As you mentioned, we generated revenue of approximately $2.7 million (or 0.4% of our consolidated revenue) from “other” markets in 2013, which includes revenue from Latin America, South Africa, and the Middle East.

These areas make up a small percentage of our revenue base partly because they’re relatively new for us. We started an operation in South Africa in 2008 when we acquired InvestData (Proprietary) Limited, a leading provider of fund information in that market. We began offering our products and services in Latin America in 2007 and established operations in Brazil, Chile, and Mexico in 2010.

In addition, most of these markets are currently small in terms of investor assets, based on data from the Investment Company Institute. While Brazil is larger with about $1 trillion in locally domiciled fund assets, South Africa and Mexico both have less than $160 billion in fund assets, and Chile has about $40 billion.

We offer a variety of products and services in these markets, including Morningstar Direct, our institutional investment research platform; Morningstar Data, which gives institutions access to a full range of data on funds, stocks, and other investments; Integrated Web Tools, a set of tools and components that that help clients build customized websites or enhance their existing solutions; Equity Research, our analyst research based on fundamental analysis of a company’s sustainable competitive advantages and valuation; Investment Profiles, investment fact sheets that help investors understand and compare investment offerings; and local versions of www.morningstar.com, our website for individual investors.

We continue to selectively expand our offerings in these markets, and our offices in these countries also support business development in surrounding countries in the region. As market development occurs and the markets mature, we believe we’ll be well-positioned to continue expanding our business in Latin America and South Africa.