UK-based data feed and technology solutions provider Tenfore Systems has been bought by independent investment research provide Morningstar, in a deal worth £13.5 million (about $21 million) subject to post-closing arrangements.
“Tenfore is an important strategic acquisition for Morningstar,” said Joe Mansueto, chairman and chief executive officer of Morningstar. “It provides an entry into a new area for us: offering global real-time stock quotes to our clients. There is a large market for this data, and we can now bundle real-time quotes with Morningstar’s fundamental equity data and research to deliver greater value to our clients.”
Tenfore operates a global network of ticker plants and collects equity, derivatives and index data from over 160 sources. It consolidates and distributes this data to clients including ICAP and ING, as well as providing front-end software terminals, analytics and third-party application plug-ins.
Morningstar, which operates in 18 countries and has been working in Europe for more than eight years, provides data on over 290,000 investment offerings including stocks and mutual funds.
Catherine Gillis Odelbo, group president for Morningstar, said, “Tenfore will be able to offer its clients a more powerful combination of data and research from Morningstar.” The Tenfore name will be rebranded under Morningstar.