Morningstar acquired SEC online research firm 10-K Wizard Technology LLC for $12.5 million in cash, subject to working capital adjustment, confirmed Margaret Kirch Cohen, Morningstar spokeswoman.
10-K Wizard has 30,000 licensed users across 1,400 companies and other organizations, according to a Morningstar statement.
Martin Zacarias, CEO of 10-K Wizard, and Kee Kimbrell, chief technology officer, co-founded the firm and owned most of it, except for about 2% owned by the law firm of Scheef & Stone, Ms. Cohen said in an interview.
Messrs. Zacarias and Kimbrell will remain with 10-K Wizard as senior vice presidents, Ms. Cohen said. The company will retain its name and Dallas office, operating as a subsidiary of Morningstar under its data services business, Ms. Cohen said. 10-K Wizard’s 25 employees will be retained by Morningstar.
Silverwood Partners advised 10-K Wizard on the deal; Morningstar didn’t use a financial adviser, Ms. Cohen said.
Morningstar already was a client of 10-K Wizard, Ms. Cohen said.