A private equity firm which specialises in financial technology investments is finalising a £400m takeover of a leading provider of data to the asset management industry.

Sky News has learnt that Motive Partners is on the brink of a deal with Intermediate Capital Group (ICG) to buy With Intelligence.

Motive, which owns stakes in companies such as the wealth technology platform FNZ, saw off competition from rival bidders Cinven and Flexpoint Ford.

With Intelligence owns brands including Hedge Fund Alert, Eurekahedge and Pension Funds Online.

It is said to be projecting an annual profit next year of about £25m.

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The company supplies data to the asset management industry, an increasingly lucrative niche which has spawned a string of major businesses in recent years.

Earlier this year, With Intelligence was among the bidders for parts of MJ Hudson, the stricken asset management services group.

ICG has owned the company since 2020, when it was known as Pageant Media.

Houlihan Lokey, the investment bank, is handling the With Intelligence auction, while Raymond James is advising Motive Partners.

Motive and ICG declined to comment.

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