Morningstar to buy HelloWallet Holdings

Morningstar, Inc. (NASDAQ: MORN) said it has entered into a definitive agreement to acquire HelloWallet Holdings, Inc. for USD52.5m.

When the transaction is completed in the coming days, Morningstar will pay USD39.0m because it currently has a minority stake in the company valued at USD13.5m.

Morningstar, through its advisory subsidiaries, is the largest provider of managed retirement accounts by participants served, with almost 1m individuals enrolled. This acquisition will bring together HelloWallet´s comprehensive financial wellness expertise with Morningstar´s independent, research-based retirement advice to create a holistic retirement savings and advice offering.

HelloWallet was founded in 2009 by Dr. Matt Fellowes, a consumer finance expert and former Brookings Institution scholar. In January 2012, Morningstar became a HelloWallet investor with USD6.75m in series B funding. HelloWallet has about 50 employees in Washington, D.C., and Fellowes will remain with the firm in a leadership role.

Morningstar, Inc. is a provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

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