Consistent with its historical approach, PitchBook seeks expansion at renewal, including price increases where appropriate. Pricing decisions are made on a contract-by-contract basis, informed by the depth and breadth of a client's engagement with the platform and the value delivered. We do not disclose the exact contribution of pricing to revenue growth, although we would note that revenue per client increased in 2025 compared to 2024. In addition, while most of PitchBook’s growth in 2025 compared to 2024 was driven by the PitchBook platform, the segment also benefited from strength in its direct data product, which is not seat based and therefore not represented in licensed user counts.
Looking ahead, we do not view PitchBook’s growth as being driven primarily by a fixed or formulaic annual pricing tailwind. Over the long term, we believe that the most durable long-term growth drivers are expansion with existing accounts, especially large global firms, and new logo acquisition, including in international markets. We continue to balance pricing discussions with volume growth with the goal of supporting strong renewal rates, long-term client relationships, and sustainable revenue growth.