Morningstar Inc. on Thursday said first quarter earnings jumped 235 percent, propelled by strong organic growth and its acquisition of Ibbotson Associates.

The Chicago-based research firm posted a net income of $13.4 million, compared with $4 million in the same period last year. Revenues rose 32 percent to $70.1 million from $53.2 million a year ago.

Joe Mansueto, chairman and chief executive of Morningstar, said that almost all of the firm's core products contributed to revenue growth, with Morningstar Advisor Workstation Enterprise Edition and Investment Consulting recording the largest gains.

Ibboston, which Morningstar purchased in March for $83 million, contributed first quarter revenue of $500,000 to Morningstar's Individual segment, $1.5 million to the Advisor segment and $2.4 million to the Institutional segment. Ibbotson is a provider of asset allocation research and services.

"We're well on our way to integrating Ibbotson into our operations," Mansueto said in a statement. "We're particularly excited about Ibbotson's funds of funds consulting, managed retirement accounts, and institutional software services."  

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