Like Institutional Hedge Fund and Separate Account Database Division

closed 8/1/2006 via PR Newswire

Morningstar, Inc., purchased Institutional Hedge Fund and Separate Account Database Division from InvestorForce

synopsis: Morningstar, Inc., a leading provider of independent investment research, announced that it has completed its previously announced acquisition of the institutional hedge fund and separate account database division of InvestorForce, Inc., a Wayne, Pa.-based financial software and data integration company, for approximately $10 million in cash.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar provides data on more than 300,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, and commodities, in addition to foreign exchange and Treasury markets. "
seller: InvestorForce
InvestorForce is a financial software company that has been a leader in the development of online applications for the financial services industry.
price ($mm)
$10
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 6/19/2013 via BNC Analysis

Bulgaria On Air, will acquire Investor.BG PLC

synopsis: Media company Bulgaria On Air placed a buyout offer for the 51% stake in business news portal Investor.bg. Investor.BG PLC develops online databases for Bulgarian companies. It provides financial information, such as quotations, graphics of traded stocks, ratios, news, analyses, and reports.
buyer: Bulgaria On Air
Bulgaria On Air offers television and radio broadcasting services. The company is based in Bulgaria. "
target: Investor.BG PLC
Investor.BG PLC develops online databases for Bulgarian companies. It provides financial information, such as quotations, graphics of traded stocks, ratios, news, analyses, and reports.
price ($mm)
$6.25*
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 10/9/2020 via BusinessWire

LLR Partners, acquired YCharts

synopsis: LLR Partners has acquired YCharts, a cloud-based investment analytics and communications platform for RIAs, broker-dealers, and asset managers. The transaction will support YCharts’ continued organic growth through increased investment in product and sales and marketing, and to pursue complementary acquisitions.
buyer: LLR Partners
LLR Partners is a middle market private equity firm committed to creating long-term value by growing its portfolio companies. LLR invests in several industries, with a focus on technology, healthcare and services businesses. "
target: YCharts
YCharts is an investment research platform that enables smarter investments and better client communications. YCharts offers comprehensive data, visualization tools, and advanced analytics for equity, mutual fund, and ETF research, portfolio construction, idea generation, and market monitoring.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 3/29/2016 via BusinessWire

BATS Global Markets, Inc., will acquire ETF.com

synopsis: Bats Global Markets, the leading exchange operator for the trading of exchange-traded funds (ETFs), and creator of the Bats ETF Marketplace, signed a definitive agreement to acquire ETF.com, a leading provider of ETF data, news and analysis.
buyer: BATS Global Markets, Inc. (BATS:$1,861.90)
BATS Global Markets, Inc. is a leading global operator of securities markets, committed to Making Markets Better for traders, investors and issuers. In the U.S., BATS operates four stock exchanges – BZX, BYX, EDGX and EDGA – and regularly ranks as the top market for ETF and retail-driven liquidity. "
target: ETF.com
ETF.com is a leading provider of exchange-traded fund (ETF) data, news and analysis. Founded in 2001, ETF.com provides independent and authoritative news, analysis, data and education about ETFs, generating 875,572 page views and attracting 291,191 unique visitors in February 2016 alone.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/31/2010 via Company Description

Shanghai Great Wisdom Co., Ltd., acquired AASTOCKS.com Ltd.

synopsis: Shanghai Great Wisdom Co. has acquired AASTOCKS.com Ltd. AASTOCKS.com Ltd. provides financial information products and services to corporate clients and individual investors in the Asia Pacific regions.
buyer: Shanghai Great Wisdom Co., Ltd. (601519.SS:$92.77)
Shanghai Great Wisdom Co., Ltd. engages in the development, production, sale, and support of information technology products to financial sector. It offers software that provides services in the areas of financial database, real-time quotes transmission, etc. "
target: AASTOCKS.com Ltd.
AASTOCKS.com Ltd. provides financial information products and services to corporate clients and individual investors in the Asia Pacific regions. Its information products cover equities, derivatives, global foreign exchange, and precious metals markets.
price ($mm)
$29
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/6/2006 via BusinessWire

eSignal, acquired Quote.com, Inc.

synopsis: Interactive Data Corporation announced the closing of the Company's acquisition of the assets of Quote.com(R) and certain other related assets from Lycos, Inc for $30 million in cash. The assets of Quote.com will now be operated as part of Interactive Data's eSignal business.
buyer parent: Pearson plc
buyer: eSignal
eSignal division of Interactive Data Corporation is a leading global provider of financial and business information to professional and active individual investors. eSignal provides streaming, real-time market data, news and analytics. "
target parent: Daum Communications
target: Quote.com, Inc.
Quote.com, also known as the Lycos Finance division, markets four distinct offerings that deliver financial content and trading tools to active traders and individual investors.
price ($mm)
$30
rev ($mm)
$13
EBITDA ($mm)
EV / rev
2.4x
EV / EBITDA
announced 3/6/2007 via BusinessWire

J.W. Korth/Shop4Bonds, will acquire Bondpage.com

synopsis: J. W. Korth/Shop4Bonds, an online securities brokerage, announced today that it has signed an agreement to acquire certain assets of Cambridge Investment Group Ltd. and its flagship website, Bondpage.com, based in East Lansing, MI.
buyer: J.W. Korth/Shop4Bonds
J. W. Korth/Shop4Bonds is a securities broker dealer founded in 1982. Through its unique, patent pending internet bond execution platform, the firm maintains the largest and lowest priced publicly available inventory of bonds on its Shop4Bonds and Bonds4Sale websites. "
target: Bondpage.com
Bondpage.com is dedicated to provide the largest selection of fixed income securities at the lowest possible price. Research current and historical market information, news, economic statistics, interest rate quotes as well as Federal Reserve updates to make informed portfolio decisions.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 9/15/2015 via Market Watch

IRESS Market Technology Limited, will acquire Proquote Ltd

synopsis: London Stock Exchange Group confirmed that it is selling Proquote, a company that provides a market data and trading system, to financial technology group IRESS Ltd., an Australian software company specializing in the development of software systems and services for financial markets and wealth management.
buyer: IRESS Market Technology Limited (ASX:IRE:$292.95)
IRESS Limited is an Australian software company specialising in the development of software systems and services for financial markets and wealth management. "
target parent: London Stock Exchange Group plc
target: Proquote Ltd
Proquote Limited provides a market data and trading system that offers real-time market data coverage of various global markets, news, and data sources. The company provides information on futures, options and commodities; and comprehensive fundamentals and charting analytical tools.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 7/29/2015 via PE Hub

Leaders League Group, acquired Closing Circle

synopsis: Closing Circle, the digital media dedicated to the European private equity and venture capital community is being acquired by Leaders League, the rating agency and media group for top executives. Closing Circle was founded by David Chouraqui, an investment professional passionate about tech and innovation.
buyer: Leaders League Group
Leaders League is a rating agency and media group for top executives at the international level. With more than 130 employees and 3 offices in Latin America, the company is a fast growing media partner for leaders around the world. "
target: Closing Circle
Closing Circle, the European media for dealmakers, is a platform dedicated to the private equity and venture capital community. It provides news about private equity and venture capital transactions and fundraising in Europe, an online database of investor profiles and a weekly newsletter.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 7/29/2008 via BusinessWire

DealFlow Media, Inc., acquired PrivateRaise.com

synopsis: DealFlow Media, Inc. announced the acquisition of the assets and business of PrivateRaise.com LLC, including the PrivateRaise.com website, which tracks private placements of equity and equity-linked securities executed by public companies.
buyer: DealFlow Media, Inc.
DealFlow Media provides independent news and analysis for finance professionals. Founded in 2002, with offices in New York, California and Shanghai, the company publishes a variety of research and investment databases, as well as hosts in-person and web-based events. "
target: PrivateRaise.com
PrivateRaise.com is the leading source for data and analysis of private investments in public equity (PIPEs), Reverse Mergers, and Special Purpose Acquisition Companies (SPACs).
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 9/9/2015 via BNC Analysis

Lyceum Capital, acquired Style Research

synopsis: Robert Schwob, a popular figure in the asset management world, has sold majority control of Style Research, his asset management data provider, to mid-market private equity firm Lyceum Capital. Style Research is the leading independent provider of global investment research and portfolio analysis applications.
buyer: Lyceum Capital
Lyceum Capital partners with entrepreneurial management teams and unlocks growth potential by providing capital, operations and development support and help with targeted acquisitions. Lyceum typically invests between £5m and £50m of equity in fast-growing, UK-headquartered, mid-sized businesses. "
target: Style Research
Style Research is the leading independent provider of global investment research and portfolio analysis applications. The services are delivered on a SaaS-based platform that supports a range of devices.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 5/18/2021 via PR Newswire

Black Knight, Inc., acquired eMBS Inc

synopsis: Black Knight, Inc. has acquired eMBS Inc, which provides performance data and analytics on agency-backed securities to all market participants for critical insights to inform better investment decisions and enhance the yields on their mortgage-backed securities (MBS) portfolios.
buyer: Black Knight, Inc. (BKFS:$1,297.50)
Black Knight is a provider of integrated software, data, and analytics solutions that facilitate and automate business processes across the homeownership lifecycle. Black Knight helps clients achieve their strategic goals, realize greater success, and better serve their customers. "
target: eMBS Inc
eMBS Inc provides performance data and analytics on agency-backed securities to all market participants for critical insights to inform better investment decisions and enhance the yields on their mortgage-backed securities (MBS) portfolios.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 10/23/2017 via GlobeNewswire

Nasdaq, Inc., acquired eVestment Alliance, LLC

synopsis: Nasdaq, a leading global provider of trading, clearing, exchange technology, listing, information and public company services, has completed the acquisition of eVestment, an industry leading content and analytics provider used by asset managers, investment consultants and asset owners to help facilitate institutional investment decisions.
buyer: Nasdaq, Inc. (NasdaqGS:NDAQ:$5,926.00)
Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence. "
target: eVestment Alliance, LLC
eVestment provides a flexible suite of easy-to-use, cloud-based solutions to help the institutional investing community identify and capitalize on global investment trends, better select and monitor investment managers and more successfully enable asset managers to market their funds worldwide.
price ($mm)
$705
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 9/19/2011 via PR Newswire

eVestment Alliance, LLC, acquired Hedgefund.Net Inc.

synopsis: eVestment Alliance, a global provider of institutional investment data intelligence and analytic solutions, announced the acquisition of Channel Capital Group, owners of HedgeFund.net, a leading source for hedge fund data, research and news.
buyer: eVestment Alliance, LLC
eVestment is a global provider of institutional investment data intelligence and analytic solutions. eVestment delivers extensive separate account, hedge fund and commingled fund data through robust, user-friendly products, with an unparalleled commitment to client service. "
target: Hedgefund.Net Inc.
HedgeFund.net is a leading source for hedge fund data on the Web. Investors who meet accreditation standards are eligible for access to the site's database of information on more than 7,100 hedge funds, funds-of-funds and commodity products.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/4/2008 via BusinessWire

Interactive Daily, acquired Kler’s Financial Data Service S.r.l.

synopsis: Interactive Data Corporation, a leading provider of financial market data, analytics and related services to financial institutions, active traders and individual investors, closed its acquisition of Kler’s Financial Data Service S.r.l., a leading provider of reference data to the Italian financial industry.
buyer parent: Pearson plc
buyer: Interactive Daily
Interactive Data Corporation is a leading global provider of financial market data, analytics and related solutions to financial institutions, active traders and individual investors. "
target: Kler’s Financial Data Service S.r.l.
Kler's S.r.l. provides on-line databases software applications, analysis and advice on the financial market, and consulting services. It also collects, processes, and standardizes information and financial data regarding companies, and listed and unlisted securities.
price ($mm)
$30
rev ($mm)
$9
EBITDA ($mm)
EV / rev
3.3x
EV / EBITDA
announced 4/3/2007 via Company Press Release

Interfax Information Services Group, will acquire Finmarket Information Agency

synopsis: The Interfax International Information Services Group has agreed to purchase 90% of the shares of the Finmarket information agency, one of the leading Russian suppliers of financial and economic information, and plans to complete the deal by the end of the second quarter of 2007.
buyer: Interfax Information Services Group
Interfax Information Service Group creates information products and means of communication essential for decision-making in politics and business. "
target: Finmarket Information Agency
Finmarket Information Agency provides financial, stock exchange, and economic information. It gives the operative information on the Russian financial markets, economic and financial news, currency rates, quotations of securities, promissory notes, and real-time quotes.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 7/15/2020 via PR Newswire

CB Insights, purchased VentureSource from Dow Jones & Company, Inc.

synopsis: CB Insights has acquired the data assets of VentureSource from Dow Jones. The VentureSource database provides detailed and comprehensive data on venture-backed companies that help customers find deal and partnership opportunities, perform comprehensive due diligence, and examine trends in venture capital investment, fundraising, and liquidity.
buyer: CB Insights
CB Insights helps companies make smarter technology decisions with data. The CB Insights Technology Insights Platform provides comprehensive data, expert insights, and work management tools that enable companies to discover and understand the technologies that drive growth and improve operations. "
seller parent: News Corporation
seller: Dow Jones & Company, Inc. (:$1,769.69)
The VentureSource database provides detailed and comprehensive data on venture-backed companies. This data helps customers find deal and partnership opportunities, perform comprehensive due diligence, and examine trends in venture capital investment, fundraising, and liquidity.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 5/13/2019 via BusinessWire

Ion Group, acquired Acuris

synopsis: Funds advised by BC Partners announced the sale of a majority stake in Acuris, a global provider of proprietary financial intelligence, data and analytics, to ION Investment Group, a company that provides mission-critical trading and workflow automation software solutions to financial institutions, central banks, governments and corporations.
buyer: Ion Group
Based in Ireland, ION provides mission-critical trading and workflow automation software solutions to financial institutions, central banks, governments and corporations. They design solutions that improve decision-making, simplify complex processes, and empower people. "
target parent: BC Partners
target: Acuris
Acuris provides proprietary, actionable intelligence, data and analytics to the world's principal advisory firms, investment banks, law firms, hedge funds, private equity firms and corporates.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 1/9/2017 via PR Newswire

Pierre Feligioni, acquired Quant House

synopsis: S&P Global announced it has finalized the sale of Quant House SAS (QuantHouse) to a company owned by Pierre Feligioni, one of QuantHouse's original founders. QuantHouse is an independent global provider of end-to-end systematic trading solutions.
buyer: Pierre Feligioni
Pierre Feligioni is a successful business entrepreneur and he understands how to turn innovative ideas into profitable business. Pierre co-founded QuantHouse in 2005, building an industry leading provider of ultra-low latency market data technologies. "
target parent: S&P Global
target: Quant House
QuantHouse is an independent global provider of end-to-end systematic trading solutions. This includes ultra low latency market data technologies, algo-trading development framework, proximity hosting and order routing services.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/3/2015 via PR Newswire

OneMarketData LLC, acquired Tick Data, Inc.

synopsis: OneMarketData, founders of OneTick, a single solution for event streaming processing and time series management of historical and real-time tick data, announced its acquisition of Tick Data Inc., a trusted and leading provider of historical intraday exchange time series data.
buyer: OneMarketData LLC
OneMarketData provides smarter data management solutions for research, surveillance and back-testing to enable market participants to outmaneuver the competition. Through its product OneTick, an event stream processing and tick data management solution, analysts and traders can increase performance."
target: Tick Data, Inc.
The world's largest investment banks have relied upon Tick Data's research-ready historical intraday stock, futures, options and forex data to back-test trading strategies, develop risk and execution models, perform post-trade analysis, and conduct important academic research.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 7/30/2018 via BusinessWire

InvestorForce will be merged with Investment Metrics, LLC,

synopsis: Resurgens Technology Partners has entered into a definitive agreement to acquire InvestorForce from MSCI Inc., and will merge it with its portfolio company, Investment Metrics. InvestorForce is a premier provider of performance reporting solutions to the institutional investment community.
buyer parent: Resurgens Technology Partners
buyer: Investment Metrics, LLC
Investment Metrics is a leading provider of investment performance analytics and reporting solutions for institutional investment consultants, asset managers and private wealth advisors. "
target parent: MSCI Inc.
target: InvestorForce
InvestorForce is a premier provider of performance reporting solutions to the institutional investment community, providing investment consultants with an integrated solution for daily monitoring, analysis and reporting on institutional assets.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 1/30/2013 via BusinessWire

MSCI Inc., acquired InvestorForce

synopsis: MSCI Inc. announced that it has completed its acquisition of Investor Force Holdings, Inc. InvestorForce is a leading provider of performance reporting solutions to the institutional investment community in the US, providing investment consultants with an integrated solution for daily monitoring, analysis and reporting on institutional assets.
buyer: MSCI Inc. (MSCI:$1,476.56)
MSCI Inc. is a leading provider of investment decision support tools to investors globally, including asset managers, banks, hedge funds and pension funds. MSCI products and services include indices, portfolio risk and performance analytics, and governance tools. "
target parent: ICG Group, Inc.
target: InvestorForce
Investor Force, Inc. is a financial software company that has been a pioneer in the development of advanced solutions for institutional investment consultants. Their technology leverages automated data collection to provide clients with real time insight, transparency and deep analysis.
price ($mm)
$24
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/1/2006 via PR Newswire

Morningstar, Inc., purchased Institutional Hedge Fund and Separate Account Database Division from InvestorForce

synopsis: Morningstar, Inc., a leading provider of independent investment research, announced that it has completed its previously announced acquisition of the institutional hedge fund and separate account database division of InvestorForce, Inc., a Wayne, Pa.-based financial software and data integration company, for approximately $10 million in cash.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar provides data on more than 300,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, and commodities, in addition to foreign exchange and Treasury markets. "
seller: InvestorForce
InvestorForce is a financial software company that has been a leader in the development of online applications for the financial services industry.
price ($mm)
$10
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 7/6/2020 via PE Hub

Morningstar, Inc., acquired Sustainalytics

synopsis: Morningstar, Inc., a leading provider of independent investment research, has acquired Sustainalytics, a globally recognized leader in environmental, social, and governance (ESG) ratings and research. Morningstar acquired a 40% ownership stake in Sustainalytics in 2017, and has purchased the remaining approximate 60% of Sustainalytics shares.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar, Inc. is a leading provider of independent investment research. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and institutional investors in the private capital markets. "
target: Sustainalytics
Sustainalytics is a leading independent Environmental, Social, and Governance (ESG) and corporate governance research, ratings and analytics firm that supports investors around the world with the development and implementation of responsible investment strategies.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 3/4/2020 via Company Press Release

Morningstar, Inc., will acquire PlanPlus Global

synopsis: Morningstar, a leading provider of independent investment research, announced it has reached an agreement to acquire PlanPlus Global, a financial-planning and risk-profiling software firm based in Canada.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar, Inc. is a leading provider of independent investment research. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and institutional investors in the private capital markets. "
target: PlanPlus Global
PlanPlus Global is a world-renowned investment and financial planning software provider. It offers the most academically validated risk profiling process, a globally scalable financial planning system, and a robust investment tracking tool that ensures investors remain suitably invested over time.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 11/6/2019 via PR Newswire

Morningstar, Inc., will acquire AdviserLogic Group

synopsis: Morningstar Australasia Pty Limited, an Australian subsidiary of Morningstar, Inc., a leading provider of independent investment research, will acquire AdviserLogic, an Australian adviser software firm. AdviserLogic's cloud-based, financial planning software serves independent financial advisers in Australia.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar, Inc. is a leading provider of independent investment research. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and institutional investors in the private capital markets. "
target: AdviserLogic Group
AdviserLogic is an Australian adviser software firm. Its cloud-based, financial planning software serves independent financial advisers. AdviserLogic's open architecture software platform delivers an end-to-end planning solution that encompasses best in class training and support.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 5/29/2019 via PR Newswire

Morningstar, Inc., will acquire DBRS Limited

synopsis: Morningstar, Inc., a leading provider of independent investment research, will be acquiring DBRS, the world's fourth-largest credit ratings agency. DBRS is an independent, privately held, globally recognized credit ratings agency.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar, Inc. is a leading provider of independent investment research. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and institutional investors in the private capital markets. "
target: DBRS Limited
DBRS is an independent, privately held, globally recognized credit ratings agency. DBRS’s approach and size provide the agility to respond to customers’ needs in their local markets, while being large enough to provide the necessary expertise and resources.
price ($mm)
$669
rev ($mm)
$167
EBITDA ($mm)
EV / rev
4.0x
EV / EBITDA
closed 7/3/2017 via PR Newswire

KeyCorp, acquired HelloWallet

synopsis: KeyCorp announced it has closed the acquisition of HelloWallet®, an industry-leading personal finance software platform, from Morningstar, Inc. KeyBank in 2015 established a relationship with HelloWallet that made KeyBank the only banking institution providing access to HelloWallet's personal finance platform.
buyer: KeyCorp (KEY:$6,402.00)
KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $134.5 billion. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association. "
target parent: Morningstar, Inc.
target: HelloWallet
HelloWallet improves the performance of organizations by providing independent guidance that aligns corporate spending with human capital needs. The company's web and mobile applications provide personalized guidance to employees for converting their salary and benefits into prosperity.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/1/2016 via PR Newswire

Morningstar, Inc., acquired Pitchbook Data, Inc.

synopsis: Morningstar, Inc., a leading provider of independent investment research, has completed its acquisition of PitchBook Data, Inc., which delivers data, research, and technology covering the breadth of the private capital markets, including venture capital, private equity, and mergers and acquisitions.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. "
target: Pitchbook Data, Inc.
PitchBook is the leading research firm for Private Equity and Venture Capital. PitchBook offers the most comprehensive industry information available through its core product, the PitchBook Platform, as well as its daily newsletter and research reports.
price ($mm)
$180*
rev ($mm)
$31
EBITDA ($mm)
EV / rev
7.2x
EV / EBITDA
closed 5/31/2016 via PR Newswire

Morningstar, Inc., acquired InvestSoft Technology, Inc.

synopsis: Morningstar, Inc., a leading provider of independent investment research, has acquired InvestSoft Technology, a provider of fixed-income analytics. InvestSoft helps investment firms analyze fixed-income securities and portfolios, primarily through its BondPro Fixed-Income Calculation Engine.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. "
target: InvestSoft Technology, Inc.
InvestSoft Technology provides software solutions for investment firms designed to streamline workflow, reduce risk and harness the value of the data throughout an organization. They are a leader in the development and implementation of Trading, Portfolio Management, and Accounting Solutions.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/31/2016 via PR Newswire

Morningstar, Inc., acquired RightPond

synopsis: Morningstar, Inc., a leading provider of independent investment research, has acquired RequiSight, LLC, which does business as RightPond, a provider of business intelligence data and analytics on defined contribution and defined benefit plans for financial services firms.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. "
target parent: Rocaton Investment Advisors, LLC
target: RightPond
RightPond is a business intelligence and analytics capability that reveals gaps, trends, outliers, and risk signals regarding plan performance, fees, capital flow, gatekeeper relationships, and best practices of defined contribution and defined benefit plans.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/2/2015 via PR Web

PowerAdvisor, acquired PowerAdvisor

synopsis: Total Rebalance Expert, the largest, independently owned rebalancing software company in the RIA industry, announced the sale of the Total Portfolio Expert portfolio management system to Andrew Kehoe, a long-standing, key employee. Kehoe will acquire TPX, become its Chief Executive Officer and will re-brand TPX to its former name, PowerAdvisor.
buyer: PowerAdvisor
PowerAdvisor is a robust, cloud-based portfolio management and investment accounting platform. Aggregating data from multiple sources, PowerAdvisor provides advisors and their clients with a complete picture of their investments. "
target parent: Morningstar, Inc.
target: PowerAdvisor
PowerAdvisor is a robust, cloud-based portfolio management and investment accounting platform. Aggregating data from multiple sources, PowerAdvisor provides advisors and their clients with a complete picture of their investments.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/2/2015 via PR Newswire

Morningstar, Inc., acquired Total Rebalance Expert

synopsis: Morningstar, a leading provider of independent investment research, has acquired Total Rebalance Expert (tRx), an automated, tax-efficient investment portfolio rebalancing platform for financial advisors.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. "
target: Total Rebalance Expert
Total Rebalance Expert (TRX)TM is the most tax efficient and easy to use auto-rebalancing software, designed by an industry leading CPA advisor for advisors to simplify portfolio management.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/3/2014 via PR Newswire

Morningstar, Inc., acquired HelloWallet

synopsis: Morningstar, Inc., a leading provider of independent investment research, completed its previously announced acquisition of HelloWallet Holdings, Inc., a leading provider of online financial wellness, for $52.5 million. Morningstar will pay $39.0 million because it currently has a minority stake in the company valued at $13.5 million.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. "
target: HelloWallet
HelloWallet improves the performance of organizations by providing independent guidance that aligns corporate spending with human capital needs. The company's web and mobile applications provide personalized guidance to employees for converting their salary and benefits into prosperity.
price ($mm)
$39*
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 4/1/2014 via PR Newswire

Morningstar, Inc., acquired ByAllAccounts, Inc.

synopsis: Morningstar, Inc. acquired ByAllAccounts, Inc., a provider of innovative data aggregation technology for financial applications. ByAllAccounts uses a knowledge-based process, including patented artificial intelligence technology, to collect, consolidate, and enrich financial account data and deliver it to virtually any platform.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. "
target: ByAllAccounts, Inc.
ByAllAccounts is a provider of innovative data aggregation technology for financial applications. ByAllAccounts uses a knowledge-based process, including patented artificial intelligence technology, to collect, consolidate, and enrich financial account data and deliver it to virtually any platform.
price ($mm)
$28
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 5/2/2013 via BNC Analysis

Morningstar, Inc., acquired Morningstar Sweden AB

synopsis: Morningstar, Inc. has acquired its remaining ownership interest in Morningstar Sweden AB from Stadsporten Citygate AB and two private investors. Morningstar acquired its remaining 76% ownership stake, having 100% ownership. Morningstar is a leading global provider of independent investment information.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. "
target parent: Stadsporten Citygate AB
target: Morningstar Sweden AB
Morningstar Sweden serves more than 200 clients in Sweden, Denmark, Norway, Finland, and Iceland and provides complete data on more than 2,000 domiciled mutual funds and 20,000 funds registered for sale in the local markets. Morningstar has 25 employees based in Stockholm.
price ($mm)
$13*
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 10/3/2012 via BNC Analysis

Investis Ltd, purchased Investor Relations Business from Hemscott Plc

synopsis: Investis, the UK market leader in the provision of digital corporate communications for public companies, and platform company of Gresham Private Equity, announced that the investor relations business of Hemscott will be acquired from Morningstar Inc.
buyer parent: Gresham LLP
buyer: Investis Ltd
Investis helps companies communicate with their investors via the Internet. Specializing in corporate communications, the company creates and maintains corporate and investor relations Web sites and intranets for public companies in Europe. "
seller parent: Morningstar, Inc.
seller: Hemscott Plc
Hemscott, Inc. builds and maintains databases of historical financial and stock price technical information on the United States, Canadian, and international publicly traded companies.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 9/28/2012 via Company Press Release

Sterling Publishing Pty Ltd, will purchase Australasia trade publishing assets from Morningstar, Inc.

synopsis: Sterling Publishing Pty Ltd and Morningstar Australasia Pty Limited, a subsidiary of Morningstar, Inc., a leading provider of independent investment research, announced that they have entered into an agreement for Sterling to acquire Morningstar's Australian financial services trade publishing business.
buyer parent: Momentum Media Pty Ltd
buyer: Sterling Publishing Pty Ltd
Sterling Publishing is a growing media company and the publishing arm of the BRW Fast 100-ranked Momentum Media. They focus on specialist vertical markets including the mortgage, finance, real estate and property sectors. "
seller: Morningstar, Inc. (MORN:$1,244.10)
Morningstar's Australasian online and print titles include InvestorDaily, IFA (Independent Financial Adviser) – incorporating SMSF – and Investor Weekly; and events for the financial sector including Wraps, Platforms & Masterfunds Conference and the Self-Managed Superannuation Fund Strategy Day.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/1/2010 via PR Newswire

Morningstar, Inc., purchased The Annuity Intelligence Report from Advanced Sales & Marketing Corporation

synopsis: Morningstar, Inc., a leading provider of independent investment research, has completed its previously announced acquisition of the annuity intelligence business of Advanced Sales and Marketing Corp. based in Oakbrook Terrace, Ill. (ASMC) for $14.1 million, subject to post-closing adjustments.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. "
seller: Advanced Sales & Marketing Corporation
The Annuity Intelligence Report (AI Report) is a web-based service that helps broker-dealers, insurers, and the financial professionals they support better understand and more effectively present variable annuity products to their clients.
price ($mm)
$14
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 7/1/2010 via BNC Analysis

Morningstar, Inc., acquired Seeds Finance SA

synopsis: Morningstar France Holding, a subsidiary of Morningstar, Inc., a leading provider of independent investment research, has completed its previously announced acquisition of Seeds Group, a leading provider of investment consulting services and fund research in France.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar provides data on more than 300,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, and commodities, in addition to foreign exchange and Treasury markets. "
target: Seeds Finance SA
Seeds Finance SA provides investment consulting services to pension funds, insurance companies, asset managers, banks, and brokerage firms. The firm is based out of Paris, France.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/17/2010 via Company Press Release

Morningstar, Inc., acquired Morningstar Danmark A/S

synopsis: Morningstar Europe B.V., a leading provider of independent investment research, entered into a definitive agreement to acquire a 75 percent ownership interest in Morningstar Danmark A/S.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. "
target: Morningstar Danmark A/S
Morningstar Danmark A/S through its website provides investment information for individual investors, which includes fund and ETF data, portfolio tools, and market analysis. It also develops investment software.
price ($mm)
$15*
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 4/12/2010 via PR Newswire

Morningstar, Inc., acquired Old Broad Street Research

synopsis: Morningstar UK Ltd., a subsidiary of Morningstar, Inc., a leading provider of independent investment research, has acquired Old Broad Street Research Ltd. (OBSR), a premier provider of fund research, ratings, and investment consulting services in the United Kingdom, for 11.95 million pounds sterling, or approximately U.S. $18.3 million.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar provides data on more than 300,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, and commodities, in addition to foreign exchange and Treasury markets. "
target: Old Broad Street Research
Old Broad Street Research's ("OBSR") team of investment research analysts rates and recommends approximately 500 UK-domiciled and cross-border funds.
price ($mm)
$19
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/31/2010 via PR Newswire

Morningstar, Inc., acquired Aegis Equities Research

synopsis: Morningstar Australasia Pty Limited, an Australian subsidiary of Morningstar, Inc., has completed its previously announced acquisition of Aegis Equities Research, a leading provider of independent equity research, from Aegis Equities Holdings Pty Ltd.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar provides data on more than 300,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, and commodities, in addition to foreign exchange and Treasury markets. "
target: Aegis Equities Research
Aegis is one of Australia’s leading research firms, providing incisive and rigorous securities analysis to investment advisers throughout Australia and New Zealand. Established in 1999, Aegis was founded to provide unbiased and objective fundamental equities research to the Australasian market.
price ($mm)
$11
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/1/2006 via PR Newswire

Morningstar, Inc., purchased Institutional Hedge Fund and Separate Account Database Division from InvestorForce

synopsis: Morningstar, Inc., a leading provider of independent investment research, announced that it has completed its previously announced acquisition of the institutional hedge fund and separate account database division of InvestorForce, Inc., a Wayne, Pa.-based financial software and data integration company, for approximately $10 million in cash.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar provides data on more than 300,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, and commodities, in addition to foreign exchange and Treasury markets. "
seller: InvestorForce
InvestorForce is a financial software company that has been a leader in the development of online applications for the financial services industry.
price ($mm)
$10
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/6/2019 via BusinessWire

Center for Financial Research and Analysis, acquired First Bridge Data LLC

synopsis: CFRA, one of the world’s largest providers of independent research, announced that it has acquired First Bridge Data LLC, a company that provides institutional quality data and analytics on Exchange Traded Funds (ETFs) that saves time on research and generates insight.
buyer: Center for Financial Research and Analysis
CFRA (Center for Financial Research and Analysis) is the world’s largest provider of institutional-grade independent equity research. Through fundamental equity and fund research, CFRA empowers investment professionals, advisors and risk managers with actionable ideas and proven results. "
target: First Bridge Data LLC
First Bridge provides institutional quality data & analytics on Exchange Traded Funds (ETFs) that saves time on research and generates insight.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/14/2015 via BusinessWire

Intercontinental Exchange, Inc., acquired Interactive Data Corporation

synopsis: Intercontinental Exchange, the leading global network of exchanges and clearing houses, announced it has completed its acquisition of Interactive Data Corporation, a leading provider of financial market data, analytics and related trading solutions from Silver Lake and Warburg Pincus, a leading global private equity firm.
buyer: Intercontinental Exchange, Inc. (ICE:$5,588.00)
Intercontinental Exchange (NYSE:ICE) operates the leading network of regulated exchanges and clearing houses. ICE’s futures exchanges and clearing houses serve global commodity and financial markets, providing risk management and capital efficiency. "
target parent: Warburg Pincus
target: Interactive Data Corporation
Interactive Data Corporation (“IDC”) is a trusted leader in financial information. IDC’s offerings support clients around the world with mission-critical functions, including portfolio valuation, regulatory compliance, risk management, electronic trading and wealth management.
price ($mm)[EV]
$5,265 [$7,450]
rev ($mm)
$940
EBITDA ($mm)
$332
EV / rev
7.9x
EV / EBITDA
22.5x
announced 1/5/2015 via GlobeNewswire

NASDAQ OMX, will acquire Dorsey Wright & Associates, Inc.

synopsis: Nasdaq announced that it will acquire Dorsey, Wright & Associates, LLC, a market leader in data analytics, passive indexing and smart beta strategies. DWA will add to Nasdaq's robust index portfolio, bringing model-based strategies and analysis to support the financial advisor community.
buyer: NASDAQ OMX (NasdaqGS:NDAQ:$5,926.00)
Nasdaq is a leading provider of trading, exchange technology, information and public company services. Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating global capital markets. "
target parent: Falfurrias Capital
target: Dorsey Wright & Associates, Inc.
Dorsey, Wright & Associates (DWA) is an independent and privately owned registered investment advisory firm. Since its founding in 1987 by Tom Dorsey and Watson Wright, Dorsey Wright has been a leading advisor to Wall Street and investment managers worldwide.
price ($mm)
$225
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/3/2014 via BusinessWire

Evercore Partners Inc., acquired ISI Group, Inc.

synopsis: Evercore announced that it has acquired the operating businesses of ISI International Strategy & Investment (“ISI”). ISI is a leading independent research-driven equity sales and agency trading firm. ISI is a full service broker-dealer offering macro and fundamental research, sales and trading.
buyer: Evercore Partners Inc. (EVR:$1,004.73)
Evercore Partners is a leading independent investment banking advisory firm. Evercore’s Investment Banking business advises its clients on mergers, acquisitions, divestitures, restructurings, financings, public offerings, private placements and other strategic transactions. "
target: ISI Group, Inc.
ISI is a leading independent research-driven equity sales and agency trading firm. ISI strives to be the Street’s best investment research resource for their clients' money management performance. ISI is a full service broker-dealer offering macro and fundamental research, sales and trading.
price ($mm)
$132
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 12/11/2013 via BusinessWire

Copal Partners, will acquire Amba Research

synopsis: Moody's Corporation announced that it has acquired Amba Investment Services, a provider of investment research and quantitative analytics for global financial institutions. Amba will operate as part of Moody’s Analytics majority-owned subsidiary, Copal Partners.
buyer parent: Moody's Corporation
buyer: Copal Partners
Copal Partners' companies are among the world's leading providers of outsourced research and analytical services to institutional customers. They provide a range of services to leading institutional investors, investment banks, private equity firms, hedge funds and corporations globally. "
target: Amba Research
Amba Research provides investment research and analytics support services to the global capital markets industry. Over 70 companies, including 6 of the top 15 global asset managers and 6 of the top 15 global investment banks, use Amba to differentiate and outperform.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/16/2011 via PE Hub

Falfurrias Capital, acquired Dorsey Wright & Associates, Inc.

synopsis: Falfurrias Capital Partners, a Charlotte-based private equity firm, announced it has invested as a strategic partner in Dorsey Wright & Associates, a Richmond, Va.-based provider of technical investment research and money management products.
buyer: Falfurrias Capital
Falfurrias Capital Partners is a Charlotte-based private equity investment firm that acquires or invests in lower, middle-market businesses. The firm is focused on making private equity investments in a diverse portfolio of companies operating in the eastern United States. "
target: Dorsey Wright & Associates, Inc.
Dorsey Wright & Associates (DWA) provides technical research services to the financial services industry and individuals. DWA strives to supply the resources, technology and support necessary for a stock broker, money manager or individual investor to become a true craftsman in investing.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
cancelled 12/23/2011 via PR Newswire

CVC Capital Partners, cancelled an acquisition of ConvergEx

synopsis: ConvergEx Group and CVC Capital Partners have mutually agreed to terminate their pending transaction. The merger provided for ConvergEx to be acquired by funds advised by CVC. ConvergEx is a leading technology company providing mission-critical proprietary software products and technology-enabled services.
buyer: CVC Capital Partners
CVC Capital Partners is one of the world's leading private equity and investment advisory firms, with a network of 20 offices and some 250 employees throughout Europe, Asia and the United States. "
target parent: The Bank of New York Mellon Corporation
target: ConvergEx
ConvergEx Group is a leading technology company providing mission-critical proprietary software products and technology-enabled services to asset managers and financial intermediaries globally.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/20/2011 via Company Press Release

Euromoney Institutional Investor PLC, acquired Ned Davis Research, Inc.

synopsis: Euromoney Institutional Investor PLC, an international publishing, events and information group based in London, announced it has acquired Ned Davis Research Group (NDRG), a US-based provider of financial research to institutional investors. NDRG delivers award-winning solutions to the world's leading investment management companies.
buyer parent: Daily Mail and General Trust plc
buyer: Euromoney Institutional Investor PLC (LSE:ERM:$430.13)
Euromoney Institutional Investor is the international publishing, events and electronic information group, delivering business information to the finance, law, energy and transport sectors. Its online store offers a full range of magazines, journals, newsletters, text books, and more. "
target: Ned Davis Research, Inc.
Ned Davis Research Group is a leading independent research firm with over 1,100 institutional clients in over three dozen countries. With a range of products and services utilizing a 360 degree methodology, they deliver award-winning solutions to the world's leading investment management companies.
price ($mm)
$112*
rev ($mm)
$41
EBITDA ($mm)
EV / rev
4.2x
EV / EBITDA
closed 5/12/2011 via Market Wire

Pacific Crest, acquired Pacific Epoch

synopsis: Pacific Crest Securities has acquired certain assets of Pacific Epoch, an investment research company specializing in China's technology sectors and companies. Its on-the-ground surveys, proprietary data collection and analysis of the technology market provide a unique and predictive view of trends impacting companies and sectors in the region.
buyer: Pacific Crest
Pacific Crest Securities, the leading technology investment bank, provides equity research, institutional sales and trading, third party research, M&A advisory, and public and private financings. "
target: Pacific Epoch
Pacific Epoch is a trusted source of China investment research for institutional, private equity, and corporate clients. The company provides a combination of proprietary data collection and on-the-ground surveys and expert analysis of government policy to partners.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 4/12/2010 via PR Newswire

Morningstar, Inc., acquired Old Broad Street Research

synopsis: Morningstar UK Ltd., a subsidiary of Morningstar, Inc., a leading provider of independent investment research, has acquired Old Broad Street Research Ltd. (OBSR), a premier provider of fund research, ratings, and investment consulting services in the United Kingdom, for 11.95 million pounds sterling, or approximately U.S. $18.3 million.
buyer: Morningstar, Inc. (MORN:$1,244.10)
Morningstar provides data on more than 300,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, and commodities, in addition to foreign exchange and Treasury markets. "
target: Old Broad Street Research
Old Broad Street Research's ("OBSR") team of investment research analysts rates and recommends approximately 500 UK-domiciled and cross-border funds.
price ($mm)
$19
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 3/27/2019 via BNC Analysis

Bonhill Group plc, will acquire Last Word Media

synopsis: Bonhill, a leading B2B media company in the UK, will acquire Last Word Media, a financial media solutions provider headquartered in London. Last Word has been the final say for first-to-market news, analysis and comment across the global wealth management market. They deliver content across print, digital, video, research, data and events.
buyer: Bonhill Group plc (AIM:BONH:$27.79)
Bonhill Group plc is a leading B2B media company in the UK. Bonhill provides Business Information, Live Events and Data & Insight propositions to international Technology, Financial Services and Diversity Business Communities. "
target: Last Word Media
Last Word is an independent financial media solutions provider headquartered in London. Last Word has been the final say for first-to-market news, analysis and comment across the global wealth management market. They deliver content across print, digital, video, research, data and events.
price ($mm)
$11
rev ($mm)
$13
EBITDA ($mm)
$1
EV / rev
2.0x
EV / EBITDA
18.3x
closed 9/21/2010 via PR Newswire

Capital IQ, acquired TheMarkets.com

synopsis: Capital IQ, a leading provider of data and analytics for global financial professionals, has acquired the research and estimates business of TheMarkets.com. TheMarkets.com is a premier provider of third party equity and fixed income research, earnings models, and estimates to more than 2,400 institutional investment management firms worldwide.
buyer parent: The McGraw-Hill Companies, Inc.
buyer: Capital IQ
Capital IQ, a Standard & Poor's business, delivers comprehensive fundamental and quantitative research and analysis solutions to over 4,200 investment management firms, investment banks, private equity funds, advisory firms, corporations, and universities worldwide. "
target: TheMarkets.com
TheMarkets.com is the proven standard for investment research and workflow technologies to institutional investment firms worldwide. TheMarkets.com enables investors to streamline access to diverse providers of investment research through efficient workflow technologies.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 8/31/2021 via PR Newswire

OpenExchange, Inc., will acquire Nucleus195, LLC

synopsis: OpenExchange has agreed to acquire Nucleus195, whose online platform represents a leading marketplace for independent investment research and market intelligence. Nucleus195's global network of over 150 independent research houses, broker-dealers, and research boutiques will now have a new way to be discovered via OpenExchange.tv.
buyer: OpenExchange, Inc.
OpenExchange video-enables the vital daily communications of the financial services and professional investment industry and its clients with advanced one-to-one, one-to-many, and many-to-many video technologies, tools, and services. "
target: Nucleus195, LLC
Nucleus195 provides investors with a single access point to the best and most valuable investment ideas and market intelligence from independent research houses and research boutiques around the globe.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 1/23/2019 via PR Newswire

Seeking Alpha, acquired CressCap

synopsis: Seeking Alpha, the world's largest platform for equity analysis, announced the acquisition of CressCap, a next generation analytics platform for investment professionals. CressCap is a pioneer in the fusion of statistical computing systems and autonomous research analytics.
buyer: Seeking Alpha
Seeking Alpha is the leading provider of stock market opinion and analysis from blogs, money managers and investment newsletters, and a provider of its own high-value, complementary financial content. "
target: CressCap
CressCap Investment Research has developed the next generation analytics platform for investment professionals. They are a pioneer in the fusion of statistical computing systems and autonomous research analytics.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 10/31/2017 via Company Press Release

Baird, will acquire Strategas Research Partners

synopsis: Baird signed a definitive agreement to acquire Strategas, an independent private partnership focused on macro research. Based in New York, Strategas provides comprehensive macro sector insights including research in the areas of Investment Strategy, Economics, Government Policy, Quantitative, Technical Analysis, Fixed Income and Industry Surveys.
buyer: Baird
Baird is an employee-owned, international wealth management, capital markets, private equity and asset management firm with offices in the US, Europe and Asia. Established in 1919, Baird has more than 3,400 associates serving the needs of individual, corporate, institutional and municipal clients. "
target: Strategas Research Partners
Strategas is a global institutional brokerage and advisory firm that provides macro research, capital market and corporate advisory services, and financial products to institutional investors and corporate executives in more than twenty countries around the world.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 10/3/2016 via PR Newswire

Center for Financial Research and Analysis, purchased Equity Research Business from S&P Global Market Intelligence

synopsis: S&P Global announced that it has successfully completed its sale of S&P Global Market Intelligence's Equity and Fund Research (Equity Research) business to CFRA, a leading independent provider of forensic accounting research, analytics and advisory services.
buyer: Center for Financial Research and Analysis
CFRA (Center for Financial Research and Analysis) is the world’s largest provider of institutional-grade independent equity research. Through fundamental equity and fund research, CFRA empowers investment professionals, advisors and risk managers with actionable ideas and proven results. "
seller parent: S&P Global
seller: S&P Global Market Intelligence
S&P Global Market Intelligence's Equity Resarch provides access to financial analysis for wealth advisors and institutional investors. S&P Global Market Intelligence collects and analyzes vast volumes of content, turning into actionable intelligence on the global financial markets and industries.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 1/12/2016 via PR Newswire

Hedgeye Risk Management, acquired Potomac Research Group

synopsis: Hedgeye Risk Management announced that it has acquired Potomac Research Group (PRG), a Washington, D.C.-based, independent research firm which provides predictive and actionable Washington policy analysis to institutional investors.
buyer: Hedgeye Risk Management
Hedgeye Risk Management is an independent investment research and media firm. Focused exclusively on generating and delivering actionable investment ideas in a proven buy-side process, the firm combines quantitative, bottom-up and macro analysis with an emphasis on timing. "
target: Potomac Research Group
Potomac Research Group ("PRG") is an independent research firm formed to provide Washington policy and market technical analysis to institutional investors. PRG’s analysis of federal legislative activities and regulatory policies helps investors determine Washington’s impact on industry sectors.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 9/9/2015 via BNC Analysis

Lyceum Capital, acquired Style Research

synopsis: Robert Schwob, a popular figure in the asset management world, has sold majority control of Style Research, his asset management data provider, to mid-market private equity firm Lyceum Capital. Style Research is the leading independent provider of global investment research and portfolio analysis applications.
buyer: Lyceum Capital
Lyceum Capital partners with entrepreneurial management teams and unlocks growth potential by providing capital, operations and development support and help with targeted acquisitions. Lyceum typically invests between £5m and £50m of equity in fast-growing, UK-headquartered, mid-sized businesses. "
target: Style Research
Style Research is the leading independent provider of global investment research and portfolio analysis applications. The services are delivered on a SaaS-based platform that supports a range of devices.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 2/4/2015 via PE Hub

RCP Advisors, acquired Atlas Diligence

synopsis: RCP Advisors has acquired Atlas Diligence and its proprietary private equity manager research platform GPScout. Atlas Diligence was formed by experienced institutional investors to provide limited partners with unique due diligence tools to assist in the identification and evaluation of private capital fund opportunities.
buyer: RCP Advisors
RCP Advisors was founded in 2001 and is headquartered in Chicago. With approximately $4.3 billion of assets under management and 37 professionals, RCP is one of the largest private equity fund-of-funds sponsors focused exclusively on the lower middle market buyout sector. "
target: Atlas Diligence
Atlas Diligence was formed by experienced institutional investors to provide limited partners with unique due diligence tools to assist in the identification and evaluation of private capital fund opportunities.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA

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iFinix Corporation
iFinix Corporation
Ifinix is a leading global provider of financial and business information to professionals and active individual investors. Building on a 20-year legacy of delivering time-sensitive financial information, Ifinix provides streaming, real-time market data, news and analytics.
year
2011
rev ($mm)
$0.54
EBITDA ($mm)
($0.26)
EBIT ($mm)
($0.27)
Net Income ($mm)
Employees
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Ticker: FDS
 
 
 
 
 
 
 
 
FactSet Research Systems Inc.
FactSet Research Systems Inc.
FactSet is a leading provider of financial information and analytics. More than 62,000 users stay ahead of global market trends, access extensive company and industry intelligence, and monitor performance with FactSet's desktop analytics, mobile applications, and comprehensive data feeds.
year
2021
rev ($mm)
$1,563.14
EBITDA ($mm)
$517.91
EBIT ($mm)
$453.44
Net Income ($mm)
$387.61
Employees
10713
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Ticker: MSCI
 
 
 
 
 
 
 
 
MSCI Inc.
MSCI Inc.
MSCI is an independent provider of research-driven insights and tools for institutional investors. They have deep expertise in the areas of risk and performance measurement that is based on more than 40 years of academic research, real-world experience and collaboration with their clients.
year
2019
rev ($mm)
$1,476.56
EBITDA ($mm)
$767.41
EBIT ($mm)
$709.17
Net Income ($mm)
$579.85
Employees
3266
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Ticker: MORN
 
 
 
 
 
 
 
 
Morningstar, Inc.
Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions.
year
2020
rev ($mm)
$1,244.10
EBITDA ($mm)
$251.90
EBIT ($mm)
$184.60
Net Income ($mm)
$142.70
Employees
6896
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Ticker: MORN
 
 
 
 
 
 
 
 
Morningstar, Inc.
Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions.
year
2020
rev ($mm)
$1,244.10
EBITDA ($mm)
$251.90
EBIT ($mm)
$184.60
Net Income ($mm)
$142.70
Employees
6896
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Ticker: MSCI
 
 
 
 
 
 
 
 
MSCI Inc.
MSCI Inc.
MSCI is an independent provider of research-driven insights and tools for institutional investors. They have deep expertise in the areas of risk and performance measurement that is based on more than 40 years of academic research, real-world experience and collaboration with their clients.
year
2019
rev ($mm)
$1,476.56
EBITDA ($mm)
$767.41
EBIT ($mm)
$709.17
Net Income ($mm)
$579.85
Employees
3266
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Ticker: 601519.SS
 
 
 
 
 
 
 
 
Shanghai Great Wisdom Co., Ltd.
Shanghai Great Wisdom Co., Ltd.
Great Wisdom provides services in the areas of financial database, real-time quotes transmission, real-time quotes reveal and investment analysis software, financial education system, information dissemination, Web and other areas of financial services platform.
year
2013
rev ($mm)
$92.77
EBITDA ($mm)
($76.41)
EBIT ($mm)
($68.57)
Net Income ($mm)
Employees
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Ticker: INIX.PK
 
 
 
 
 
 
 
 
iFinix Corporation
iFinix Corporation
Ifinix is a leading global provider of financial and business information to professionals and active individual investors. Building on a 20-year legacy of delivering time-sensitive financial information, Ifinix provides streaming, real-time market data, news and analytics.
year
2011
rev ($mm)
$0.54
EBITDA ($mm)
($0.26)
EBIT ($mm)
($0.27)
Net Income ($mm)
Employees
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Ticker: MCO
 
 
 
 
 
 
 
 
Moody's Corporation
Moody's Corporation
Moody's is an essential component of the global capital markets, providing credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets.
year
2020
rev ($mm)
$5,371.00
EBITDA ($mm)
$2,658.33
EBIT ($mm)
$2,441.00
Net Income ($mm)
$1,778.00
Employees
11400
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