11 December 2016
Visit aciworldwide.com

Morningstar acquires ByAllAccounts for $28 million

02 April 2014  |  1176 views  |  0 Source: Morningstar

Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today acquired ByAllAccounts, Inc., a provider of innovative data aggregation technology for financial applications.

ByAllAccounts uses a knowledge-based process, including patented artificial intelligence technology, to collect, consolidate, and enrich financial account data and deliver it to virtually any platform. The company has built a network of more than 2,100 clients, 4,300 custodians, and 40 platform and service providers. Clients include independent financial advisors, asset managers, wealth managers/family offices, trust companies, and broker-dealers. Currently, more than $730 billion in assets move daily through the ByAllAccounts aggregation engine.

Joe Mansueto, chairman and chief executive officer of Morningstar, said, "The ability to efficiently provide a holistic view of an investor's total financial portfolio is now a requirement for wealth managers—not a 'nice to have' capability. ByAllAccounts is a trusted name with a reputation for high-quality and sophisticated aggregation technology that eliminates manual data entry and mitigates human error. We expect this acquisition to enhance many of Morningstar's key solutions across our core customer groups, particularly bolstering our offerings that support an advisor's workflow. We plan to integrate the service into our offerings as well as expand and develop ByAllAccounts' third-party distribution relationships."

ByAllAccounts has about 60 employees based primarily in Massachusetts. James Carney, president and CEO, will continue to lead the business.

"Morningstar has extensive reach within the wealth management community," Carney said. "Becoming part of Morningstar will broaden our distribution and give us access to its breadth of capabilities, including its vast investment data expertise. As investment vehicles become increasingly global in nature, Morningstar's international operations will also allow us to respond to the growing need for data aggregation outside the United States."

Morningstar acquired ByAllAccounts for $28 million, subject to working capital adjustments.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comVisit contisgroup.comFind out more

Top topics

Most viewed Most shared
China tops world fintech rankingsChina tops world fintech rankings
8964 views comments | 39 tweets | 32 linkedin
EBA bends under weight of PSD2 mandatesEBA bends under weight of PSD2 mandates
8405 views comments | 37 tweets | 48 linkedin
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
8098 views 12 comments | 15 tweets | 27 linkedin
PSD2 will transform the payments landscapePSD2 will transform the payments landscape
7378 views comments | 24 tweets | 13 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6947 views comments | 20 tweets | 24 linkedin

Featured job

to Six-Figure Base, Commission, Benefits
London, UK

Find your next job