Deal Timeline

Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.

The Acquisition Playbook.

Three patterns run through MSCI's acquisitions — what it looks for, how it pays, and how it folds in what it buys.

01
Acquisition criteria
Bolt-on data and analytics acquisitions that deepen MSCI's franchises in risk ma...
Bolt-on data and analytics acquisitions that deepen MSCI's franchises in risk management, real estate, and private assets rather than diversify away from investment decision-support tools.
RiskMetrics GroupIPD Group LimitedGovernance Holdings Co. (GMI Ratings)Carbon Delta AGReal Capital Analytics
02
Capital deployment
Repeated, systematic build-out of ESG and climate capabilities through targeted ...
Repeated, systematic build-out of ESG and climate capabilities through targeted acquisitions (GMI Ratings, Carbon Delta, Trove Research).
RiskMetrics GroupIPD Group LimitedGovernance Holdings Co. (GMI Ratings)Carbon Delta AGReal Capital Analytics
03
Integration approach
Willingness to deploy large cash-and-stock outlays for category-defining assets ...
Willingness to deploy large cash-and-stock outlays for category-defining assets (RiskMetrics ~$1.55B, Real Capital Analytics $949M, Burgiss $696.8M) while tucking in smaller, undisclosed-value technology and data firms.
RiskMetrics GroupIPD Group LimitedGovernance Holdings Co. (GMI Ratings)Carbon Delta AGReal Capital Analytics

The Full Deal Book

9 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.

01 RiskMetrics Group, Inc. $1.55B
Announced Jun 2010 Closed Jun 2010

Combined MSCI's indices and Barra risk analytics with RiskMetrics' risk management and corporate governance products to create a preeminent, research-based provider of investment decision support tools. Announced March 1, 2010 and completed June 1, 2010. ~$1.55 billion (cash and stock).

MSCI will acquire RiskMetrics in a cash and stock transaction valued at $21.75 per share ... or approximately $1.55 billion.
02 IPD Group Limited $119.6M
Announced Nov 2012 Closed Nov 2012

Added the London-based real estate performance measurement and indices provider, expanding MSCI's multi-asset-class offering by integrating private real estate assets into its models and adding a family of real estate indices. ~$119.6 million (cash, net of cash received).

In November 2012, we acquired real estate performance measurement group IPD Group Limited (IPD).
03 Governance Holdings Co. (GMI Ratings) Not disclosed
Disclosed in 8-K

Acquired the corporate governance research and ratings provider to broaden MSCI's ESG research platform and deliver a more comprehensive suite of ESG products and services. Purchase price not separately disclosed.

In August 2014, we acquired Governance Holdings Co. (GMI Ratings), a provider of corporate governance research and ratings to institutional investors ... seeking to incorporate ESG factors into risk assessment and decision-making.
04 Carbon Delta AG Not disclosed
Disclosed in 8-K

Acquired the Zurich-based environmental fintech and climate data analytics firm to add climate-change scenario analysis and expand MSCI's ESG and climate risk assessment capabilities. Purchase price not disclosed.

In 2019, we completed the acquisition of Carbon Delta AG, an environmental fintech and data analytics company.
05 Real Capital Analytics, Inc. $949M
Announced Sep 2021 Closed Sep 2021

Acquired the commercial real estate transaction data and analytics provider, significantly expanding MSCI's private-asset data capabilities and its private real estate franchise. $949 million (cash).

the Company completed the acquisition of Real Capital Analytics, Inc. for an aggregate cash purchase price of $949 million in 2021.
06 The Burgiss Group, LLC $696.8M
Announced Oct 2023 Closed Oct 2023

Acquired the remaining 66.4% of the private-asset data, analytics and technology provider (MSCI had held a stake since January 2020), giving MSCI comprehensive data and expertise across private equity, private debt, real estate, infrastructure and natural resources. $696.8 million (cash for remaining 66.4%; ~$913 million aggregate for 100%).

MSCI ... today announced it has entered into a definitive agreement to acquire the remaining 66% of The Burgiss Group, LLC ('Burgiss') for $697 million in cash.
07 Trove Research Ltd Not disclosed
Announced Nov 2023 Closed Nov 2023

Acquired the carbon markets intelligence provider to accelerate MSCI's ability to deliver data and analysis on voluntary carbon markets. Purchase price not disclosed.

In 2023, we also completed the acquisition of Trove Research Ltd ('Trove'), a carbon markets intelligence provider, which will accelerate our ability to provide data and analysis on voluntary carbon markets.
08 Fabric RQ, Inc. Not disclosed
Announced Jan 2024 Closed Jan 2024

Acquired the wealth technology platform for portfolio design and analytics, strengthening MSCI's wealth management capabilities. Purchase price not disclosed.

Recent acquisitions include Fabric, a wealth technology platform for portfolio design and analytics ... which strengthen our wealth management and index customization capabilities.
09 Foxberry Ltd Not disclosed
Announced Apr 2024 Closed Apr 2024

Acquired the index technology provider to strengthen MSCI's index customization capabilities. Purchase price not disclosed.

Recent acquisitions include ... Foxberry, a provider of index technology, which strengthen our wealth management and index customization capabilities, respectively.

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