iCapital Acquires AI-Focused AltExchange
iCapital, an alternative assets fintech platform for wealth and asset managers, has acquired AltExchange, an artificial intelligence-driven tech company that aggregates alternative investment data. Financial terms of the acquisition 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, a spokesperson said.
AltExchange’s AdvisorVue platform assists financial advisors by aggregating clients’ portfolios, standardizing data and documents, and automating reporting processes. For asset managers, AltExchange’s Digital Custodian Platform (DCP) provides a tool to standardize post-investment reporting data, automate investor reporting, and facilitate integration with advisors’ systems.
“AltExchange has developed one of the most advanced document retrieval solutions that’s connected to sophisticated mapping, routing technology and LLM (Large Language Model) based document extraction,” said Lawrence Calcano, chairman and CEO of iCapital. “This acquisition complements the investments we are making in our internal R&D to further enhance our data management capabilities.”
The latest deal builds on iCapital’s data management capabilities following its acquisition of Mirador in April.