Octus

Financial Data · Private Credit · Fintech

Acquisition

LSEG acquires credit data provider Octus for $3.535 billion

The deal is LSEG's biggest since its 2019 Refinitiv purchase, deepening its push into private and illiquid credit markets.

• LSEG agreed to acquire Octus in an all-cash deal worth $3.535 billion, buying out Permira's funds and Octus management, including founder Kent Collier; the purchase will be financed with external debt.
• Founded in 2013, Octus provides credit intelligence, data and workflow tools focused on private, illiquid and distressed credit, serving over 750 customers and 40,000 users including banks, law firms and buy-side investors.
• Permira bought the company, then called Reorg, from Warburg Pincus in 2022; over its roughly four-year hold, Octus more than tripled annual recurring revenue and nearly doubled its product lineup via acquisitions of FinDox, Sky Road and LevPro.
• Octus is projected to generate over $300 million in 2026 revenue with an adjusted EBITDA margin near 40%, after double-digit compound revenue growth since 2022.
• The Octus purchase comes days after LSEG's markets arm Tradeweb agreed to buy electronic credit trading platform Trumid for about $1.75 billion, part of a coordinated push into fixed income trading and data.
• The deal is LSEG's largest since its 2019 Refinitiv acquisition and marks Permira's sixth strategic exit of 2026, part of a record $13 billion the firm has returned to investors over the past 12 months.
• By pairing Octus's hard-to-access illiquid credit data with its existing liquid-credit analytics and distribution, LSEG is positioning itself to capture a fast-expanding private credit market that traditional data providers have struggled to cover.