Japanese software and internet giant Softbank Corp has sunk $91m into investment information and services company Morningstar Inc in exchange for a 20% stake. Chicago-based Morningstar, which provides research and analysis on stocks and mutual funds, as well as internet software and print products for individual and professional investors, says it will use the cash to expand its internet business.
As part of the deal, Softbank chief financial officer Yoshitaka Kitao will join Morningstar’s board of directors. The two companies already had a joint venture, Morningstar Japan KK, which was formed last year. Softbank reckons that the boom in online trading will help Morningstar emerge as a global internet brand. Morningstar already claims business relationships with the likes of AOL, Netscape, Microsoft, Intuit, and Bloomberg, providing data, editorial content and services.
