Global fintech platform iCapital announced it has entered a definitive agreement to acquire AltExchange – an AI-driven technology firm focused on transforming alternative investment data aggregation, management, and reporting for financial advisers and asset managers. Terms of the agreement were not disclosed.
“AltExchange has developed one of the most advanced document retrieval solutions that’s connected to sophisticated mapping, routing technology and [large language model]-based document extraction,” said Lawrence Calcano, chairman and chief executive officer of iCapital. “This acquisition complements the investments we are making in our internal [research and development] to further enhance our data management capabilities.”
Combined with iCapital’s existing solutions, Calcano says the acquisition allows the company to deliver on its goal of creating reliable end-to-end data management services for its clients.
“These capabilities will help our clients collect, extract, and organize their data more efficiently and cost-effectively, therefore making more informed decisions and achieving their financial objectives. We are excited to welcome AltExchange to iCapital,” added Calcano.
AltExchange’s technology aggregates and converts unstructured data from scattered documents and multiformat data feeds into structured insights to support real-time data reporting and streamlined tax reporting.
According to AltExchange, its AdvisorVue platform empowers financial advisers by aggregating clients’ portfolios, standardizing data and documents, and automating reporting processes. For asset managers, the company said its digital custodian platform provides a powerful tool to standardize post-investment reporting data, automate investor reporting, and facilitate seamless integration with advisers’ systems.
“We built an intuitive adviser-facing platform to manage, monitor, and report on alternative investments, offering comprehensive tools for document management, advanced alerts, and streamlined tax workflows,” said Kareem Hamady, CEO of AltExchange. “We are thrilled to join iCapital and offer our collective clients automated data aggregation, reporting, and direct integrations with leading asset and wealth management systems, providing a seamless experience for advisors and their clients.”
Hamady will be joining iCapital as part of the acquisition.
This latest deal immediately follows iCapital’s new partnership with GeoWealth, a proprietary technology and turnkey asset management platform serving the registered investment adviser channel.
iCapital is a global fintech company supporting the alternative investments marketplace. Its solutions enable organizations to streamline and scale their operational infrastructure for alternative investments and to provide access to direct investments and feeder funds at lower minimums through simplified digital workflows. iCapital reports more than $200 billion in global platform assets.
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