Burgiss Acquisition, Valuation, Funding & Investors

Burgiss was acquired by MSCI for $1B in August 2023, a 11.7x multiple on $90M of revenue.

Burgiss acquisition price

$1B

Acquired by MSCI · Aug 2023

Burgiss revenue at acquisition

$90M

Last twelve months · Aug 2023

Burgiss revenue multiple at acquisition

11.7x

EV/Revenue · Aug 2023

Cumulative funding Burgiss raised

$190M

across 1 funding round

Burgiss Overview

About Burgiss

Burgiss is a Princeton-headquartered provider of data and analytics for private capital investors. Acquired by MSCI in 2021, it offers portfolio monitoring, benchmarking against private equity and real assets indices, cash flow forecasting, and risk analytics platforms. The tools aggregate performance data from general partners worldwide, enabling limited partners to track IRR, DPI, and TVPI metrics across fund vintages from 1980 onward.


Founded

1987

HQ

United StatesHoboken, NJ

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$90M (Aug 2023)

Valuation

$1B (acquired Aug 2023)

Burgiss Acquisition

Burgiss was acquired by MSCI for $1B on 14 August 2023.

The acquisition price implies a 11.7x revenue multiple on $90M of revenue.

Before the acquisition Burgiss had raised $190M across 1 funding round.

Burgiss acquisition details
AcquirerDateTypePriceEV/Revenue
14 Aug 2023Strategic M&A$1B11.7x

Burgiss Funding History

Burgiss has raised a total of $190M across 1 funding round.

Burgiss funding rounds

Burgiss funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2020Strategic investmentMSCI (lead)$190MBurgiss is a Hoboken, New Jersey-based provider of research-quality performance data, analytics, software applications, and technology solutions for investors in private assets, covering over 13,000 funds worldwide with $15 trillion in cumulative investments across private equity, private real estate, private debt, infrastructure, and natural resources in 195 countries. It serves more than 1,000 clients, including pensions, endowments, and investment consultants, with 650+ personnel across the US, Europe, Asia Pacific, and South Africa. In January 2020, MSCI acquired a minority interest in Burgiss for an investment of $190 million, as confirmed across multiple sources. This was the initial investment in what became a multi-stage acquisition process. In 2023, MSCI announced the acquisition of the remaining 66% stake for $697 million in cash, bringing total investment to approximately $913 million (varying slightly across reports as $913m-$931m) for full ownership, expected to close in Q4 2023. The full buyout valued Burgiss at $1.05 billion, with projected 2023 revenue of $90 million and an adjusted EBITDA margin of about 15%, implying a 12x revenue multiple and over 70x EBITDA multiple per analyst estimates. The deals position MSCI to enhance its private markets data and analytics offerings, integrating Burgiss' Caissa Platform for total portfolio views across public and private assets, aiding institutional investors in performance measurement, risk management, and asset allocation. Burgiss CEO Jim Kocis and MSCI CEO Henry Fernandez highlighted the strategic fit for innovation in private asset investing.

Who has invested in Burgiss?

1 investor has backed Burgiss across its funding rounds, including MSCI.

Lead investors include MSCI.


Burgiss Investors

Investors in Burgiss by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Burgiss

Burgiss has acquired 1 company to date.

Last acquisition by Burgiss was on September 13th 2021. Burgiss acquired Caissa for undisclosed valuation.


Latest Acquisitions by Burgiss

Caissa
Description
New York-based Caissa is a software provider offering the Caissa Platform, a web-based tool for portfolio management and risk analytics tailored to alternative investments. Institutional clients such as fund-of-funds, family offices, endowments, pensions, and foundations use it to track positions across hedge funds, private equity, and real assets. Features include multi-asset class attribution, stress testing, and ESG integration. Founded in 2003, the platform processes data from over 20,000 managers.
HQ CountryUnited States
HQ City
New York City, NY
Deal Date13 Sep 2021
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Burgiss Competitors

Burgiss competitors include listed companies like CARE Ratings and Servyou Software Group, and private ones like Dune Analytics, Flashbots, Fumi Technology and Gauntlet.

Public and private companies comparable to Burgiss
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Dune AnalyticsNorwayOsloPrivate$4M-$1B250.0x
FlashbotsUnited StatesUnited StatesPrivate--$1B-
Fumi TechnologyChinaHunanPrivate--$1B-
GauntletUnited StatesNew York City, NYPrivate--$1B-
CARE RatingsIndiaIndiaPublicly listed$49M$21M$516M9.9x
Servyou Software GroupChinaChinaPublicly listed$306M$35M$2.3B6.6x

Burgiss Public Comps

Burgiss is no longer listed, but its public comps include CARE Ratings, GlobalData, Finatext, National Securities, Value Line, HCR Co, CTOS Digital, NZX, Fintel and Servyou Software Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
CARE Ratings$49M$21M9.2x9.9x21.5x20.5x
GlobalData$433M$140M1.7x1.7x5.3x5.0x
Finatext$71M$13M6.3x5.4x34.1x-
National Securities$159M$48M9.4x8.5x31.6x-
Value Line$33M$29M8.5x-10.0x-
HCR Co$75M($3M)3.3x-(84.3x)-
CTOS Digital$80M$28M4.4x4.1x12.6x15.6x
NZX$74M$30M4.0x3.4x9.8x9.2x

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Common questions about Burgiss

When was Burgiss founded?Burgiss was founded in 1987.
Where is Burgiss headquartered?Burgiss is headquartered in Hoboken, NJ, United States.
Is Burgiss publicly listed?No, Burgiss was acquired by MSCI in August 2023.
Who acquired Burgiss?Burgiss was acquired by MSCI in August 2023.
How much was Burgiss acquired for?Burgiss was acquired for $1B in August 2023, a 11.7x revenue multiple.
How much funding has Burgiss raised?Burgiss has raised $190M across 1 funding round.
What was Burgiss' last funding round?Burgiss' last funding round was a $190M strategic investment round in January 2020, led by MSCI.
Who are Burgiss' investors?Burgiss' investors include MSCI.
Which companies are comparable to Burgiss?Companies comparable to Burgiss include Dune Analytics, Flashbots, Fumi Technology, Gauntlet, CARE Ratings and Servyou Software Group.
How many companies has Burgiss acquired?Burgiss has acquired 1 company, including Caissa.

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