Key Takeaways
- • ION Investment Group acquired control of Acuris (owner of Mergermarket and Debtwire) from BC Partners and GIC in 2019 for around 1.35 billion pounds including debt, per BeBeez.
- • LSEG completed its acquisition of Refinitiv in January 2021, announced in 2019 at an initial valuation of around 27 billion dollars including debt, with the seller being a consortium led by Blackstone and Thomson Reuters.
- • BlackRock agreed to acquire Preqin for 3.2 billion dollars in 2024, completed in March 2025, and S&P Global bought With Intelligence for 1.8 billion dollars from shareholders led by Motive Partners.
- • LSEG agreed on 22 October 2026 to buy Octus (formerly Reorg) from Permira and other shareholders for 3.535 billion dollars, a price just under twelve times expected 2026 revenues of over 300 million dollars, with closing expected in the first half of 2027.
- • BeBeez argues that proprietary, reliable, up-to-date data embedded in decision-making is strategic infrastructure, and that the real differentiator for private equity funds is how systematically they build AI-enabled data processes, not merely how much they spend on data tools.
Summary
BeBeez International frames a broad consolidation trend in financial data and intelligence platforms, with private equity playing a central role as investor, seller or buyer. The publication cites a series of transactions: ION's 2019 acquisition of control of Acuris, LSEG's Refinitiv acquisition completed in January 2021, AlphaSense's June 2024 purchase of Tegus for 930 million dollars alongside a 650 million funding round that valued the company at 4 billion dollars, BlackRock's 3.2 billion dollar Preqin deal, and S&P Global's 1.8 billion dollar purchase of With Intelligence announced in October 2025.
The most recent transaction cited is LSEG's agreement announced on 22 October 2026 to acquire Octus, formerly Reorg, from Permira and other shareholders for 3.535 billion dollars. Permira had invested in 2022 at a valuation of around 1.3 billion dollars. According to the article, Octus is expected to exceed 300 million dollars in revenue in 2026 with an adjusted EBITDA margin of around 40%. The article also notes that on 28 October, Covalent Equity Partners announced an undisclosed growth investment in AML Analytics, a British company that supplies independent benchmarks for anti-money laundering and sanctions screening systems and serves more than 1,450 financial institutions.
BeBeez argues that AI does not diminish the value of such assets, because processing information is distinct from having reliable, structured and verified data, particularly in private markets where disclosure is limited. It contends that platforms merely repackaging public information face eroding advantages, while proprietary, integrated datasets can form barriers to entry. For private equity investors, the article distinguishes between where to invest in data platforms, which offer recurring revenue and switching costs, and how to invest, meaning the extent to which funds systematically use proprietary data and AI across sourcing, due diligence and portfolio monitoring.
The article also promotes BeBeez's own initiative: an agreement with Metriks AI to turn its BeBeez Private Data database on Italian private capital into an AI-native platform, along with an upcoming Caffè di BeBeez event on 9 November 2026 in Milan on proprietary data, AI and competitive advantage in private capital and M&A.
The most recent transaction cited is LSEG's agreement announced on 22 October 2026 to acquire Octus, formerly Reorg, from Permira and other shareholders for 3.535 billion dollars. Permira had invested in 2022 at a valuation of around 1.3 billion dollars. According to the article, Octus is expected to exceed 300 million dollars in revenue in 2026 with an adjusted EBITDA margin of around 40%. The article also notes that on 28 October, Covalent Equity Partners announced an undisclosed growth investment in AML Analytics, a British company that supplies independent benchmarks for anti-money laundering and sanctions screening systems and serves more than 1,450 financial institutions.
BeBeez argues that AI does not diminish the value of such assets, because processing information is distinct from having reliable, structured and verified data, particularly in private markets where disclosure is limited. It contends that platforms merely repackaging public information face eroding advantages, while proprietary, integrated datasets can form barriers to entry. For private equity investors, the article distinguishes between where to invest in data platforms, which offer recurring revenue and switching costs, and how to invest, meaning the extent to which funds systematically use proprietary data and AI across sourcing, due diligence and portfolio monitoring.
The article also promotes BeBeez's own initiative: an agreement with Metriks AI to turn its BeBeez Private Data database on Italian private capital into an AI-native platform, along with an upcoming Caffè di BeBeez event on 9 November 2026 in Milan on proprietary data, AI and competitive advantage in private capital and M&A.
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