PitchBook specializes in compiling venture capital, IPO and M&A data on tens of thousands of companies, offering investors, journalists and analysts a treasure trove of information about the latest deals and investment activity.
Financial information juggernaut Morningstar announced this morning that it intends to purchase the remaining shares of PitchBook that it did not already own for $180 million. The transaction values PitchBook — which employs more than 600 at offices in Seattle, New York and London — at $225 million.
Morningstar invested $10 million in the company earlier this year, bringing total funding in the 9-year-old company to just $14.25 million. It also helped seed the company’s early days with a $1.2 million investment in 2009, and owned about 20 percent of PitchBook prior to today’s announcement.
Given the small pool of initial capital invested in PitchBook, the deal represents a fantastic return for the company. As part of the deal, PitchBook will retain its brand, and founder and CEO John Gabbert will remain at the helm.
PitchBook has built a huge collection of customers in recent years — some of the biggest names in venture capital and private equity — who rely on its reports to analyze the often opaque world of private financial transactions. The company, which now boasts 1,800 customers, posted $31.1 million in revenue for the trailing 12 months ended June 30, 2016.
Geekwire (14 October)
