Morningstar has acquired ByAllAccounts, a provider of data aggregation technology for financial applications, for $28 million (subject to working capital adjustments).

Morningstar has acquired ByAllAccounts, a provider of data aggregation technology for financial applications, for $28 million (subject to working capital adjustments).

The ByAllAccounts network contains around 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. The firm has about 60 employees, based primarily in Massachusetts.

“Morningstar has extensive reach within the wealth management community,” said James Carney, president and chief executive, who will continue to lead ByAllAccounts.

“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,” Carney said.

“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,” added Joe Mansueto, chairman and CEO at Morningstar. “We plan to integrate the service into our offerings as well as expand and develop ByAllAccounts' third-party distribution relationships.” 

Morningstar provides independent investment research in North America, Europe, Australia and Asia. The firm also offers products and services to individual investors, financial advisors, asset managers and retirement plan providers and sponsors.