Morningstar, a provider of independent investment research, has entered into a definitive agreement to acquire PitchBook Data.
PitchBook, founded in 2007, delivers data, research, and technology covering the private capital markets, including venture capital, private equity, and mergers and acquisitions (M&A). PitchBook will maintain its brand and identity and will continue to be led by founder and chief executive officer John Gabbert.
Morningstar was an early investor in PitchBook and currently owns approximately 20 percent of the company. The company expects to pay approximately $180 million (subject to working capital adjustments) for the remaining ownership interest in a transaction that values PitchBook at $225.0 million.
Morningstar President Kunal Kapoor, who has served on the board of directors for PitchBook since 2012, will become chief executive officer of Morningstar effective Jan. 1, 2017.