AdviserLogic to join Morningstar

Morningstar’s subsidiary Morningstar Australasia Pty Ltd has announced that it has entered into a definitive agreement to acquire the adviser software firm, AdviserLogic. Neither of the companies revealed the price tag on this acquisition but the transaction is expected to close by the end of this month.

AdviserLogic employs over 80 employees in Australia and India. The company was co-founded by Gundeep Sidhu and Daniel Gara in 2006. Upon the closing of the transaction, Daniel Gara, the CEO of AdviserLogic will join Morningstar as the lead of product development.

“Joining forces with Morningstar will accelerate the development of our financial planning solution,” said Gara. “Our focus on the advice workflow has earned us a loyal client base with leading customer satisfaction scores. As part of Morningstar, AdviserLogic clients will benefit from additional investment; and the depth and breadth of Morningstar’s capabilities.”

AdviserLogic’s products are bound to augment Morningstar’s presence in the adviser software solutions segment in Australia. AdviserLogic has had an extremely loyal client base in the independent adviser finance market over the years. The company has been helping advisers through its platforms- AdviserLogic, PayLogic and DataLogic.