Morningstar, Inc. (NASDAQ: MORN) has acquired ByAllAccounts, Inc., a provider of innovative data aggregation technology, for financial applications for $28 million, subject to working capital adjustments.
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. The company has built a network of more than 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. Currently, more than $730 billion in assets move daily through the ByAllAccounts aggregation engine.
ByAllAccounts has about 60 employees based primarily in Massachusetts. James Carney, president and CEO, will continue to lead the business.