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RADNOR, Pa., Jan. 23, 2013 (GLOBE NEWSWIRE) -- ICG Group, Inc. (Nasdaq:ICGE) ("ICG") today announced that one of its consolidated companies, Investor Force Holdings, Inc., a leading software provider serving institutional investment consultants and investment managers, has entered into a definitive agreement to be acquired by MSCI Inc. (NYSE:MSCI), a leading provider of investment decision support tools to over 6,000 clients worldwide, including asset managers, banks, hedge funds and pension funds.
Under the terms of the agreement, MSCI will acquire InvestorForce for $23.5 million in cash. The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2013.
ICG's share of the cash proceeds related to the sale of InvestorForce is expected to be approximately $20.7 million, approximately $2.1 million of which will be subject to a customary indemnification holdback. Upon closing of the transaction, ICG will record a gain of approximately $15.4 million on the sale of its InvestorForce stake; the release of any escrowed proceeds to ICG will result in additional gains. ICG does not expect to owe any income taxes in connection with the transaction.
"We are pleased to be able to combine InvestorForce's innovative performance reporting platform and its highly talented team of people with MSCI, a global leader in the provision of investment decision tools," said Walter Buckley, ICG's CEO. "We believe bringing these companies together will fully leverage the unique capabilities we have built at InvestorForce to meet the needs of the institutional investment market."
InvestorForce is the premier provider of performance reporting solutions to the institutional investment community, providing investment consultants with an integrated solution for daily monitoring, analysis and reporting on institutional assets. InvestorForce's technology leverages automated data collection to provide institutional investment consultants and their institutional investor clients with greater operational efficiencies and real-time insight, transparency and deeper analysis into investment portfolios. The InvestorForce platform is used by institutional investment consultants to report on over $3.5 trillion of assets for over 3,500 institutional plans.