Morningstar, Inc., a provider of independent investment research, acquires Tenfore Systems Limited, a provider of real-time market data and financial data workstations. The acquisition allows Morningstar to expand the scope, depth, and timeliness of its investment data.
Tenfore, UK-based company that serves more than 500 clients worldwide, including brokerages, banks, trading firms, buy-side institutions, financial information and technology providers, corporations, and retail investors. Its staff composes of nearly 50 employees in London, Frankfurt, Amsterdam, and New York.
Tenfore collects data on global equities, commodities, derivatives, indexes, and foreign currencies from more than 160 sources and consolidates the data for real-time distribution to clients. The company also offers front-end software terminals that leverage the company’s market data, along with analytics and third-party application plug-ins.
The Tenfore name will be rebranded under Morningstar. Tenfore is bought by Morningstar for 13.5 million pounds sterling in cash, or approximately U.S.$21.0 million, subject to post-closing adjustments.The acquisition enables Morningstar to offer real-time stock quotes from nearly all the world’s major stock exchanges. Also company can enter the global market for real-time data.
Among the key products of Tenfore are:
Consolidated Real-Time Market Data Feed: A live data feed that covers exchange-traded equities, derivatives, commodities, futures, foreign exchanges, precious metals, news, company fundamentals, and analytics; QuoteSpeed Workstation: A front-end software terminal that combines Tenfore data with analytics and other features; Tenfore Intraday Exchange (TIX): Intraday and end-of-day snapshots and historical tick data services; Tenfore Direct Exchange (TDX): Managed service for hosted or ultra low latency requirements; Tenforex: Primary source of high-quality, real-time indicative pricing for global foreign currencies.
Marlin and Associates New York LLC acted as strategic and financial advisor to Tenfore’s investors.
“As a Morningstar company, we will be in a stronger competitive position,” says Gordon Bloor, chief executive officer, Tenfore. “Tenfore is an established global provider of consolidated data feeds. With access to a wider range of investment data, a significantly enhanced global distribution network, and as part of a team focused on the global investment community, we look forward to offering our clients real value in these difficult market conditions and beyond.”
“Tenfore has a sophisticated technology infrastructure, and has an excellent reputation for delivering reliable, accurate, and timely data feeds,” says Catherine Gillis Odelbo, group president for Morningstar, Inc. “We can now provide our clients with real-time stock and foreign exchange quotes from 160 sources around the world. Tenfore will be able to offer its clients a more powerful combination of data and research from Morningstar.”
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