By Eva Lang
Business appraisers were among the first users of the Securities and Exchange Commission’s EDGAR database of electronic public company filings went it was introduced in the mid-1990s. Not surprisingly, a number of vendors stepped up to offer value-added features to increase the searching and output options of the relatively bare-bones free database from the SEC. One of those companies was 10-K Wizard. It became popular with business appraisers because of the flexibility of full text searching, access to pre-EDGAR filings, and other features offered for a reasonable price.
On December 4, 2008, Morningstar, Inc., a provider of independent investment research best known to business appraisers for having acquired Ibbotson, announced its acquisition of 10K-Wizard Technology LLC. The press release on this deal revealed a few nuggets about the acquisition. Morningstar is paying $12.5 million for the accounts represented by 30,000 licensed 10-K Wizard users. 10-K Wizard is a privately held company located in Dallas with 25 employees.
Adding 10-K Wizard to its stable of products that already includes Ibbotson equity data, increases the presence of Morningstar in the BV data market.