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Wealth Management Software Firm Addepar Acquires AltX Investment Platform
Friday 19 May 2017

19 May 2017 - California, US-based wealth management software provider Addepar has acquired alternative investments intelligence platform AltX to offer more transparency into the alternatives portion of investment portfolios, the company said.
Financial terms have not been disclosed.
The acquisition deepens Addepar's capabilities in alternative investments, which comprise USD 120bn of the USD 600bn of assets on Addepar's platform.
With AltX, Addepar said it advances its mission to empower wealth advisors and asset owners to make more informed, data-driven investment decisions.
Alternative investments, including hedge funds, private equity, venture capital and real estate, have exploded in popularity, growing from USD 2.5tn in 2004 to a projected USD 13.6tn by 2020.
AltX's machine learning technology enriches the data that describes alternative investments, and incorporates related reference data, public filings and news.
Using advanced data science techniques and proprietary algorithms, the technology identifies and normalises both structured and unstructured data that correspond to each alternative investment, and uses the smart matching engine to associate it with a rich content database.
This acquisition follows several Addepar milestones that demonstrate its progress in building a new category of technology for investors and advisors.
In January 2017, Addepar announced its partnership with Morgan Stanley's Private Wealth Management. Last fall, Addepar surpassed USD 500bn in assets on the platform and launched the Addepar Open API, and has added numerous integration partners to its roster, adding to existing integrations.
These partners utilise Addepar's data and calculations, and offer mutual clients a streamlined, seamless and secure experience.
Addepar and its clients will benefit from AltX's proprietary technology and differentiated data almost immediately.
In addition, AltX's engineering and data science teams will join the company full time, and its executive team will oversee the AltX business and client transition.
Addepar powers the global financial system. More than 200 single and multi-family offices, wealth advisors, large financial institutions, endowments, and foundations track assets on Addepar's platform. Addepar has offices in Silicon Valley, New York, Chicago and Salt Lake City.
Sandler O'Neill + Partners, L.P. acted as financial advisor to AltX and Wilson Sonsini Goodrich and Rosati acted as legal advisor to AltX.
Date Published: 19/05/2017
Target: AltX
Country: USA
Sector: Banking/Financial Services
Type: Corporate acquisition
Status: Closed
Buyer: Addepar
Terms of the deal were not disclosed