iCapital set to acquire AltExchange to enhance data management

By Gloria Mathias

iCapital, the global FinTech platform, and AltExchange, an AI-driven technology firm for financial advisors and asset managers, have announced they have entered a definitive agreement under which iCapital intends to acquire AltExchange.

“AltExchange has developed one of the most advanced document retrieval solutions that are connected to sophisticated mapping, routing technology, and LLM (Large Language Model)-based document extraction,” said Lawrence Calcano, Chairman and CEO of iCapital.

This boosts iCapital’s advanced AI and ML-driven technologies, streamlining post-investment processes and improving decision-making for private market participants.

“This acquisition complements the investments we are making in our internal R&D to enhance our data management capabilities further. 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 organise 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 advanced 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. AltExchange’s AdvisorVue platform empowers financial advisors by aggregating clients’ portfolios, standardising data and documents, and automating reporting processes.

For asset managers, AltExchange’s Digital Custodian Platform (DCP) provides a powerful tool to standardise post-investment reporting data, automate investor reporting, and facilitate seamless integration with advisors’ systems.

“We built an intuitive advisor-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, who will be joining iCapital as part of the acquisition. “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.”