Pello Companies, LLC, a firm focused on open finance innovation, announced its entry into a definitive agreement to acquire ByAllAccounts from Morningstar, Inc. (Nasdaq: MORN). ByAllAccounts, a provider of data aggregation technology for financial applications, is expected to operate as a standalone company following the completion of the acquisition, which is anticipated in the first half of 2026, pending customary closing conditions. Deal terms were not disclosed.
Cynthia Rojas Sejas will be appointed Chief Executive Officer of ByAllAccounts. Sejas brings 25 years of senior leadership experience in driving growth strategies for financial data and analytics solutions, previously holding roles at Moody’s and S&P Global. Pello Companies’ leadership is recognized for its expertise in open finance and data aggregation. The combined team, including ByAllAccounts personnel with decades of experience in wealth management, aims to accelerate innovation, expand access to new data sources, and enhance infrastructure and reliability.
Commenting on the acquisition, Cynthia Rojas Sejas stated, “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. 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.”
For Morningstar, the transaction aligns with its strategy to focus advisor products and portfolio solutions on proprietary data, research, software, and investment management capabilities. Through Morningstar Wealth and Morningstar Retirement, the company provides investment management services, managing and advising approximately $378 billion in assets as of December 31, 2025.
Daniel Needham, president of Morningstar Wealth and Research & Investments, remarked, “ByAllAccounts has enabled investors, advisors, and platforms to aggregate trusted account data securely and at scale for more than 25 years. 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.”
In connection with the transaction, Pello Companies, LLC was advised by Wedbush & Co., LLC and Cooley LLP. Morningstar, Inc. received advice from Mayer Brown LLP.
Pello Companies, LLC, based in Salt Lake City, Utah, specializes in fostering innovation within open finance and wealth management by supporting financial technology startups. The firm leverages its expertise to develop solutions that enhance financial services, promote innovation in wealth management, and increase financial inclusion.
ByAllAccounts provides data aggregation technology foundational to various wealth management applications, including portfolio management, reporting, compliance, trust accounting, and tax-aware investing. Its open architecture solution utilizes artificial intelligence to gather, transform, and deliver financial account data to diverse financial platforms.
Morningstar, Inc. is a prominent provider of independent investment insights globally, offering products and services to individual investors, financial advisors, asset managers, retirement plan providers, and institutional investors across North America, Europe, Australia, and Asia. The company provides data and research insights on a broad range of investment offerings and offers investment management services through its subsidiaries across 32 countries.
