As our existing client base has grown, the proportion of revenue growth coming from existing customers has generally increased. Last year (2022) was the first year that revenue growth related to the expansion of existing client relationships represented a higher percentage of total revenue growth than revenue coming from new clients. Through the first six months of 2023, growth has been roughly balanced between revenue coming from the expansion of existing client relationships and the addition of new clients.

In the second quarter of 2023, PitchBook revenue increased to $121.2 million, an increase of $6.4 million over the first quarter of 2023, when revenue totaled $114.8 million. That compared to a $4.0 million sequential increase from the fourth quarter of 2022, when revenue totaled

$110.8 million, to the first quarter of 2023. We do expect to see variation in quarterly sequential growth rates. The change in the sequential trend that you observe is due primarily to strong revenue growth in the fourth quarter of 2022, which made for a more difficult comparison to the first quarter of 2023.

In August 2023, we noted that we’d seen a slight weakening of conversion rates in the core VC and PE markets after a particularly strong 2021 and first half of 2022, although they remained in line with long-term trends. We do not disclose conversion rates. New business sales were roughly in line with the breakdown of logos by client segment through the first six months of 2023. We plan to provide an update on the PitchBook product area through September 2023 with our third quarter earnings release.