iCapital intends to boost its A.I. and ML support via the addition of AltExchange.
Fintech platform provider iCapital intends to enhance its artificial intelligence (A.I.) and machine learning (ML) capabilities with the acquisition of alternative investment data aggregator AltExchange, officials say.
Officials at iCapital add that the acquisition will also help the company to streamline post-investment processes and improve decision-making for private market participants. Terms of the agreement were not disclosed.
AltExchange’s “technology aggregates and converts unstructured data from scattered documents and multi-format data feeds into structured insights to support real-time data reporting and streamlined tax reporting,” officials say.
The AltExchange AdvisorVue platform offers financial advisors a way to aggregate “clients’ portfolios, standardize data and documents, and automate reporting processes. For asset managers, AltExchange’s Digital Custodian Platform (DCP) provides a powerful tool to standardize post-investment reporting data, automate investor reporting, and facilitate seamless integration with advisors’ system,” officials add.
AltExchange uses document retrieval. sophisticated mapping, routing, and Large Language Model (LLM) technologies, says Lawrence Calcano, chairman and CEO of iCapital in a prepared statement.
“This acquisition complements the investments we are making in our internal R&D to further enhance our data management capabilities. Combined with our existing solutions, it allows us to deliver on our goal of creating reliable end-to-end data management services for all our 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,” Calcano says.
Kareem Hamady, CEO of AltExchange, will be joining iCapital as part of the acquisition, officials say.
iCapital employs more than 1,675 people globally and has 17 offices worldwide, including New York, Greenwich, Zurich, Lisbon, London, Hong Kong, Singapore, Tokyo, and Toronto, officials say.
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