Morningstar (Nasdaq: MORN), a leading provider of independent investment research, today announced that it has entered into a definitive agreement to acquire the business operations of InvestData (Proprietary) Limited, a leading provider of fund information in South Africa.
The companies expect to complete the transaction in the fourth quarter, subject to customary closing conditions. Terms were not disclosed.
"Our acquisition of the InvestData business will increase our global managed funds database by adding South African and Namibian universes and give us a greater presence in South Africa and neighboring countries," said Denis Le Berche, managing director for Morningstar in South Africa. "One of our growth strategies is to increase our brand and presence in global markets, and this acquisition allows us to develop the Morningstar brand in South Africa."