Mubadala and KKR were among the groups negotiating with British data company 9fin.

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Firms including Abu Dhabi's Mubadala Capital and private equity giant KKR are in talks to invest in British corporate bond research startup 9fin, a deal that would value the privately held company, according to people familiar with the matter. It is said that it will amount to approximately 500 million dollars.

The investment will be the latest example of a high-profile deal for a company that provides insight into a niche area of ​​the financial markets.

A final agreement has not been reached and could take weeks, the people said. Other suitors also participated in the stake sale process. 9fin, Mubadala Capital and KKR declined to comment.

9fin was founded in London in 2016 by former JPMorgan banker Steven Hunter and Huss El-Sheikh, who previously worked at Deutsche Bank. In addition to journalists who break news about leveraged financial transactions, we also employ former trading lawyers and financial analysts who write analysis of investment opportunities.

9fin and competitors like Debtwire and Reorg have also invested heavily in engineers to build software and AI products that organize and summarize financial and legal documents.

Annual subscription fees for these services can run into the tens or hundreds of thousands of dollars, and private capital investors are attracted to the recurring revenue paid by hedge funds, law firms and investment bankers who rely on their news, data and analysis.

The company has roughly $25 million in annual recurring revenue, but remains unprofitable as it invests in new employees and technology.

We have over 200 employees based in London and New York, many of whom previously worked at large financial services companies, high-profile media organizations and law firms.

9fin raised $23 million in a pre-2022 funding round led by Spark Capital.

The proposed investment will come after New York-based Reorg, considered a market leader, sold a majority stake to Permira in 2022 at a valuation of $1.3 billion. Reorg recently changed its name to Octus to emphasize its broader services beyond bankruptcy protection, and market participants say Reorg could be sold by private equity owners in 2025.

BlackRock agreed in July to acquire British private markets data group Preqin for $2.55 billion. This is our first foray into providing financial information to the world's largest asset manager.

In 2022, Morningstar acquired Leveraged Commentary and Data (LCD) for $600 million. CreditSights was acquired by Fitch in 2021 for an undisclosed price.

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