Sky News understands that Motive Partners and Flexpoint Ford are competing against Cinven, the buyout firm, to acquire the business.

Final bids are due to be submitted on Wednesday, according to insiders.

With Intelligence is owned by Intermediate Capital Group (ICG), and owns brands including Hedge Fund Alert, Eurekahedge and Pension Funds Online.

It is said to be projecting an annual profit next year of about £25m.

The company supplies data to the asset management industry, an increasingly lucrative niche which has spawned a string of major businesses in recent years.

Earlier this year, With Intelligence was among the bidders for parts of MJ Hudson, the stricken asset management services group.

ICG has owned the company since 2020, when it was known as Pageant Media.

Houlihan Lokey, the investment bank, is handling the With Intelligence auction.

ICG declined to comment.