MSCI to acquire First Street for $120 million

MSCI has agreed to acquire climate risk analytics company First Street for $120 million in cash, with additional payments tied to revenue targets.

Expected to close in the third quarter of 2026, the deal will add First Street’s multi-hazard modeling and property-level analytics capabilities to MSCI’s climate and geospatial offerings. According to MSCI, the combined platform will enable physical climate risk assessments at any geographic coordinate and across more than two billion structures globally.

First Street’s analytics help organizations assess current and future climate risks, including asset damage, business interruption, and financial impacts. MSCI said the combined capabilities will support banks, insurers, asset managers, and corporates in managing physical climate risks and meeting growing regulatory and reporting requirements.

Founded in 2016, First Street has raised $55.5 million from investors including Congruent Ventures and General Catalyst. The company employs roughly 90 people and lists organizations such as Allstate, American Family, Aegon, and Zillow on its website.