RADNOR, Pa. (AP) — ICG Group, a technology company that operates cloud-based software and services, is selling software provider Investor Force Holdings Inc. to MSCI Inc. for $23.5 million in cash.
MSCI offers a variety of performance, risk management and corporate governance products and services. These include indices and credit analytics. The New York company's clients include asset managers, banks, hedge funds and pension funds.
ICG Group Inc. said Wednesday that it anticipates its cash proceeds from the sale totaling about $20.7 million. The Radnor, Pa., company expects to record an approximately $15.4 million gain on the sale.
The deal is expected to close in the first quarter.
Shares of ICG Group added 14 cents to $11.95 while MSCI's stock rose 34 cents to $33.24 in midday trading.