S&P Global Scaled Data Operations Via Acquisitions
The firm integrated With Intelligence to boost private market insights and drive revenue growth for enterprise clients.
Updated on Oct. 1, 2026 in Business Strategy
Live Poll
Do you trust that aggressive corporate adoption of artificial intelligence will create long-term value?
Following her appointment as president and CEO in November 2024, Martina Cheung steered S&P Global through a period of expansion fueled by the $1.8 billion acquisition of With Intelligence. The move effectively leveraged the company's existing data infrastructure to capture new opportunities in private market analytics.
Why it matters
The acquisition strategy reflects a broader corporate shift toward scaling data and AI capabilities to improve depth in niche financial sectors. By integrating specialized intelligence, the firm is positioning itself to capture greater market share in the growing private equity reporting landscape.
S&P Global reported $15.3 billion in revenue for 2025, up from $14.2 billion in 2024, supported by $130 million in revenue from its $1.8 billion With Intelligence acquisition.
The players
Martina Cheung
President and CEO of S&P Global who joined the firm in 2010 and oversees its data-led expansion strategy.
S&P Global
A global financial information provider that specializes in market intelligence, data analytics, and credit ratings.
The details
S&P Global incorporates AI throughout its operations to process large datasets and provide standardized reporting. The firm utilizes collaborative efforts with Mercer and Cambridge Associates to establish benchmarks for private markets. This operational model scales the data acquired from recent purchases to provide enhanced insights for institutional subscribers.
Timeline
Martina Cheung joined S&P Global in 2010.
S&P Global acquired Kensho in 2018.
Martina Cheung became president and CEO in November 2024.
S&P Global reported $4.17 billion in net income for 2024.
S&P Global reported $4.82 billion in net income for 2025.
Market Landscape
S&P Global is continuing its long-term strategy of inorganic growth, following the precedent set by its 2018 acquisition of Kensho. This trend underscores a broader move by market data providers to cement their dominance in private markets through technology-driven consolidation.
Operators should monitor how the integration of private market data affects subscription costs and analytical depth in the financial services sector. Assess whether your current vendors provide comparable market benchmarks or if the consolidation of reporting standards necessitates a pivot in your data procurement.
The takeaway
S&P Global illustrates the value of using specialized acquisitions to scale proprietary data assets into new competitive frontiers. Business leaders should track the rollout of the firm's expanded private markets reporting in 2026 as a signal for shifting benchmarks in capital allocation.
What happens next
S&P Global is expected to add private equity and additional asset classes to its private markets reporting suite later in 2026.
Further reading
For more on industry consolidation, see the latest updates on Business Strategy.
Source note: This article includes information reported by American Banker.
Live Poll
Do you trust that aggressive corporate adoption of artificial intelligence will create long-term value?
