Morningstar acquired ByAllAccounts, a firm that provides data aggregation technology for financial applications, for $28 million in cash, according to a spokesperson for the firm.
Morningstar CEO Joe Mansueto said in a statement that the acquisition will add to the information services Morningstar offers to financial advisors, and that the investment research firm will expand ByAllAcounts distribution network.
By All Accounts boasts that it offers a better way for advisory firms to create consolidated reports, compared with gathering statements from clients and manually entering that data.
"The ability to efficiently provide a holistic view of an investors total financial portfolio is now a requirement for wealth managersnot a nice to have capability, said Mansueto.
ByAllAccounts collects and consolidates financial account data and can deliver it to most platforms. The firm has a network of more than 2,100 clients and 40 service providers. The firm James Carney, CEO of ByAllAccounts, will continue to lead the Woburn, Mass.-based business, which has about has about 60 employees.
Morningstars global reach will help ByAllAccounts expand its international operations, Carney said in a statement.
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.
Morningstar provides market data on more than 10 million equities, indexes, futures, commodities and markets. The Chicago-based firm also has RIA subsidiaries and had about $159 billion in client assets of the end of 2013.