In today’s newsletter, we reflect on 9fin’s announcement last week that they had concluded a $1.3bn Series C, led by HarbourVest, with participation from CPP Investments, Highland Europe, Spark Capital, Redalpine, and Seedcamp.
What does the c.16x revenue multiple achieved say about the current state of valuations in Data & Analytics in the wake of the Claude Crisis?
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The Signal We’ve Been Waiting For
Back in February Bloomberg leaked the news that 9fin, the intelligence platform for global debt markets, was seeking fresh investment at a $1bn+ valuation - “roughly 20x its current annual recurring revenue of approximately $50m.”
Since then the Data & Analytics world has been engulfed in the “Claude crisis”.
At Asymmetrix we have been waiting for the first big Data & Analytics deal to close to provide an indication of how valuations for premium assets are holding up in the new normal.
The answer, if 9fin’s Series C funding round announced last week is anything to go by, is that they are holding up extremely well.
The Numbers Behind the $1.3bn Valuation
9fin’s accounts at UK Companies House show revenues grew 103% from GBP7.2m in 2023 to GBP14.3m in 2024. According to the press release for the recent investment round “the company has delivered multiple consecutive years of 100% ARR growth, industry-leading retention, and even faster expansion in the United States.”
That suggests revenues of c.GBP30m ($40m) in 2025, and c.GBP60m ($80m) in 2026F.
According to the Series C announcement, 9fin raised $170m in the round at a $1.3bn valuation,
That’s a revenue multiple of approximately 16x.
That’s not outlandishly far from the multiples at which With Intelligence (13.8x) and Preqin (13x) traded to S&P Global and BlackRock respectively.
Private vs Public Markets: The Valuation Disconnect
What immediately jumps out is how disconnected this valuation is from current valuations of Data & Analytics providers in public markets.
Sector behemoth S&P Global is currently trading at roughly 9.4x revenues, RELX is at 5x, and Morningstar is at 3.9x.
These are high quality businesses, forecasting growth for the current financial year, with category-leading data assets like Platts, Pitchbook and LexisNexis in their portfolios.
So why are public markets discounting them so hard, while private markets are valuing are businesses like 9fin at a premium?
The AI‑Native Premium
One way to answer this question lies in how much you consider 9fin to be an AI-first business.
We have already seen AI-native Legaltech businesses Harvey and Legora raise massive rounds since the Claude Crisis.
Harvey raised $200m at an $11bn valuation in March, and announced ARR of $190m in January (up from $100m in August) - an approximately 58x revenue multiple.
Legora raised $550m in Series D at a $5.5bn valuation in March, and since announced ARR of $100m (up from $1m in the last 18 months) - an approximately 55x revenue multiple.
The press release for 9fin’s Series C round leans hard into the company’s AI-native status.
“As loan, bond, and private credit markets converge, getting better information faster is more important than ever. AI can help - but only when trained on reliable data, much of which remains trapped in data rooms, emails, and PDFs. 9fin centralizes this information and uses it to fuel next-generation AI technology.”
Seen in the context of the Harvey and Legora multiples, 16x revenues for 9fin feels reasonable.
What 9fin Does Next: The M&A Playbook
Last year saw 9fin’s first acquisition: debt capital markets research provider BondRadar. Now that 9fin has begun to generate the muscle memory for deal-making, and with $170m in their back pocket, it seems likely that they will look to continue to grow inorganically.
Subscribers to Asymmetrix can read our thoughts on potential acquisitions and the broader debt data landscape behind the paywall. Email sales@asymmetrixintelligence.com to learn more about a subscription or to book a demo.
The Octus Question
Asymmetrix will be watching closely for an announcement about Permira-backed Octus, the largest player in the space. News leaked back in October that the business was holding initial talks with investment bankers about a $4bn sale, at a revenue multiple similar to that achieved by 9fin.
In a strange twist of fate, 9fin’s recent $1.3bn valuation is exactly what Permira paid Octus when they acquired it from Warburg Pincus in 2022.
Whether the market considers Octus to be as AI-enabled as 9fin may determine the outcome of any process.
What This Means for the Future of Debt Data & Analytics
9fin’s raise reinforces a clear shift: value in Debt Data & Analytics is concentrating around AI‑native platforms with proprietary datasets. Public‑market incumbents may have scale, but they’re being priced like mature information utilities. Meanwhile, businesses that can ingest unstructured data, automate workflows, and demonstrate genuine AI leverage are securing premium multiples - even in a market still digesting the Claude crisis.
9fin’s valuation serves as a clear indicator of where value is shifting - and which platforms are positioned to benefit.