Bloomberg LP is acquiring Canoe Intelligence as the financial data provider looks to strengthen its private markets platform and improve access to alternative investment data for institutional investors.

Canoe specializes in automating the collection and processing of private markets information, handling more than 1.5 million documents monthly across more than 44,000 funds. The companies said the acquisition would enhance Bloomberg’s ability to deliver private market insights to asset managers, wealth managers and family offices.

The deal builds on an existing partnership between the two firms launched earlier this year, which brought selected Canoe data onto Bloomberg’s platform. Bloomberg currently tracks data on over 3 million private companies, 50,000 private funds and 16,000 private direct loans.

Terms of the acquisition were not disclosed. Canoe has previously attracted investment from major financial firms including Blackstone, Carlyle Group and Goldman Sachs.