MutualFundWire.com: UPDATE | Morningstar to Buy Data Provider

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Monday, December 17, 2007

UPDATE | Morningstar to Buy Data Provider

Morningstar is buying Ipreo's Hemscott data, media and investor relations businesses for $51.6 million in cash. The deal is expected to close in early January. The transaction covers Hemscott Data, which offers financial information on publicly listed firms in the US, Canada, UK and Ireland; Hemscott India, which operates a data collection center in New Delhi, Hesmcott.com and Hesmcott IR.

Joe Mansueto
Morningstar
chairman and chief executive

"This acquisition fits with our strategies of building a premier global equity database and expanding our presence outside the United States," said Morningstar chairman and chief executive Joe Mansueto in a news release.

Hemscott has about 10 U.S-based employees, 70 U.K-based employees and 200 India-based employees. All employees will absorbed by Morningstar and will remain at their respective locations, Morningstar spokesperson Margaret Kirch Cohen told The MFWire.

Marlin & Associates New York LLC served as strategic and financial advisor to Ipreo. Morningstar did not tap an advisor for the deal, according to Cohen.

Hemscott provides fundamental public company data; executive and director information, including detailed biographies and compensation; and historical pricing and volume data on stocks.

Printed from: MFWire.com/story.asp?s=16814

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