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ACQUISITIONS
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
On February 27, 2026, MSCI completed the acquisition of Vantager, Inc. (“Vantager”), an AI-enabled platform that supports pre-investment due diligence, data extraction and reporting for private markets investors. Vantager is a part of the Private Capital Solutions operating segment.
On March 2, 2026, MSCI completed the acquisition of Compass Financial Technologies (“Compass”), an index services provider that supports the calculation and development of multi-asset and alternative asset class indexes. Compass is a part of the Index operating segment.
On April 6, 2026, MSCI completed the acquisition of ApeVue, Inc. (“PM Insights”), a specialist private markets data and analytics firm that provides daily secondary market reference data, including pricing, valuation, transaction and liquidity data, for private company securities. PM Insights’ data is expected to support the development of new private markets indexes and related products. PM Insights is a part of the Index operating segment.
On June 24, 2026, MSCI entered into a definitive agreement to acquire First Street Technology, Inc. (“First Street”), a provider of physics-based physical climate risk data and analytics. Consideration consists of a cash payment of $120.0 million at
closing, subject to customary closing adjustments, together with the potential for additional cash payments during the two years following closing contingent upon the achievement of specified revenue thresholds. The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and other customary closing conditions. Upon closing, First Street’s financial results will be reported within the Sustainability and Climate operating segment.
In connection with the acquisitions of Vantager, Compass and PM Insights, the aggregate purchase price was $95.5 million. The preliminary acquired balances related to the acquisitions consisted of $51.7 million in intangible assets and $54.0 million in goodwill, with a weighted average amortization period of intangible assets of 8.5 years.
Goodwill recognized for the Vantager, Compass and PM Insights acquisitions reflects expected synergies from the acquired technology platforms and proprietary databases and is not deductible for income tax purposes.
The Vantager, Compass and PM Insights acquisitions each included contingent consideration as a component of the aggregate purchase price. The fair values of the contingent consideration were determined based on management estimates and assumptions which primarily included forecasted product sales, probability of achievement of certain integration targets and discount rates. The Company classifies these liabilities as Level 3 within the fair value hierarchy, as the measurement is based on inputs that are not observable in the market. As of June 30, 2026, the fair value of the contingent consideration was $33.9 million, of which $11.9 million is included in “Other accrued liabilities” and $22.0 million is included in “Other non-current liabilities” on the Unaudited Condensed Consolidated Statements of Financial Condition.
Changes in the Company’s Level 3 financial liabilities for the three and six months ended June 30, 2026 and 2025, respectively, were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2026202520262025
Beginning balance$34.3 $29.1 $14.6 $28.6 
Additions of contingent consideration1
8.0 — 28.5 — 
Change in fair value0.6 (3.8)0.3 (3.3)
Payments(9.0)(9.6)(9.5)(9.6)
Ending Balance$33.9 $15.7 $33.9 $15.7 
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1Reflects balance of contingent consideration at acquisition date fair value.