Investment research firm Morningstar has agreed to purchase AdviserLogic, a provider of cloud-based financial planning software catering to advisers, for an undisclosed sum.
The research firm carried out the transaction through its Australian unit Morningstar Australasia.
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Headquartered in Australia, AdviserLogic serves advisers through its core financial planning software AdviserLogic, revenue management software PayLogic, as well as client data aggregation engine DataLogic.
AdviserLogic employs more than 80 staff in Australia and India, all of whom will be absorbed by Morningstar as part of the deal.
Deal completion is anticipated by the end of this month.
AdviserLogic CEO Daniel Gara said: “Joining forces with Morningstar will accelerate the development of our financial planning solution.
“As part of Morningstar, AdviserLogic clients will benefit from additional investment and the depth and breadth of Morningstar’s capabilities,” Gara added.
Gara will remain and spearhead AdviserLogic’s product development and go-to-market initiatives.
AdviserLogic co-founder Gundeep Sidhu will depart the firm to pursue other opportunities.
Morningstar Australasia managing director Jamie Wickham said: “Financial planning software is at the heart of the advice process.
“Combined with Morningstar’s deep data, analytics and research, AdviserLogic’s focus on user experience and advice workflow will enable us to elevate and differentiate our technology solutions for advisers—to support them in running an efficient and compliant practice; and deliver improved outcomes for their clients.”
Earlier this year, Morningstar announced the acquisition of Canadian credit ratings agency DBRS in a $669m.
