NEW YORK - Markit, a data provider and index administrator, said private equity firm General Atlantic had agreed to take a minority stake in the company.

General Atlantic Chief Executive Bill Ford will join Markit's board, Markit said in a statement issued late on Tuesday.

Terms of the deal were not disclosed.

General Atlantic, which was established in 1980 and manages about $15 billion, also will help Markit with acquisitions and developing its growth strategy.

Markit, with more than 1,400 employees, provides data, valuations and trade processing across asset classes to institutions.

General Atlantic has committed more than $1 billion in growth equity capital in the last six months, including more than $500 million in the financial services industry.

In October, it was among a consortium of investors that bought First Republic Bank, Bank of America's $1 billion private wealth management business. (Reporting by Paritosh Bansal. Editing by Robert MacMillan) (For more M&A news and our DealZone blog, go to