Pello Companies to Acquire ByAllAccounts from Morningstar

The acquisition of ByAllAccounts will support continued growth and innovation in data aggregation, while Morningstar will remain a committed customer

SALT LAKE CITY & CHICAGO--(BUSINESS WIRE)--Pello Companies, LLC, which focuses on open finance innovation, today announced the entry into a definitive agreement for the acquisition of ByAllAccounts, a provider of innovative data aggregation technology for financial applications, from Morningstar, Inc. (Nasdaq: MORN). Upon completion of the transaction, ByAllAccounts will operate as a standalone company. The acquisition is expected to close in the first half of 2026, subject to customary closing conditions. Deal terms are not disclosed.

Pello Companies will appoint Cynthia Rojas Sejas as Chief Executive Officer of ByAllAccounts. With 25 years of senior leadership experience driving growth strategies for financial data and analytics solutions at Moody’s and S&P Global, she brings a proven track record of success. Pello Companies’ leadership is recognized for its deep expertise in open finance and data aggregation. Together with the ByAllAccounts team—many of whom have decades of experience in wealth management—the company aims to accelerate innovation, expand access to new data sources, and further strengthen its infrastructure and reliability.

“ByAllAccounts built a strong and trusted data aggregation platform under Morningstar's ownership. In this next chapter, we are excited to focus capital and execution on accelerating innovation and delivering differentiated, best-in-class solutions in wealth management,” said Cynthia Rojas Sejas, incoming CEO of ByAllAccounts. “Our vision is to deliver to advisors, wealth managers, and wealth technology platforms the most comprehensive financial account data, and an expanded set of capabilities that extend beyond pure data aggregation. Through deep relationships, including Morningstar, we are confident about powering the ongoing digital transformation of the wealth management ecosystem.”

The transaction aligns with the growing scale Morningstar is seeing in focusing its advisor products and portfolio solutions around proprietary data, research, software, and investment management capabilities. Through Morningstar Wealth and Morningstar Retirement, the company provides investment management services to individuals and advisors, with approximately $378 billion in assets under management and advisement as of Dec. 31, 2025.

"ByAllAccounts has enabled investors, advisors, and platforms to aggregate trusted account data securely and at scale for more than 25 years,” said Daniel Needham, president of Morningstar Wealth and Research & Investments. “This transaction allows ByAllAccounts to gain focused expertise and investment to support its next phase of growth, and Morningstar will continue to offer ByAllAccounts as an integrated capability within our products, including the Direct Advisory Suite and Morningstar Investor.”

Pello Companies was advised by Wedbush & Co., LLC and the law firm of Cooley LLP. Morningstar was advised by Mayer Brown LLP.

About Pello Companies, LLC

Pello Companies, based in Salt Lake City, Utah, is dedicated to driving innovation in open finance and wealth management by nurturing and supporting the growth of financial technology startups. With a strong portfolio, the company leverages its extensive expertise to fully unlock the potential of the open finance ecosystem. The leadership team is committed to delivering cutting-edge solutions that enhance financial services, promote innovation in wealth management, and increase financial inclusion.

About ByAllAccounts

ByAllAccounts provides innovative data aggregation technology for financial applications. The company develops the essential data aggregation technology that serves as the foundation for the financial industry's wealth management applications, including portfolio management, reporting, compliance, trust accounting, and tax-aware investing. Its open architecture solution uses artificial intelligence to gather and transform financial account data and deliver it to any financial platform.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $378 billion in AUMA as of Dec. 31, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar.

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