Client segments in 2016 vs. client segments in 2021

We modified our client segment categorization in 2019 to align more closely with our updated view of the addressable market and our approach to serving it. Corporate Development is now labeled as Company, Debt Providers are now Lenders, and Other Service Providers now include accounting, consulting, financial advisory, law, and recruiting firms. Other Investors is a new client category that includes firms such as family offices, hedge funds, asset managers, and angel investors -- segments where we are growing.

We still consider our Core Investor client segments to be venture capital, private equity, and investment banks; however, we recently added Other Investors into the Core classification. These four categories currently represent approximately 45% of our total client count. Since 2016, the Company client segment has exhibited the greatest expansion, and now represents about 30% of our total client count. Companies have also been our fastest growing segment in the past 18 months and represents an extension of PitchBook’s customer profile. Companies are more actively seeking and relying on data and workflow tools to help them understand their competitive landscapes, market shifts, and the expansion and contraction of specific verticals. In addition, they use this information to inform investment, M&A and other strategic initiatives. While our client mix has shifted largely due to the increase in Companies, we continue to see strong growth across the Core Investor client segments. Core Investors continue to be our largest source of new business bookings.