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Denmark 

$14.6 million Denmark Software 

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$14.1 million U.S. Software 

We’re working on integrating OBSR with Morningstar’s UK business. We’ll combine our research teams and investment consulting businesses and, over time, harmonize our fund rating methodologies. It’s a lot of work, but it should give us a strong position in the UK fund research market. 

## Morningstar Denmark 

In July 2010, we acquired an additional 75% interest in Morningstar Denmark from Phosphorus A/S, increasing our ownership to 100%. As the sole owner, we plan to offer a broader range of products and services to investors in Denmark. Peter Meyer, Morningstar Denmark’s chief executive officer, and Torben Bruun, the chief operating officer, have been instrumental in building a solid foundation for us in Denmark and will continue to head up our operation there. 

## Advanced Sales and Marketing 

We acquired the annuity intelligence business from Advanced Sales and Marketing Corporation ( ASMC) for $14 million. ASMC’s main business is its Annuity Intelligence Report, which is a plain-English variable annuity report that helps advisors better assess the risks and benefits of a variable annuity. 

Variable annuities are complicated and difficult to sell properly. ASMC estimates that more than one-third are titled incorrectly because they are so complex. The Annuity Intelligence Report is an important tool to help advisors avoid those problems. It simplifies the annuity sales process by helping advisors determine whether an annuity is suitable for a client and making comparison of variable annuities easier. It will be a popular addition to our advisor software platform. 

