LSEG pays $3.535 billion for Octus to sell more data to AI users

London Stock Exchange Group (LSEG) said on Thursday, October 22, that it will buy Octus for $3.535 billion. Octus is a credit intelligence provider. Octus has 750 customers and more than 40,000 users. LSEG says that 80% of its AI agreements with customers include purchases of more datasets. The deal is to close in the first half of 2027, if regulators agree.

How it works

Octus gets credit documents that are hard to find, such as loan covenants and deal terms. It makes them searchable data. On the same day, Summit Partners led a $40 million investment in Cognitive Credit. It sells verified credit models for use in Excel, through APIs or through a Claude connector.

The numbers

Octus expects more than $300 million in revenue this year. Cognitive Credit covers more than 3,500 bond and loan issuers. Its customers include more than 80% of the 25 largest asset managers.

What is not known

Savings are not proved. More credit work by an analyst does not show that banks spend less. Savings come only if banks cut duplicate work, cost of research or staff growth.

Insight: Data owners hold the gate that AI agents must use

Bloomberg opened its data to client AI agents this month. It checks each query against the rights of the client. Citigroup and Bank of America limit agents on customer accounts. Data owners let agents use data, but banks keep agents out of accounts. This reads as a race to hold the gate that agents must use. Include data licenses in the cost, not only models.