Leading provider of independent investment research Morningstar Inc today announced the elevation of its president Kunal Kapur as its chief executive from January next.
The move follows the Chicago-based Morningstar's acquisition of the Seattle-based PitchBook Data for USD 180 million today, in which the company already owned 20 per cent stake since 2012 and Kapoor was serving its board as well.
PitchBook Data Inc, founded in 2007, delivers data, research, and technology covering the private capital markets, including venture capital, private equity, and M&As.
However, post-deal PitchBook will continue to remain as a separate brand and will continue to be led by founder and chief executive John Gabbert.
Deal values PitchBook at USD 225 million, while it had a revenue of USD31.1 million for the trailing 12 months ending June 2016.
Kapoor said, "both Morningstar and PitchBook share the goal of bringing transparency to the investment landscape, and PitchBook is in a great position to continue its strong growth trajectory as private markets and private companies are areas of rapidly growing investor interest".
"Over time, we plan to add some of Morningstar's proprietary research capabilities to this dataset, and we also see meaningful opportunities to expand the business globally," he said.
Both the companies are present in the country and the acquisition will be applicable across wherever both the firms operate.
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