PitchBook Cuts Undisclosed Number of Jobs in Latest Tech Industry Restructuring

PitchBook Data, the Seattle-based financial data and software company owned by Morningstar, implemented workforce reductions on November 19, 2025, though the company has not disclosed the exact number of positions eliminated. The layoffs represent the latest cost-cutting measure in the business intelligence sector as companies adjust to changing market conditions and evolving customer demands in the post-pandemic economy.

The workforce reduction affects PitchBook's operations as the company seeks to streamline its business model amid shifting priorities in the venture capital and private equity data market. Industry sources indicate the decision reflects broader challenges facing financial data providers as clients increasingly demand more targeted, AI-driven analytics solutions rather than traditional comprehensive data packages.

Context of the PitchBook Layoffs Decision

The layoffs stem from PitchBook's need to realign its workforce with current market realities after a period of rapid expansion during the venture capital boom of 2020-2022. Like many tech companies, PitchBook significantly increased hiring during the pandemic as demand for private market data surged alongside record fundraising and deal activity.

However, the dramatic slowdown in venture capital and private equity activity over the past two years has reduced demand for PitchBook's core services. Deal volumes have declined substantially, and many of PitchBook's institutional clients have reduced their data spending as they focus on managing existing portfolios rather than pursuing new investments.

The company is also investing heavily in artificial intelligence and machine learning capabilities to automate data collection and analysis processes. This technological shift reduces the need for manual data entry and research roles that previously required larger teams of analysts and researchers.

Impact on Operations

The workforce reduction likely affects multiple departments across PitchBook's operations, with particular impact on research, sales, and customer success teams. The company's Seattle headquarters, which houses the majority of its workforce, bears the primary impact of these cuts.

PitchBook's research division, responsible for collecting and verifying private market data, appears to be a focus area for the restructuring as the company implements more automated data collection methods. Sales teams serving mid-market clients may also face reductions as PitchBook concentrates on higher-value enterprise accounts.

The company maintains offices in London, New York, and San Francisco, though the geographic distribution of the layoffs remains unclear. PitchBook's international operations, particularly in Europe, continue to show growth potential despite the overall workforce reduction.

Company Financial Background

PitchBook has been a key growth driver for parent company Morningstar since the acquisition in 2016 for approximately $180 million. The subsidiary has consistently delivered strong revenue growth, reaching an estimated $300 million in annual recurring revenue by 2024.

However, growth rates have moderated significantly from the peak years of 2020-2021 when new customer acquisition accelerated rapidly. The company faces increasing competition from Bloomberg, Refinitiv, and newer entrants like Carta and CapIQ, which have expanded their private market coverage.

Morningstar's recent quarterly earnings have highlighted pressure on PitchBook's growth metrics, with customer churn increasing and average contract values declining as clients negotiate more selective data packages. The parent company has emphasized the need for improved operational efficiency across all business units.

Industry Outlook

The business data sector continues to experience consolidation and technological disruption as artificial intelligence transforms how financial information is collected, processed, and delivered. Traditional data providers face pressure to justify premium pricing as automated solutions become more sophisticated.

Recent layoffs at competitors including S&P Global, MSCI, and FactSet demonstrate industry-wide challenges. Companies are shifting resources toward developing AI-powered analytics tools while reducing headcount in traditional research and data entry roles.

The private markets data segment specifically faces headwinds from reduced deal activity, though long-term growth prospects remain positive as institutional investors increase allocations to alternative investments.

Conclusion

PitchBook's workforce reduction reflects the company's adaptation to a more challenging operating environment while positioning for future growth through technology investments. The layoffs enable the company to maintain profitability during a cyclical downturn in private markets activity while funding development of next-generation analytics capabilities that will drive competitive advantage as market conditions improve.