American investment research firm Morningstar has agreed to purchase Canadian financial planning and risk-profiling software provider PlanPlus Global for an undisclosed sum.
Morningstar will integrate PlanPlus’ financial-planning solution ProPlanner to its Canadian suite.
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The investment research firm will also provide PlanPlus’ FinaMetrica Profiler as a stand-alone, risk-profiling tool globally.
Moreover, Morningstar will integrate the technology into its current tools including Morningstar Advisor Workstation or Morningstar Enterprise Components connections to third-party planning tools.
As part of the deal, Morningstar will absorb over 40 PlanPlus staff including its founder and CEO Shawn Brayman and leadership team.
Brayman calls Morningstar a “perfect fit”.
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By GlobalData“We have been working with Morningstar for more than a decade to provide investment product data to our users around the world. So we’ve seen firsthand how Morningstar’s mission to empower investor success aligns with our commitment to put clients’ interests first, and we share a belief in evidence- and research-based solutions,” Brayman noted.
The deal is scheduled to complete in the second quarter of this year.
Morningstar Canada president and CEO Scott Mackenzie said: “With a 30-year track record, PlanPlus Global’s strengths in risk profiling and financial planning have been proven to stand the test of time.
“These capabilities will only become more important as planning grows more central to the value advisers deliver to clients and as the industry puts more focus on ensuring investment plans are best suited for each client’s unique goals and circumstances.”
PlanPlus has over 10,000 subscribers in more than 35 countries.
Morningstar has snapped up various businesses in the past one year.
Last month, it acquired Stable Value Comparative Universe Data and Stable Value Index from Hueler Analytics.
In 2019, Morningstar purchased Australian financial planning software provider AdviserLogic, and Canadian credit ratings agency DBRS .
