Morningstar Inc. said Thursday that Softbank Corp. has agreed to invest $91 million to accelerate the growth of the fund-rating company's Internet business.

The deal, signed late Wednesday, would give the Japanese software distributor a 20% ownership interest in privately held Morningstar of Chicago. Yoshitaka Kitao, the chief financial officer of Softbank, will sit on Morningstar's board.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.