Pitchbook Data Inc.

Pitchbook Data Inc., a Seattle-based subsidiary of Morningstar Inc., supplies subscription-based access to financial data platforms, private capital markets research, and venture capital and private equity analytics to federal agencies as a prime contractor on 157 awards (95% of recent work) and as a subcontractor on 8 awards. Pitchbook competes on a full-and-open, non-set-aside basis and holds no SBA certifications; it positions itself as a large, established provider of specialized financial intelligence for investment analysis, due diligence, and national security-related foreign investment oversight.

Pitchbook's federal footprint spans 59 distinct customer agencies across a narrowly focused capability: subscription-based software-as-a-service access to proprietary databases covering private company profiles, venture capital, private equity, mergers and acquisitions, leveraged loans, and related capital markets analytics. The company charges per-user licensing, with typical user-seat pricing ranging from $7,500 to $8,000 annually for web-based investor database access and higher rates for dedicated data feeds. Representative prime awards include a $6.8 million definitive contract with the Defense Counterintelligence and Security Agency for software licenses running through May 2030, a $4.1 million definitive contract with the Office of the Secretary of Defense for Pitchbook subscriptions through March 2030, a $5.8 million newly awarded single-award indefinite-delivery contract with the Department of the Treasury Departmental Offices (effective September 2026 through September 2031) supporting the Committee on Foreign Investment in the United States, and a $1.7 million single-award Blanket Purchase Agreement with the Department of Energy's Advanced Research Projects Agency running through September 2030. A September 2026 definitive contract with the Treasury's Assistant Secretary for Financial Resources carries $837 thousand for a four-year Pitchbook platform subscription. An older $2.36 million Treasury IDC that ran through September 2026 issued four delivery orders totaling $1.59 million before expiration.

Customer concentration is pronounced. The Department of the Treasury Departmental Offices dominates both award count and dollar value—12 awards contributing $11.4 million of combined potential value (30% of the vendor's total $47.6 million footprint)—driven largely by the new five-year sole-source IDIQ and recurring task orders for CFIUS and foreign investment analysis. The Office of the Secretary of Defense ranks second with 10 awards valued at $7.2 million. The Department of Energy Advanced Research Projects Agency places 14 awards (highest by count) but contributes only $3.2 million in value, reflecting smaller per-order amounts. Together, these three customers account for approximately 56% of combined potential value across Pitchbook's federal portfolio. The remaining portfolio scatters across civilian agencies: the Department of State Bureau of Administration ($2.5 million across 4 awards), the Securities and Exchange Commission ($2.4 million across 4 awards), the National Science Foundation, the National Institutes of Health, the Department of Commerce, the Federal Trade Commission, and others. Across 59 agencies, no customer beyond the top five holds material volume.

Pitchbook's primary vehicle position sits on the Advanced Research Projects Agency Blanket Purchase Agreement 89703025AAR000001 ($1.7 million ceiling through September 2030), which has generated 9 task orders totaling $633 thousand to date. The new Treasury single-award IDC ($5.8 million through September 2031) will serve as the largest ongoing vehicle. A predecessor Treasury IDC (2099AC26D00002, valued at $2.36 million through September 2026) issued 2 task orders for $911 thousand combined. Pitchbook holds no positions on government-wide acquisition contracts; it competes exclusively through agency-specific vehicles and direct purchase orders. The vendor also appears on Alliant II (2 task orders noted) and the One Acquisition Solution for Integrated Services vehicle (4 task orders noted) but generates minimal volume through those channels.

Activity has remained roughly steady over five years: 14 awards in 2022 climbing to 29 in both 2023 and 2025, then declining to 17 in 2026 year-to-date. Combined potential value stands at $47.6 million, with $32.1 million obligated (67% drawdown). The recompete cliff is material: 26 awards carrying $7.8 million in combined potential value reach ultimate completion within the next twenty-four months, presenting both recompete risk for Pitchbook and opportunity for competitors if Treasury or DoD opt to compete successor work.

In its subcontractor role, Pitchbook supplies Pitchbook platform subscriptions and standard-platform licenses to Leidos Inc. on HHS BARDA enterprise IT support work, to HII Mission Technologies Corp on National Security Innovation Network and decisive mission actions technology services, to Applied Research Associates on subject-matter expert and business intelligence support, and to The Mitre Corporation on Air Force national security engineering services. Sub work is minimal (8 awards, 5% of portfolio) and carries no named contract values in the source, reflecting small per-order magnitude and downstream resale arrangements.

Pitchbook's footprint grew during the 2023–2025 period as the Treasury CFIUS mission expanded and Defense agencies deepened reliance on private-markets intelligence for supply chain and foreign-ownership risk analysis. The company's sole-source designations on Treasury and ARPA-E vehicles reflect Treasury and ARPA-E assessments that Pitchbook's proprietary dataset, algorithms, and established federal relationships constitute the only responsible source for those specific missions. No competitors are named in the source. Pitchbook does not compete under set-asides and derives zero revenue from 8(a), HUBZone, SDVOSB, or other socioeconomic vehicles.