Chicago-based investment research provider Morningstar has moved into the real-time market data business with the acquisition of the UK’s Tenfore Systems for approximately $21 million.
Tenfore management will report to Catherine Gillis Odelbo, group president for Morningstar, and the company’s products will adopt the Morningstar branding.
Odelbo says: “Tenfore has a sophisticated technology infrastructure, and has an excellent reputation for delivering reliable, accurate, and timely data feeds. We can now provide our clients with real-time stock and foreign exchange quotes from 160 sources around the world. Tenfore will be able to offer its clients a more powerful combination of data and research from Morningstar.”
Tenfore provides real-time market data covering currencies, equities, commodities, derivatives and indexes and financial data workstations to around 500 customers globally.
“As a Morningstar company, we will be in a stronger competitive position. With access to a wider range of investment data, a significantly enhanced global distribution network, and as part of a team focused on the global investment community, we look forward to offering our clients real value in these difficult market conditions and beyond,” says Gordon Bloor, Tenfore’s CEO.
Tenfore had recently bolstered its London and New York-based sales force with three hires (see Squawkbox, 18 August).