MSCI Inc. (NYSE: MSCI) will buy Investor Force Holdings Inc., a company that provides performance-measurement software to investment consultants, for $23.5 million.

Conshohocken, Pa.-based Investor Force is owned by ICG (Nasdaq: ICGE), and provides performance reporting services, such as monitoring and analysis for institutional assets.

MSCI, headquartered in New York, expects the deal to strengthen the network between asset owners, investment consultants and managers. The buyer provides performance measurement and risk management analytics products to hedge funds, pension funds, banks and asset managers.

Davis Polk & Wardell LLP acted as legal adviser to MSCI.

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