There are many difficulties in researching private companies, defined here as companies that do not trade on stock exchanges. Consequently, researching private companies often requires considerable creativity and patience.
Unlike public companies, private companies are not required to file with the Securities and Exchange Commission (SEC), so the type of information and the depth of information that can be found in those documents is not necessarily going to be available for private companies. There are however, two exceptions that can be used in limited cases. First, if the company you are researching merged with or was acquired by, a public company it is possibly that the public company may provide investors information about the deal via SEC filings. Second, if the company was once public but goes private, previous SEC filings will still be available and may can be helpful for a limited time.
After exhausting some of the more basic directories that are found in the Basic Information section, the sources and strategies suggested below might reveal more information. Keep in mind that for many companies, it is likely going to be hard to find information beyond name and location.
Where to Search & How
When it comes to researching private companies, the first place to look would be the company's web page if they have one. Never underestimate the information that companies publish on their own web sites. Even if some companies use their web pages as glorified catalogs, brochures, or advertisements how they present that information may still be helpful. Often, for private companies, their web pages may be what provides the most information information. Companies will often organize their website in ways that can provide a sense of how they do business. If the company has an About Us area, that may be where they provide a company overview, history information, etc.
Try directory sources which may provide details that just aren't found on a company website like competitors, sales/employee figures, etc. While there are some still in print, databases like Mergent Intellect and Data Axle Reference Solutions (previously ReferenceUSA). They are good for information on a company or companies but you are looking at who their competitors might be these databases can allowing someone to tailor their search and their output. Users to limit their search to a specific geography (city, state, metro area, etc), industry, company type, etc. and may even have the ability to choose what data elements they want to download.
Searching the internet may be helpful and you may find some information, but be wary because anyone can put up anything, and information can be very dated and often just wrong. You may be able to find out about who the company does business with, projects they may be working on, etc. Use the advanced function in web browser like Google that allows you to find out what companies link to the company you are researching.
The state agency responsible for registering companies in the state will often have an online search that may provide information but it will be limited. There are a few things to remember. First, most often this function is in the Secretary of State (Corporations Division) but in some cases like New Jersey, it can being the Revenue/Taxation agency. Third, this information regardless of state, is going to be very limited.how much information is available will vary state to state. Some states provide .pdfs of filings for the past few years, some just basic citation information, others require a fee to even search.
Another option is searching full-text news databases that include local news sources and trade literature. A smaller private company may not be discussed in bigger, more national newspapers, but these businesses will likely be something their local newspapers cover because they matter to the local economy. Conversely, if a business is in a particular industry that has national trade publications, the industry will be interested in all companies in the industry regardless of size. See our Searching for the News section for sources.
Subscription & Internet Resources
Below are databases and openly accessible sources that are company information - location, contact information, officers. It may be that you will find important information on private companies and their executive in full-text articles. For more general full-text news sources available at the Library of Congress see the Searching for the News tab.
The subscription resources marked with a padlock are available to researchers on-site at the Library of Congress. If you are unable to visit the Library, you may be able to access these resources through your local public or academic library.
Hoover's Company Records contains company overviews, financials, histories, news, officers, employees, locations and subsidiaries, products/operations, and competitors on more than 18,500 public and private US companies and international companies. Please note: When searching the ProQuest Central database articles there are direct links to Hoover's company profiles. After locating a full-text article, company names with Hoover's profiles will be marked by an icon. From here, basic information on any of the companies can be found by clicking on the company name to automatically open a new window. Updated continuously.
This is a system maintained by the National Association of Secretaries of State that links to the web sites for the state government agency responsible for registering corporations in their states. The filings, searching, access, and archive will vary from state to state. Since companies are required to file with the Secretary of State of the state in which they are established, these filings may be all there is available.
Description: Provides data and analysis on startups, investors, and incubators. The database profiles companies, people, funds, investment rounds and other related events.
Requires username and password. See reference staff for assistance.
Reference Solutions (formerly ReferenceUSA) is an Internet-based reference service from the Government Division of Data Axle. The site was designed for use as a reference tool in government agencies and is continually enhanced based on suggestions from government agencies. The Reference Solutions database contains, in module format, detailed information on more than 66 million U.S. businesses, 297 million U.S. residents, 855,000 U.S. health care providers, 2.2 million Canadian businesses, and 11 million Canadian households. Information is compiled from more than 5,200 Yellow Page and Business White Page telephone directories; annual reports, 10-Ks and other SEC information; Continuing Medical Education (CME) directories; federal, state, provincial and municipal government data; Chamber of Commerce information; leading business magazines, trade publications, newsletters, major newspapers, industry and specialty directories; and postal service information, including both U.S. and Canadian National Change of Address updates.
This research guide provides links to selected print and electronic resources, as well as tips and tricks for those trying to find information on older or out of business companies.
This is a good source for some basic company information but they do charge for most of what they have including the products that they sell. Most companies have D&B reports (generally for credit information). Dun & Bradstreet is a publisher that often actively seeks information from private firms by directly calling the company. Much of the information in a D&B report is voluntary so the quantity of information will likely vary from company to company. In 2003 D&B acquired Hoovers which was another known publisher of information on privately owned companies.
Data from D&B is available for purchase directly from the company. They also have a number of products that are available via subscription including Relationship Manager and via Mergent Intellect. The Library of Congress does not subscribe to this product but searching for a company and very limited information is free check your university or public library for possible access.
Contains directory listings for associations, businesses, consultants, research centers, publishers, publication and broadcast media, and government agencies.
MacRae's has published directories since 1893. The online source has over 1,200,000 North American industrial companies with more than 2 million product listings indexed under more than 50,000 product headings.
This database includes over 200+ million companies around the world. For US companies data is coming from the official state agencies and often link directly to the state data when possible.
PrivCo is the source for financial and market intelligence on privately held companies that are earning at least $1 million in annual revenue or have at least $1 million in venture capital backing. PrivCo's coverage includes data on family-owned or owner-operated firms, as well as fast-growing venture capital and private equity-backed startups, investors and deals in the private equity, venture capital, and M&A markets. There are currently around 800,000 US-based private companies covered on PrivCo's platform, with hundreds of new profiles, funding rounds and deals being added weekly. Search individual companies or build company lists and download/export data by industry, size, location, and much more.
This database can be used for understanding corporate subsidiaries but the search engine was created to track economic development subsidies as well as other forms of government financial assistance to business.
USPTO has has a systems to search trademark applications and registrations with Trademark Electronic Search System (TESS)
On July 18, 2023 the staff of the Business Section hosted a webinar going over how to do private company research. We went over some of the databases and websites as well as focusing on some strategies that may be particularly helpful.
are available to researchers on-site at the Library of Congress. If you are unable to visit the Library, you may be able to access these resources through your local public or academic library.
