October 2025) and LSEG-Octus (3.535 billion dollars, announced 22 October 2026).
- • The Octus price equals just under twelve times expected 2026 revenues of more than 300 million dollars, with an adjusted EBITDA margin of around 40%, according to BeBeez's analysis.
- • BeBeez argues that proprietary, reliable and integrated data is strategic infrastructure, because AI can process information but cannot create data that does not exist or replace years of collection and verification.
- • The article identifies two questions for private equity funds: where to invest in data platforms, and how to use proprietary data and AI to improve the investment process itself.
- • BeBeez is hosting a Caffè di BeBeez event on 9 November 2026 at the Park Hyatt Hotel in Milan on how proprietary data and AI are reshaping competitive advantage in private capital and M&A.
Summary
BeBeez International observes that the largest financial groups are spending billions to acquire companies that own proprietary data, and asks what private equity funds may be missing as a result. The consolidation of financial data assets predates the current generative AI wave. ION Investment Group acquired control of Acuris, owner of Mergermarket and Debtwire, in 2019 from BC Partners and GIC for around 1.35 billion pounds including debt. London Stock Exchange Group completed its acquisition of Refinitiv in January 2021, a deal announced in 2019 at an initial valuation of around 27 billion dollars including debt, from a consortium led by Blackstone and Thomson Reuters.
More recent transactions follow the same logic. In June 2024 AlphaSense agreed to acquire Tegus for 930 million dollars, alongside a 650 million dollar funding round that lifted its valuation to 4 billion dollars. BlackRock acquired Preqin for 3.2 billion dollars, completed in March 2025, and plans to integrate it with Aladdin and eFront. In October 2025 S&P Global agreed to buy With Intelligence for 1.8 billion dollars from shareholders led by Motive Partners, completing the deal the following November. On 22 October 2026 LSEG announced an agreement to buy Octus, formerly Reorg, from Permira and other shareholders for 3.535 billion dollars, with closing expected in the first half of 2027. Permira had invested in Octus in 2022 at a valuation of around 1.3 billion dollars. On 28 October Covalent Equity Partners made an undisclosed growth investment in AML Analytics, which provides independent benchmarks for anti-money laundering and sanctions screening systems to more than 1,450 financial institutions.
The article argues that proprietary data, when reliable, current and embedded in decision-making, functions as strategic infrastructure. It contends that AI's ability to process information does not substitute for the availability of quality information, particularly in private markets where disclosure is limited and valuations are less transparent. Platforms that merely repackage public information risk eroding their advantage, according to the piece.
For private equity investors, BeBeez frames the question in two parts: where to invest, given the recurring revenues and switching costs of data platforms, and how to invest, meaning whether funds systematically use proprietary data and AI in sourcing, due diligence, portfolio monitoring and add-on identification. The publisher notes that its parent, EdiBeez, has agreed with Metriks AI to turn its BeBeez Private Data database into an AI-native platform. The article promotes a Caffè di BeBeez event on 9 November 2026 in Milan, with sessions on deal sourcing, due diligence, portfolio monitoring and process automation.
More recent transactions follow the same logic. In June 2024 AlphaSense agreed to acquire Tegus for 930 million dollars, alongside a 650 million dollar funding round that lifted its valuation to 4 billion dollars. BlackRock acquired Preqin for 3.2 billion dollars, completed in March 2025, and plans to integrate it with Aladdin and eFront. In October 2025 S&P Global agreed to buy With Intelligence for 1.8 billion dollars from shareholders led by Motive Partners, completing the deal the following November. On 22 October 2026 LSEG announced an agreement to buy Octus, formerly Reorg, from Permira and other shareholders for 3.535 billion dollars, with closing expected in the first half of 2027. Permira had invested in Octus in 2022 at a valuation of around 1.3 billion dollars. On 28 October Covalent Equity Partners made an undisclosed growth investment in AML Analytics, which provides independent benchmarks for anti-money laundering and sanctions screening systems to more than 1,450 financial institutions.
The article argues that proprietary data, when reliable, current and embedded in decision-making, functions as strategic infrastructure. It contends that AI's ability to process information does not substitute for the availability of quality information, particularly in private markets where disclosure is limited and valuations are less transparent. Platforms that merely repackage public information risk eroding their advantage, according to the piece.
For private equity investors, BeBeez frames the question in two parts: where to invest, given the recurring revenues and switching costs of data platforms, and how to invest, meaning whether funds systematically use proprietary data and AI in sourcing, due diligence, portfolio monitoring and add-on identification. The publisher notes that its parent, EdiBeez, has agreed with Metriks AI to turn its BeBeez Private Data database into an AI-native platform. The article promotes a Caffè di BeBeez event on 9 November 2026 in Milan, with sessions on deal sourcing, due diligence, portfolio monitoring and process automation.
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