Morningstar, a provider of independent investment research, has acquired ByAllAccounts, a provider of data aggregation technology for financial applications for US$28 million.
ByAllAccounts uses a knowledge-based process, including patented artificial intelligence technology, to collect, consolidate, and enrich financial account data and deliver it to virtually any platform.
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Currently, ByAllAccounts has a network of more than 2,100 clients, 4,300 custodians, and 40 platform and service providers.
Joe Mansueto, chairman and CEO of Morningstar, said: "ByAllAccounts is a trusted name with a reputation for high-quality and sophisticated aggregation technology that eliminates manual data entry and mitigates human error.
"We plan to integrate the service into our offerings as well as expand and develop ByAllAccounts’ third-party distribution relationships."
According to Morningstar, ByAllAccounts president and CEO James Carney will continue to lead the business.
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