M&A Deal Summary

Broadridge Acquires Morningstar - 15 Board Consulting Services

On January 2, 2018, Broadridge acquired information services company Morningstar - 15 Board Consulting Services from Morningstar for 11M USD

Acquisition Highlights
  • This is Broadridge’s 1st transaction in the Information Services sector.
  • This is Broadridge’s 9th largest (disclosed) transaction.
  • This is Broadridge’s 18th transaction in the United States.
  • This is Broadridge’s 1st transaction in Illinois.

M&A Deal Summary
Date 2018-01-02
Target Morningstar - 15 Board Consulting Services
Sector Information Services
Buyer(s) Broadridge
Sellers(s) Morningstar
Deal Type Divestiture
Deal Value 11M USD

Target

Morningstar - 15 Board Consulting Services

Chicago, Illinois, United States
Morningstar, Inc.’s 15(c) board consulting services business is a source for independent, verifiable data that mutual fund boards of directors rely on to fulfill their governance responsibilities. Morningstar’s 15(c) data will be integrated into Broadridge’s board reporting system, providing clients the ability to benchmark funds using both Morningstar and Lipper classification systems within their reports and to leverage the expertise of the expanded Broadridge 15(c) team.

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Buyer(S) 1

Buyer

Broadridge

Lake Success, New York, United States

website

Category Company
Founded 1962
Sector Information Technology
Employees14,300
Revenue 5.7B USD (2022)
DESCRIPTION

Broadridge is a provider of investor communications and technology-driven solutions for wealth management, asset management and capital markets firms. The Company helps clients drive operational excellence to manage risk, accelerate growth and deliver real business value. Broadridge was incorporated in 1962 and is based in Lake Success, New York.

DEAL STATS #
Overall 22 of 35
Sector (Information Services) 1 of 2
Type (Divestiture) 4 of 9
State (Illinois) 1 of 1
Country (United States) 18 of 26
Year (2018) 1 of 3
Size (of disclosed) 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-02 Summit Financial Disclosure

New York, New York, United States

Summit Financial Disclosure LLC is a full-service financial document management solutions provider. Summit Financial Disclosure is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-27 ActivePath

New York, New York, United States

ActivePath is a digital technology company. ActivePath’s unique technology enhances the consumer experience associated with consumer statements, bills, and regulatory communications. ActivePath was founded in 2007 and is based in New York, New York.

Buy -

Seller(S) 1

SELLER

Morningstar

Chicago, Illinois, United States

website

Category Company
Founded 1984
Sector Information Services
Employees12,224
Revenue 1.9B USD (2022)
DESCRIPTION
Morningstar's corporate headquarters in downtown Chicago, Illinois.
Morningstar's corporate headquarters in downtown Chicago, Illinois.

Morningstar is a provider of independent investment research in North America, Europe, Australia, and Asia. Morningstar offers products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar was formed in 1984 and is based in Chicago, Illinois.

DEAL STATS #
Overall 3 of 3
Sector (Information Services) 1 of 1
Type (Divestiture) 3 of 3
State (Illinois) 1 of 1
Country (United States) 2 of 2
Year (2018) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-24 Sustainalytics BV

Amsterdam, Netherlands

Sustainalytics BV is an independent ESG and corporate governance research, ratings and analysis firm supporting investors around the world with the development and implementation of responsible investment strategies. With 13 offices globally, Sustainalytics partners with institutional investors who integrate environmental, social and governance information and assessments into their investment processes.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-29 DBRS

Toronto, Ontario, Canada

DBRS Ltd. is an independent, privately held, globally recognized credit rating agency with offices in Toronto, New York, Stamford, Chicago, London, Frankfurt, and Madrid. DBRS’s four decades of experience and strong track record are the foundation to seek out new opportunities and to make targeted investments aligned with its core ratings operations.

Buy $669M
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