Addepar, a New York-based investment management platform for advisers and their clients, has acquired AltX, a San Francisco-based intelligence platform for alternative investments.
Using machine-learning technology, which enables computers to learn without being specifically programmed for a task, AltX enriches alternative investment data by incorporating related reference data, public filings and news on more than 17,000 funds.
In a release, Addepar said that the acquisition will deepen its capabilities in alternative investments, which comprise $120 billion of the more than $600 billion in assets on its platform. It said the addition of AltX's capabilities will help advisers and asset owners make more informed, data-driven investment decisions.
Terms of the acquisition were not disclosed.