Bloomberg LP has reached an agreement to acquire Canoe Intelligence, a company that automates the gathering and structuring of data from private markets for institutional investors, wealth managers and family offices. The companies did not disclose the financial terms of the transaction.
The move is presented by Bloomberg as part of an effort to deepen institutional investors' visibility into private markets. Canoe processes in excess of 1.5 million documents every month and covers data from more than 44,000 funds, providing a high-volume feed of private fund documentation and related information.
Earlier in the year Bloomberg and Canoe worked together to bring portions of Canoe's dataset onto Bloomberg's platform. Bloomberg's existing private markets footprint already includes data on more than 3 million private companies, 50,000 private funds and 16,000 private direct loans, placing Canoe's capabilities alongside an extensive set of private-asset information.
Investors and backers associated with Canoe include major names from the alternative asset and banking sectors. Canoe's prior supporters included Blackstone Inc., Carlyle Group Inc. and Goldman Sachs Group Inc. In preparing for the transaction, Canoe retained Jefferies Financial Group Inc. as its financial adviser, and Cooley LLP provided legal counsel to the firm.
The acquisition follows a partnership earlier this year that brought some of Canoe's data onto Bloomberg's offering, but the announcement does not detail how the two companies will integrate their systems or how Canoe's processes will be incorporated into Bloomberg's broader private markets suite.
No additional commentary was released about timelines, the future availability of Canoe's products under Bloomberg ownership, or any changes to service for Canoe's existing customers. Likewise, specific terms of the deal, including any purchase price or payment structure, were not disclosed by either party.
The transaction positions Bloomberg to broaden its private markets dataset by adding a platform that automates large-scale document processing and fund coverage to its existing repository of private company, fund and direct loan information.