Morningstar Inc., a provider of investment research, said Friday it has agreed to buy Logical Information Machines Inc. for $51.5 million.
Logical Information, founded in 1989, provides data and analysis to the energy, financial and agricultural sectors. It has about 80 employees in Austin, Houston, Chicago, New York and London.
Logical Information CEO Tony Kolton will step down once the deal closes and become an adviser. Morningstar senior vice president Kishore Gangwani will become president of the Logical Information subsidiary.
The deal is expected to close this month, pending approval from Logical Information shareholders.
Shares of Morningstar, based in Chicago, rose 48 cents to $47.84 in midday trading.