PitchBook Data, an investment-research company, will keep its brand after the acquisition.

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Seattle startup PitchBook Data has been bought by investment-research firm Morningstar for about $180 million.

Morningstar, a public company, announced the news Friday morning. The deal values 9-year-old PitchBook at $225 million, including the investments Morningstar has already made in the company.

PitchBook was founded in Seattle in 2007 by financial analyst John Gabbert and started by tracking private equity deals. The company expanded to include research on venture-capital deals, IPOs and mergers and acquisitions.

The startup recently formed an alliance with the National Venture Capital Association to partner on quarterly reports that track venture capital deals.

Headquartered in downtown Seattle, PitchBook has about 600 employees and has raised $14.95 million. Morningstar was one of its first investors, having participated in both its Series A funding round and in its $10 million Series B round earlier this year.

All employees will join Morningstar, Gabbert said, including PitchBook’s 260 people in Seattle. The company also has offices in New York and London.

The company wasn’t looking to be acquired, he said, but the timing aligned and PitchBook’s long history with Morningstar made it a good deal.

“One thing, in working with them, is we feel good that we’re going to continue to focus on what we do,” Gabbert said.

PitchBook tracks investments and deals for private companies, and Morningstar’s data mostly looks at public companies.

Gabbert will continue to lead the PitchBook brand and will report to Morningstar President Kunal Kapoor, who has been on the PitchBook board of directors for four years. Kapoor will step into the CEO role at Chicago-based Morningstar in January.

“Data has always been Morningstar’s sweet spot, and we look forward to working with PitchBook to help investors and advisers better understand and navigate this evolving area of the market,” Kapoor said in a statement.

PitchBook had revenue of $31.1 million for the year ended June 30.