Business
Morningstar Announces Planned Acquisition of Financial Planning Software Provider AdviserLogic
SYDNEY, Nov. 3, 2019 /PRNewswire/ -- Morningstar Australasia Pty Limited, an Australian subsidiary of Morningstar, Inc. (Nasdaq: MORN), a leading provider of
About this update from Morningstar, Inc.
[{"type":"text","content":"SYDNEY, Nov. 3, 2019 /PRNewswire/ -- Morningstar Australasia Pty Limited, an Australian subsidiary of Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, announced today it has entered a definitive agreement to acquire Australian adviser software firm, AdviserLogic. The transaction is expected to close by the end of November, subject to customary closing conditions. Terms were not disclosed.\nAdviserLogic's cloud-based, financial planning software serves independent financial advisers in Australia. The open architecture software platform delivers an end-to-end planning solution that encompasses best in class training and support.\n\"Morningstar believes in the value of financial advice, and we share a common mission with advisers to empower investor success. We're excited to expand our ability to support advisers at a critical time for the industry by welcoming AdviserLogic into the Morningstar family,\" said Jamie Wickham, managing director of Morningstar Australasia. \"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.\"\nThe firm's 80+ employees across Australia and India will join Morningstar upon closing, including AdviserLogic CEO Daniel Gara, who will lead the product development and go-to-market efforts for AdviserLogic. Gundeep Sidhu, who co-founded the business with Gara in 2006 and led the business for a number of years, will pursue outside interests.\n\"Joining forces with Morningstar will accelerate the development of our financial planning solution,\" Gara said. \"Our focus on the advice workflow has earned us a loyal client base with leading customer satisfaction scores. As part of Morningstar, AdviserLogic clients will benefit from additional investment and the depth and breadth of Morningstar's capabilities.\"\nAdviserLogic will complement Morningstar's existing suite of adviser software solutions in Australia: Adviser Research Centre, a web-based platform delivering investment research, data and tools; and Morningstar Direct, designed to support A...