HelloWallet, a provider of personalized financial guidance, has entered into a definitive agreement to be acquired by Morningstar, an independent investment research firm, for $52.5 million. Morningstar will end up paying $39 million to buy the company since it currently holds a minority stake valued at $13.5 million. Morningstar first invested in HelloWallet in early 2012, when it contributed $6.75 million to the company's $12 million Series B financing round.
Founded in 2009, HelloWallet combines behavioral economics and the psychology of decision-making with technology to provide personalized, unbiased financial guidance to more than 1 million U.S. workers and their families through their employer benefit plans. The acquisition will bring together HelloWallet's comprehensive financial wellness expertise with Morningstar's independent, research-based retirement advice to create a holistic retirement savings and advice offering. Company backers eyeing an exit through the acquisition include Grotech Ventures, Revolution Ventures and TDF Ventures.