The deal, which was announced Tuesday after the close of the stock market, is described as a way to expand the services that Broadridge already provides to fund boards.
The 15(c) board consulting services business provides materials to the boards of directors and executive teams of mutual funds, which helps them meet fiduciary duties to review and approve the fee agreements with each of their investment advisers.
According to a statement from Morningstar's head of data and research products, Scott Burns, the sale "aligns with the long-term strategies" of both companies.
"Morningstar is sharpening its focus on delivering its fund data and analytics to as many users as possible," he said.
According to Broadridge, a $4 billion global fintech firm, the acquisition will enable fund board clients to compare funds using both Morningstar and Lipper data, via an objective, independent source to assess fund advisers and sub-advisers.
"The expanded breadth and depth of our data-driven solutions will continue to enhance the value we provide to our investment management clients and set standards for the financial services industry," said Dan Cwenar, head of buy-side analytics at Broadridge, in a statement.
The terms of the deal between the two publicly traded companies were not disclosed. The deal is expected to close in January.