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.