Acquisitions 5. Expand our international brand presence, products, and services. *Total purchase price less cash acquired. For information about our previous acquisitions, refer to Note 7 of the Notes to our Consolidated Financial Statements. 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. 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. 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: Acquisition  Description  Date Completed  Purchase Price* Footnoted business of Financial Fineprint Inc.  Aegis Equities Research  Old Broad Street Research Ltd.  Realpoint, LLC  Morningstar Danmark A/S Seeds Group  Annuity intelligence business of Advanced Sales and Marketing Corporation  Footnoted is a highly regarded blog for professional money  managers, analysts, and sophisticated individual investors.  Footnoted Pro, a service for institutional investors, provides  insight on actionable items and trends in SEC filings. A leading provider of independent equity research in Sydney, Australia. A premier provider of fund research, ratings, and investment  consulting services in the United Kingdom. An NRSRO that specializes in structured finance.  Acquisition of the 75% ownership interest not previously  owned by Morningstar, bringing our ownership to 100%. A leading provider of investment consulting services and fund  research in France. A web-based service that leverages a proprietary database of more than 1,000 variable annuities that includes “plain-  English” translations of complex but important information  found in prospectuses and other public filings. February 1, 2010 April 1, 2010 April 12, 2010 May 3, 2010  July 1, 2010 July 1, 2010 November 1, 2010 Not separately disclosed $10.7 million $16.8 million $38.3 million in cash and  199,174 shares of restricted  stock (valued at approxi- mately $10 million as of the  date the acquisition was  announced in March 2010) $14.6 million Not separately disclosed $14.1 million Morningstar, Inc. 2010 Annual Report 31