Bloomberg is set to acquire Canoe Intelligence, an alternatives fintech company, as part of a multi-year strategic initiative to enhance its private markets capabilities. The acquisition is reportedly valued between $750 million and $1 billion, representing approximately 20 times Canoe's current top-line revenue. While Bloomberg declined to comment on the specific financial terms, the deal signifies a major move by the financial data, software, and media giant to boost its offerings in a rapidly growing sector.
Canoe Intelligence, founded in 2013 and commercially launched in 2018, specializes in automating the collection, extraction, and normalization of private fund data. The New York City-based company boasts over 500 institutional clients, including major players like Blackstone, Cambridge Associates, and Hamilton Lane, who collectively manage more than $11 trillion in assets. Bloomberg indicated that integrating Canoe's technology will lead to more automated and timely post-investment workflows, broader fund coverage, advanced AI insight features across both public and private markets, and improved pre-investment intelligence.
The acquisition builds upon an existing relationship between the two companies. In April, Canoe and Bloomberg announced an integration that routed Canoe's private fund data directly into Bloomberg's PORT Enterprise, a premium portfolio and risk analytics offering. This integration allowed mutual clients to automate the delivery of private fund data, enabling comprehensive analysis of both public and private investments. Bloomberg intends to maintain Canoe's existing product lines, including Canoe Labs, and invest in their expansion. Canoe’s CEO, Jason Eiswerth, along with other leadership team members and staff, are expected to remain with Bloomberg post-acquisition. Canoe was advised by Jefferies LLC for financial matters and Cooley LLP for legal aspects.
