New York – Morningstar, a provider of independent investment research, announced its acquisition of, a research firm founded in 2003 by business journalist Michelle Leder with the goal of scrutinizing SEC filings and uncovering facts relevant to investors.

The terms of the transaction were not disclosed but Footnoted’s Leder declared “I came up empty-handed” –  alluding  to the extravagant terms that characterize some M&A deals. According to Ms. Leder, neither she nor Morningstar believe in what she calls “crazy perks” commonly seen in M&A deals. Instead, Ms. Leder expresses that her reward from the deal will come if she is able to grow Footnoted according to her expectations. will become, but will continue its normal operations from its headquarters in Peekshill, NY. After the acquisition, Footnoted is planning to hire new staff in order to grow both the free and subscription-based aspects of the business.

Morningstar continues to expand by acquiring businesses that add value to its existing platform. Integrity Research has covered some of Morningstar’s acquisitions. Some of this firm’s recent acquisitionsinclude:

2007 – fund data business of S&P’s.

2008 – Fundamental Data Limited, a provider of data on closed-ends funds in the UK.

2008 – Hemscott’s, a data, media, and investor relations web site business.

2008 – Tenfore Systems, a provider of real-time market and financial data based in the UK.

2008 – 10 K Wizard, SEC filings research and alert services.

2009 – Logical Information Machines Inc., provider of market pricing data and other data-management services.

2009 – Andex Associates – Financial communications materials provider in Canada

2009 – equity research and data business of C.P.M.S.- Computerized Portfolio management Services Inc.

2009 – global financial fillings database business of Global Reports LLC.


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