Financial software provider Addepar has acquired AltX, the US-based developer of a machine learning platform for hedge fund investments, for an undisclosed sum, giving an exit to financial services firm Wells Fargo.
AltX has built a platform that uses machine learning to analyse data on alternative investments and match it to a content database. Its engineering and data science teams will join Addepar while the executive team will oversee the transition.
The company had raised approximately $24m since it was founded in 2012 as IMatchative, according to press releases and securities filings, including $20m in a 2014 round backed by Wells Fargo.
The bank was joined in the 2014 round by Control Empresarial de Capitales, a subsidiary of diversified conglomerate Inmobiliaria Carso, as well as angel investors David Bonderman, Andy Redleaf and Jeff Ubben.
Eric Poirier, Addepar’s CEO, said: “AltX’s team has built awesome technology for alternatives, and it perfectly complements Addepar’s solutions for family offices, [registered investment advisors], private banks, wirehouses and large allocators.
“This acquisition means that we offer more transparency into the alternatives portion of investment portfolios. It propels Addepar forward in building a unified data model and common language to power the financial system.”