$9B in 30 days: Why proprietary data is the new AI acquisition currency

The Gist

• Salesforce, Autodesk, Schneider paid $3B each for data-rich AI platforms
• Fin's AI support agent grew 350% YoY to $100M ARR pre-acquisition
• Acquisition premiums tracked proprietary data assets, not revenue multiples
• Legacy players buying vertical AI data moats at any cost

• Proprietary data, not AI models, is the primary driver of acquisition value in AI-focused B2B companies.
• Acquisition multiples in recent deals are closely tied to the growth rate of proprietary data-backed revenue streams.
• Incumbent companies are acquiring AI-native firms to gain access to proprietary data they cannot generate internally.
• AI models are commoditizing rapidly, making proprietary data the key differentiator in AI applications.
• Vertical software companies that capture operational data are becoming essential layers in AI-driven industries.
• Acquisition premiums are driven by the scarcity and durability of proprietary data, not current revenue.

• Focus on building proprietary data assets rather than competing on AI model benchmarks.
• Position your company as a vertical software layer that captures operational data to attract acquisition interest.
• Prioritize growth in AI-native revenue streams to command higher acquisition multiples.
• Evaluate partnerships or acquisitions to fill gaps in proprietary data capabilities.

• $3 billion (Acquisition price for each of the three B2B companies (Fin, MaintainX, Cognite).)
• 350% (Growth rate of Fin's $100M AI-native revenue line, driving its acquisition value.)
• 26x (Revenue multiple paid for MaintainX, reflecting its 50% growth rate.)
• 18x (Revenue multiple paid for Cognite, reflecting its 36% bookings growth.)
• 76% (Percentage of support volume resolved by Fin's AI agent without human intervention.)
• $40B (Additional Operations TAM added by MaintainX to Autodesk's existing $78B TAM.)