Motive Partners takes over With Intelligence for £400M

Private equity firm Motive Partners has taken a majority stake in With Intelligence, a data analytics provider to the asset management industry, for £400 million.

Why it matters: Investors see a need for better data around alternative assets as the private markets move toward an estimated $15 trillion of assets under management by 2027.

Details: Motive, a PE firm specializing in fintechs, will take the reins of With Intelligence from Intermediate Capital Group (ICG).

• Motive plans to bring in members of its operating team to collaborate with the data analytics firm, including BNY Mellon's former CEO of data and analytics Charles Teschner and Wilshire CEO Andy Stewart.
• ICG will remain a minority shareholder and has agreed to invest alongside Motive to accelerate the company's growth.

Between the lines: Terms were not disclosed, but Ryan confirms the takeover had a price tag of £400 million, which Sky News originally reported.

• Motive reportedly beat out Cinven and Flexpoint in bidding for With Intelligence.

Context: Founded in 1998, With Intelligence specializes in providing data analytics around alternative assets — such as hedge funds, private credit, private equity and real estate — to the asset management industry,

• ICG acquired the firm, then known as Pageant, for over £100 million in early 2020.
• With Intelligence grew to more than 2,500 customers with a revenue CAGR of 33%.

Of note: Houlihan Lokey served as financial adviser to With Intelligence, with other advisers including Proskauer, Alvarez & Marsal, and OC&C.

• Motive Partners' financial adviser was Raymond James, and they were also advised by MDW Capital Advisory, White & Case, Plural Strategy, Oliver Wyman, and EY.