Wealth technology provider Addepar has acquired Arcus, a company that offers enterprise AI workflows.
This acquisition is part of Addepar’s strategy to enhance its technology offerings by integrating advanced AI and machine learning (ML) into its platform.
The integration of AI and ML is expected to enhance capabilities such as intelligent data management, anomaly detection, streamlined reconciliation, and predictive insights.
The addition of Arcus, which specialises in multimodal, multi-step AI workflows, is anticipated to facilitate the incorporation of these advanced technologies.
Addepar CEO Eric Poirier said: “As the AI landscape continues its rapid transformation, Addepar is committed to staying at the forefront of advanced technology, and extending these capabilities to our clients.
“With our outsized investment in innovation, we aim to deliver intelligent, context-aware tools that empower our clients to excel in dynamic and unpredictable markets, while ensuring we and our clients continue to enforce and refine governance best practices.”
Recently, Addepar completed a $230m Series G investment round, co-led by Vitruvian Partners and returning investor WestCap.
The funds from the Series G financing will mainly be allocated to provide liquidity to employees and investors via a tender offer, allowing them to access the value of their contributions.
Addepar is also maintaining its commitment to invest more than $100m annually in research and development.
The company serves clients in more than 50 countries and manages portfolio, market, and client data for assets exceeding $7tn.
It has offices in Silicon Valley, New York City, Salt Lake City, Chicago, London, Edinburgh, Pune, and Dubai.
“Addepar acquires Arcus to boost AI capabilities” was originally created and published by Private Banker International, a GlobalData owned brand.
