Investment manager and research provider Morningstar agreed on Friday to acquire US-based financial data platform and portfolio company Pitchbook Data in a deal that values it at $225m.
Founded in 2007, Pitchbook has built an online data repository covering venture capital, private equity and M&A deals. The company, which recorded $31.1m in revenue for the year ending June 30, 2016, will continue to operate under its own brand post-acquisition.
Morningstar provided $1.2m series A funding for Pitchbook in 2009 and another $10m in January 2016. It currently holds a 20% stake and will pay another $180m to fully acquire the company.
John Gabbert, Pitchbook’s founder and chief executive, said: “Joining forces with Morningstar will help us enter into our next stage of growth, including developing the next-generation version of our award-winning data and software platform, investing in our world-class sales and customer support functions, and expanding our business in Europe and Asia.
“As investors increasingly broaden their horizons beyond traditional public markets and investments, the multi-asset capabilities Morningstar is building will become even more valuable.”