Pitchbook Data Inc.

Pitchbook Data Inc., a Seattle-based subsidiary of Morningstar Inc., supplies financial data platforms, research services, and analytical tools focused on private capital markets to federal agencies as a prime contractor (95% of recent awards), competing on full-and-open, non-set-aside basis across 58 distinct federal customers. The vendor does not hold SBA certifications and competes as a large, established provider without set-aside protection. Pitchbook's core federal capability centers on subscription-based access to proprietary databases covering venture capital, private equity, mergers and acquisitions, and private company profiles, delivered through web-based platforms to support investment analysis, due diligence, financial monitoring, and national security-related foreign investment oversight.

Customer concentration is split between two distinct mission sets. The Department of the Treasury Departmental Offices and the Office of the Secretary of Defense lead by potential value (each $4 million-plus), followed by the Department of Energy Advanced Research Projects Agency, the Securities and Exchange Commission, and the Department of State. Treasury's business is anchored to the Committee on Foreign Investment in the United States (CFIUS) and Office of Investment Security (OIS) functions — national security-focused foreign investment monitoring — while DoD and ARPA-E demand reflects capability for investment analysis and foreign-influence evaluation. The top five customers by potential value account for 43% of combined potential value, concentrated in defense and financial-intelligence agencies. Among the 58 agencies served, the National Science Foundation's National Center for Science and Engineering Statistics, the Federal Bureau of Investigation, and the Securities and Exchange Commission round out the active top-tier set. Activity has grown year over year, with 14 awards in 2022 rising to 28 in 2025, though three awards in early 2026 suggest a slower recent trajectory. Recompete exposure reaches $6.7 million across 26 awards completing within the next twenty-four months.

Pitchbook holds two significant indefinite delivery vehicles: a $2.36 million single-award Indefinite Delivery Contract with Treasury Departmental Offices (ultimate completion September 12, 2026) and a $1.7 million single-award Blanket Purchase Agreement with ARPA-E (through September 25, 2030). The Treasury IDC supports CFIUS and OIS with four delivery orders issued to date, the most recent in September 2025 for $456,500 (subscription services) and $316,801 (dedicated data feed). The ARPA-E BPA has generated five BPA calls totaling $292 thousand, with orders for web-based investor database licenses placed by ARPA-E itself, the Advanced Research Projects Agency (for the Loan Program Office and MESC), the Federal Energy Regulatory Commission, and other DoE components. Pitchbook also places task orders under Alliant II and Combating Weapons of Mass Destruction R&D vehicles.

Representative prime awards span the vendor's subscription-service portfolio. The Defense Counterintelligence and Security Agency awarded a $6.83 million definitive contract (May 2025, sole-source, through May 2030) for Pitchbook software licenses; the Office of the Secretary of Defense issued a $2.66 million definitive contract (March 2025, through March 2030) for Pitchbook subscriptions covering private capital markets; the Securities and Exchange Commission awarded a $995 thousand purchase order (September 2025, through September 2028) for private market data subscription; and the National Institutes of Health placed a $718 thousand order (July 2024, through July 2027) for platform subscription. The vendor also supplies task orders against its Treasury IDC supporting CFIUS at $316 thousand to $456 thousand per order, and discrete purchase orders to federal agencies such as the Federal Trade Commission ($215 thousand, June 2026, through June 2031), NASA Shared Services Center ($67 thousand, March 2026), and the Department of Labor ($102.5 thousand, September 2025). The Defense Counterintelligence and Security Agency sole-source determination reflects Pitchbook's near-monopoly position on specialized private-markets financial intelligence within the federal government, particularly for CFIUS and foreign-investment-screening functions.

Pitchbook's subcontractor footprint is minimal (5% of awards) but shows presence on defense-IT and mission-integration platforms. The vendor supplies Pitchbook platform licenses and data-mining subscriptions to Leidos under HHS BARDA Enterprise IT Support contracts (November 2024 and November 2025); to HII Mission Technologies under National Security Innovation Network (NSIN) technology-integration and Decisive Mission Actions and Technology Services (DMATS) contracts (April and June 2024); to Applied Research Associates for subject-matter expert business-intelligence support (April 2024); and to The Mitre Corporation for Air Force National Security Engineering Center services (February 2023). Sub engagements center on providing Pitchbook's platform as a tool within broader IT infrastructure, technology integration, or mission-support contracts.

Across the federal footprint, Pitchbook's posture reflects a specialized, sole-source or narrow-competition vendor model. The vendor's top NAICS code is 518210 (Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services) across 72 awards, with secondary codes in Software Publishers (11 awards) and Professional Services (12 awards). The top PSC codes align with perpetual-license and SaaS delivery: IT Business Application Software (Perpetual License) dominates at 27 awards, followed by SaaS application development (19 awards) and web-based subscription services (14 awards). Combined potential value across all 150 awards (prime and sub) stands at $36.5 million with $27.2 million obligated (75% execution rate), reflecting mature, recurring subscription relationships with deep federal penetration in financial-intelligence, national-security, and research-analysis missions.