RiskMetrics Group, Inc.
10-K - Jan 31, 2011
On June 1, 2010, MSCI acquired RiskMetrics Group, Inc. (“RiskMetrics”). Under the terms of the Agreement and Plan of Merger dated as of February 28, 2010 by and among MSCI, Crossway Inc. (“Merger S...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Msci Inc.
MSCIActiveCIK 1408198 · Financial Data & Exchange Roll-Ups
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, MSCI filings, SEC EDGAR
$42,619
Market cap ($MM)
$48,781
Enterprise value ($MM)
$3,239
Revenue · LTM ($MM)
$1,988
EBITDA · LTM ($MM)
61%
EBITDA margin
15.1x
EV / revenue
24.5x
EV / EBITDA
3.0x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01MSCI is a scaled public consolidator in Data & Exchanges, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is ICE, MCO, SPGI, FDS, FICO.
Balance sheet & capacity
Indicative capacity read: 3.0x net debt / EBITDA with EBITDA of $2.0B.
$385
Cash & equiv. ($MM)
$6,404
Total debt ($MM)
$6,019
Net debt ($MM)
3.0x
Net debt / EBITDA
Valuation
Where it trades against its peer set
MSCI versus the scaled public Financial Data & Exchange Roll-Ups comparables.
Indexed share-price performance
MSCI versus available Financial Data & Exchange Roll-Ups peers and SPY.
+26%
MSCI
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Msci Inc. | MSCI | $3,239 | $1,988 | 61% | $42,619 | $48,781 | 15.1x | 24.5x | 3.0x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
MSCI's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
37
Active years
9
Named deals
10
Avg / active year
4.1
Acq. cash outflow ($MM)
N/A
Banker read
- 01MSCI reads as a programmatic acquirer: 37 disclosed acquisitions across 9 active years, or 4.1 per active year. The chart shows activity in 9 of the last 9 visible years.
- 02In the last three years, the file shows 6 acquisitions versus 3 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $3.0B of disclosed spend is concentrated in lumpy years, with FY10 the largest year at $1.1B. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
MSCI count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
6 / 3
Last three years is up 100% vs prior three.
Peak count year
FY24
3 disclosed acquisitions in the peak visible year.
Recent spend
$1.7B
is up 4203% vs prior three; peak FY10 at $1.1B.
Named evidence
10 rows
27% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jun 1, 2010 | RiskMetrics Group, Inc. | Financial data and exchange rollups | $1,572 | On June 1, 2010, MSCI acquired RiskMetrics Group, Inc. (“RiskMetrics”). Under the terms of the Agreement and Plan of Merger dated as of February 28, 2010 by and among MSCI, Cros... | 10-K† |
| Jun 1, 2010 | RiskMetrics | Financial data and exchange rollups | $1,572 | On June 1, 2010, MSCI acquired RiskMetrics. Under the terms of the Agreement and Plan of Merger dated as of February 28, 2010 by and among MSCI, Crossway Inc. (“Merger Sub”), a... | 10-K† |
| Jun 1, 2010 | RiskMetrics Group, Inc. | Financial data and exchange rollups | $1,572 | In June 2010, we acquired RiskMetrics, a leading provider of risk management and governance products and services, in a cash-and-stock transaction valued at approximately $1,572... | 10-K† |
| Sep 13, 2021 | Real Capital Analytics, Inc | Financial data and exchange rollups | $949 | On September 13, 2021, MSCI acquired all of the issued and outstanding preferred and common shares of Real Capital Analytics, Inc (“RCA”) for an aggregate cash purchase price of... | 10-K† |
| Sep 13, 2021 | RCA | Financial data and exchange rollups | $949 | On September 13, 2021, MSCI acquired all of the issued and outstanding preferred and common shares of RCA for an aggregate cash purchase price of $949.0 million. This acquisitio... | 10-K† |
| Oct 2, 2023 | Burgiss | Financial data and exchange rollups | $697 | On October 2, 2023, the Company acquired the remaining 66.4% interest in Burgiss for $696.8 million in cash (the “step acquisition”). The Company’s existing 33.6% interest in Bu... | 10-K† |
| Oct 2, 2023 | Burgiss | Financial data and exchange rollups | $697 | On October 2, 2023, the Company acquired the remaining 66.4% interest in Burgiss for $696.8 million in cash (the “step acquisition”). The acquisition of Burgiss will provide the... | 10-K† |
| Nov 30, 2012 | IPD | Financial data and exchange rollups | $125 | On November 30, 2012, MSCI Limited, an indirect wholly owned subsidiary of the Company, paid cash of $124.8 million to acquire real estate performance measurement group IPD. The... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 8 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
19
Named deal filings
8
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.19 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 6, 2026 | Annual M&A 10-K | accepted | 2 | N/A | $58.7MM | SEC filing |
| FY2024 | Feb 7, 2025 | Annual M&A 10-K | quarantined (1 issue) | 3 | $27.5MM | $96.1MM | SEC filing |
| FY2023 | Feb 9, 2024 | Annual M&A 10-K | accepted | 2 | $727MM | $735MM | SEC filing |
| FY2022 | Feb 10, 2023 | Annual M&A 10-K | accepted | 1 | $949MM | $949MM | SEC filing |
| FY2021 | Feb 11, 2022 | Annual M&A 10-K | quarantined (1 issue) | 1 | $949MM | $949MM | SEC filing |
| FY2020 | Feb 12, 2021 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2019 | Feb 18, 2020 | Annual M&A 10-K | warning (1 warn) | 1 | $18.2MM | N/A | SEC filing |
| FY2018 | Feb 22, 2019 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2017 | Feb 26, 2018 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Feb 24, 2017 | Annual M&A 10-K | warning (1 warn) | N/A | $0.1MM | N/A | SEC filing |
| FY2015 | Feb 26, 2016 | Annual M&A 10-K | accepted | 1 | $6.5MM | $6.5MM | SEC filing |
| FY2014 | Feb 27, 2015 | Annual M&A 10-K | accepted | 1 | $14.9MM | $15.5MM | SEC filing |
| FY2013 | Feb 28, 2014 | Annual M&A 10-K | accepted | 1 | $23.6MM | $23.6MM | SEC filing |
| FY2012 | Mar 1, 2013 | Annual M&A 10-K | accepted | 1 | $125MM | $125MM | SEC filing |
| FY2011 | Feb 29, 2012 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 0 | N/A | N/A | SEC filing |
| FY2010 | Jan 31, 2011 | Annual M&A 10-K | accepted | 2 | $1.1B | $1.6B | SEC filing |
| FY2009 | Jan 29, 2010 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2008 | Jan 29, 2009 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2007 | Feb 28, 2008 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.8 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 7, 2025 | 10-K | Burgiss | Annual M&ANamed deals | SEC filing |
| Feb 9, 2024 | 10-K | Burgiss | Annual M&ANamed deals | SEC filing |
| Feb 10, 2023 | 10-K | Real Capital Analytics, Inc | Annual M&ANamed deals | SEC filing |
| Feb 11, 2022 | 10-K | RCA | Annual M&ANamed deals | SEC filing |
| Feb 27, 2015 | 10-K | RiskMetrics Group, LLC | Annual M&ANamed deals | SEC filing |
| Mar 1, 2013 | 10-K | IPD | Annual M&ANamed deals | SEC filing |
| Feb 29, 2012 | 10-K | RiskMetrics | Annual M&ANamed deals | SEC filing |
| Jan 31, 2011 | 10-K | RiskMetrics Group, Inc.; Measurisk, LLC | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
RiskMetrics
10-K - Feb 29, 2012
On June 1, 2010, MSCI acquired RiskMetrics. Under the terms of the Agreement and Plan of Merger dated as of February 28, 2010 by and among MSCI, Crossway Inc. (“Merger Sub”), a wholly owned subsidi...
RiskMetrics acquisition
10-K - Jan 31, 2011
In June 2010, we acquired RiskMetrics, a leading provider of risk management and governance products and services, in a cash-and-stock transaction valued at approximately $1,572.4 million. In conne...
Real Capital Analytics, Inc
10-K - Feb 10, 2023
On September 13, 2021, MSCI acquired all of the issued and outstanding preferred and common shares of Real Capital Analytics, Inc (“RCA”) for an aggregate cash purchase price of $949.0 million. Thi...
RCA
10-K - Feb 11, 2022
On September 13, 2021, MSCI acquired all of the issued and outstanding preferred and common shares of RCA for an aggregate cash purchase price of $949.0 million. This acquisition expands MSCI’s sui...
Burgiss step acquisition
10-K - Feb 7, 2025
On October 2, 2023, the Company acquired the remaining 66.4% interest in Burgiss for $696.8 million in cash (the “step acquisition”). The Company’s existing 33.6% interest in Burgiss had a fair val...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.