Morningstar announced Friday it will acquire mPower, a privately held firm that specializes in serving the large plan sponsor retirement market. Founded in 1995, mPower was a pioneer in providing online retirement advice.

The transaction will propel Morningstar’s online advice and guidance services to 9.1 million retirement plan participants and 53,000 plan sponsors through 34 plan providers. The acquisition will boost Morningstar’s existing participant base by 1.6 million, sponsor base by 6,000 and number of plan provider partners by 14.

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