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## 5. Expand our international brand presence, products, and services. 

Our operations outside of the United States generated $157.1million in revenue in 2010 compared with $129.2 million in 2009 and rep- resent an increasing percentage of our consolidated revenue. Our strategy is to expand our non-U.S. operations (either organically or through acquisitions) to meet the increasing demand for wide- ranging, independent investment insight by investors around the globe. Because more than half of the world’s investable assets are located outside of the United States, we believe there are significant opportunities for us. Our strategy is to focus our non-U.S. sales efforts on our major products, including Morningstar Advisor Workstation and Morningstar Direct, as well as opportunities such as real-time data, qualitative investment research and ratings, investment indexes, and consulting. We also plan to explore new regions, such as Latin America, Eastern Europe, and the Middle East; continue expanding our databases to be locally and globally comprehensive; introduce new products in markets where we already have operations; and expand our sales and product support infrastructure around the world. 

## Acquisitions 

Historically, the majority of our long-term revenue growth has been driven by organic growth as we’ve introduced new products and services and expanded our marketing efforts for existing products. However, we have made and expect to continue making selective acquisitions that support our five growth strategies. In reviewing potential acquisitions, we focus on transactions that: 

U  offer a good strategic fit with our mission of creating great products that help investors reach their financial goals; 

U  help us build our proprietary investment databases, research capabilities, technical expertise, or customer base faster and more cost effectively than we could if we built them ourselves; and 

U  offer a good cultural fit with our entrepreneurial spirit and brand leadership. 

We paid approximately $102.3 million for seven acquisitions in 2010, as summarized in the table below. 

<img src='content_image/179262.jpg'>

*Total purchase price less cash acquired. For information about our previous acquisitions, refer to Note 7 of the Notes to our Consolidated Financial Statements. 

