The transaction is expected to close by the end of November, subject to customary closing conditions. Terms were not disclosed.
“Morningstar believes in the value of financial advice, and we share a common mission with advisers to empower investor success,” said Jamie Wickham, managing director of Morningstar Australasia.
“Financial planning software is at the heart of the advice process. Combined with Morningstar’s deep data, analytics and research, AdviserLogic’s focus on user experience and advice workflow will enable us to elevate and differentiate our technology solutions for advisers – to support them in running an efficient and compliant practice; and deliver improved outcomes for their clients.”
AdviserLogic will join a suite of adviser software solutions, including Adviser Research Centre, a web-based platform that delivers investment research, and Morningstar Direct.
The firm’s employees across Australia and India will join Morningstar, including CEO Daniel Gara, who will lead product development and go-to-market efforts.
“Our focus on the advice workflow has earned us a loyal client base with leading customer satisfaction scores,” said AdviserLogic CEO Daniel Gara.
“As part of Morningstar, AdviserLogic clients will benefit from additional investment and the depth and breadth of Morningstar’s capabilities.”
