Under the deal, the company will merge Tenfore's Consolidated Real-Time Market Data Feed with Morningstar's share and market research.
Tenfore's feed collates up-to-the-minute information on global equities, commodities, derivatives, indexes and currencies from around 160 sources.
The company also provides Financial Data Workstations, front-end software terminals that combine its market data with analytics and third-party plug-ins, Morningstar said.
Jose Mansueto, the firm's chairman and CEO, said the deal would open up a new area of real-time market information for Morningstar.
"There is a large market for this data and we can now bundle real-time quotes with Morningstar's fundamental equity data and research to deliver greater value to our clients."
Morningstar works across markets in North America, Europe, Australia and Asia. In October, the firm reported net third quarter profits of $22.2 million - up from $19.9 million the year before.