November 12, 2021

Bloomberg has about 325k users, Refinitiv about 200k. You’re up to over 50k on Pitchbook. In light of the similar license prices, how are the TAM assessments here different, especially when we think about the different client types? What is the right way to think about this?

We recently shared some of the assumptions behind our $3.5 billion estimate for PitchBook’s total addressable market in the Form 8-K that we filed on June 11, 2021. Our growth strategy at PitchBook isn’t necessarily about displacing competitors, it’s about ensuring that the client is using PitchBook. We seldom compete head-to-head with Bloomberg or Refinitiv; rather, we view our offering as complementary. As such, it’s difficult to directly compare the sizes of their user base against ours, given that these platforms fill different needs for a subset of our client base. In fact, we occasionally send some of our customers to Refinitiv products for some specific needs that PitchBook can’t meet (for example, After Market Research). We consider our direct competitive set to be predominantly Capital IQ, Preqin, Crunchbase and to a certain extent Mergermarket (in Europe mostly).

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