Our pricing philosophy for PitchBook is to offer simple, all-inclusive pricing that reflects the value we offer to clients while supporting the ongoing expansion of client relationships over time. As we build the breadth and depth of our data and research and make improvements to the user experience, we believe that we have a compelling value proposition and over time will have the opportunity to raise prices to reflect this value. In January 2024, for example, we raised the list price for new logos. We also typically see price increases at renewal. At the same time, we put a high priority on ensuring that we can grow with our clients, which shows up in renewal rates and an increased user base and, we believe, creates more value in the long term than might be offered by steeper, short-term increases in price.
Specific to the LCD transaction and integration, we did not increase pricing as much as we might have been able given the expanded data and research available to both legacy LCD and PitchBook clients following the acquisition. Instead, our focus has been on introducing both groups of clients to the broader data sets and capabilities now available on the PitchBook platform. Building on the integration of LCD news, research, and data on the PitchBook platform, we now see additional opportunities to expand relationships at renewal.
PitchBook’s pricing strategy offers two options for clients:
- Seat-based licenses. Under this option, a defined number of users within a firm have access to PitchBook; and
- Firmwide licenses. Under this option, everyone within a group or firm has access to PitchBook. Over time, we have increased the number of firms on firmwide (enterprise) licenses and expect significant revenue growth to come from continuing to pursue this strategy. Licenses are at the firm level and per user costs tend to decline with the increase in the number of users.