Morningstar Inc. said Tuesday it had agreed to acquire ByAllAccounts Inc., a data aggregator, for $28 million.
Through the deal, Morningstar will gain access to ByAllAccounts' more than 2,100 clients, including independent financial advisers, asset managers, wealth managers, trust companies and broker-dealers.
In a statement, the company said the acquisition will help it improve product offerings that support advisers' workflow. ByAllAccounts said the deal will allow the company to expand distribution and gain access to Morningstar's investment data expertise.
ByAllAccounts uses artificial intelligence to collect, consolidate and enrich financial data and then delivers that information to a variety of platforms. About $730 billion in assets move daily through the data company's aggregation engine. The company has about 60 employees. Its chief executive, James Carney, will continue to lead the company.