Morningstar’s Acquisition Appetite has no LIMit


New York – Morningstar is maintaining its roll-up of strategic properties in the research, analytics and data space by announcing earlier this week an agreement to purchase Logical Information Machines (LIM) as a wholly owned subsidiary. The deal was reportedly for $51.5 million, or just over 2.5 times revenue.

Known as a proprietary source of time series data for the energy, financial and Agro sectors, LIM has strong ties with trading operations at financial services companies. Because LIM offers products that are complimentary, but do not directly compete with Morningstar’s offerings, the acquisition represents a broadening of the services offered by Morningstar, as well as a potential distribution vehicle.

Morningstar is systematically increasing its dominance in its bid to be a global one-stop shop for data, research and tools. Its core businesses include:


  • Quantitative Equity Research
  • Fundamental Equity Research
  • Asset Management
  • Financial Research and Software
  • Media
  • Online Investment Brokerage

The table below is a list of acquisitions (perhaps not all) that Morning star has executed over the past several years.


Asset Acquired

Date Completed, Inc July 2, 2003
ePiper Separate Account Database Not Disclosed
VARDS January 4, 2005
Ibbotson Associates March 1, 2006
Aspect Huntley July 25, 2006
Institutional Hedge Fund & Separate Account Database Division August 1, 2006
Fund Data Business (prev. Micropal & Assirt) March 16, 2007
Hemscott data, media & investor relations businesses January 9, 2008
Financial Computer Support, Inc., provider of practice management software for independent advisors September 2, 2008
Fundamental Data Limited, provider of data on closed-end funds in the United Kingdom October 2, 2008
10-K Wizard, SEC EDGAR filing research company December 4, 2008
Tenfore Systems Limited, global provider of real-time market data and financial data workstations based in the United Kingdom December 17, 2008
InvestData (Proprietary) Limited business operations, provider of fund information in South Africa December 29, 2008
Global Reports April 20, 2009
Logical Information Machines Pending Approval

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