Saturday, August 30, 2014
Inquirer Daily News

ICG sells InvestorForce to MSCI for $23M

Price is less than half the Wayne firm's 2000 venture capital funding

ICG sells InvestorForce to MSCI for $23M

ICG Group Inc., the Radnor investment firm once known as Internet Capital Group, says it's sold investment software company Investor Force Holdings Inc., Wayne, to investment index manager MSCI Inc. for $23.5 million. Sale statement here.

That's less than half the $52 million InvestorForce raised from investors including the California state pension plan, Merrill Lynch, Mellon Bank, and Thomas Weisel Partners back in 2000, during the Internet bubble, which briefly boosted Internet Capital stock to $50 billion.

But ICG, InvestorForce's early backer, has hung in long enough (and "written off a lot over the years," says spokeswoman Karen Green) that the owner can "record a gain of approximately $15.4 milllion on the sale of its InvestorForce stake," tax-free, ICG said in the statement announcing the sale.  Longtime CEO Jim Morrissey was a minority owner. More on InvestorForce here.

InvestorForce's staff of more than 100 helps administer $3.5 trillion in more than 3,500 pension and other institutional investment plans, the company says. MSCI was spun off as a separate firm by Morgan Stanley, the investment bank, in 2009.

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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