Morningstar announced Monday that it has agreed to buy InvestorForce, a financial software and data integration service for $10 million.
The deal, which is expected to expand Morningstar’s hedge funds coverage from 3,000 to about 6,000, will allow InvestorForce to license Morningstar’s hedge fund, mutual fund and separate account data to use on its Web-based enterprise platform.
InvestorForce’s platform is used by pension consultants to manage the positions, transactions, analysis and reporting for clients.
Also as part of the deal, Morningstar will acquire InvestorForce’s interface that allows money managers to report their performance data.