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Addepar

From Wikipedia, the free encyclopedia
Addepar, Inc.
Company typePrivate
IndustryFinancial technology
FoundedSeptember 2009; 15 years ago (2009-09)
Founders
Headquarters,
United States
Number of locations
6 (2023)
Area served
Worldwide
Key people
Joe Lonsdale (Chairman)
Eric Poirier (CEO)[1]
ProductsAddepar Platform
Open API
Services
Number of employees
800[2] (2023)
Websiteaddepar.com

Addepar, Inc. is a cloud based American wealth management software platform for RIAs (registered investment advisors) specializing in data aggregation, analytics, and portfolio reporting.[3] Addepar's clientele is primarily high and ultra high-net-worth companies and individuals.[4]

History

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Origin

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In 2003, Peter Thiel founded Palantir Technologies along with four other founders, including Joe Lonsdale. In 2009, Lonsdale launched Addepar with Jason Mirra, another Palantir employee.[5][6] One of their earliest clients was Mark Zuckerberg.[7] The company name is based on a line in Ovid’s Metamorphoses meaning “Add a little to a little and you’ll have a great amount.”.[8]

Management transition

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In 2013, Addepar sought to transition out of start-up mode, replacing Lonsdale with new CEO Eric Poirier previously of Palantir and hiring a COO to start building out the company's management.[9]

Funding and expansion

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In 2017, Addepar received a $140 million round of funding from Valor Equity Partners.[10] The same year, Addepar partnered with Morgan Stanley, providing software that consolidated information and tailored reporting about the assets of high net-worth Morgan Stanley clients.[11]

In May 2017, Addepar acquired AltX, a machine learning platform aimed at alternative investments.[12]

In 2019, Addepar launched a mobile app for its portfolio management software.[13][14]

Products and services

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Open API

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In September 2016, Salesforce.com announced their partnership with Addepar for Salesforce's Wave Financial Services Cloud for financial advisers, making it easier to see across asset classes and produce a single visual for their clients.[15] One month later, Addepar released their Open API to provide "a programmatic solution to tie Addepar’s data and calculations into a multitude of other products and systems."[15]

References

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  1. ^ Feintzeig, Rachel (15 June 2016). "Male CEOs Detail Their Work-Life Rules". No. Eastern edition. New York, N.Y., United States: Wall Street Journal. Dow Jones & Company Inc. p. B1. Retrieved 21 December 2016.
  2. ^ Beltran, Luisa (17 January 2023). "Addepar, a wealth management startup launched by the co-founder of Palantir, is the latest fintech to cut jobs". Fortune.
  3. ^ "How Addepar built an ecosystem around the ultra-high net worth investment community with CEO Eric Poirier". Tearsheet. Retrieved 26 November 2019.
  4. ^ "Fidelity boosts tech offerings for advisors". Financial Planning. Retrieved 26 November 2019.
  5. ^ Vance, Ashlee (18 October 2012). "Addepar's Software for the Super-Rich". United States: Bloomberg Businessweek. Bloomberg L.P. Retrieved 30 January 2017.
  6. ^ Hardy, Quentin (3 August 2014). "Wealth Managers Enlist Spy Tools to Map Portfolios". The New York Times.
  7. ^ Hampton, Dina (8 March 2013). "10 Most Influential RIA Figures Going Into 2013 and How They're Reshaping the Industry, Part 1". United States: RIABiz. RIABiz LLC. Retrieved 13 February 2017.
  8. ^ Lashinsky, Adam (11 September 2012). "Money management, Silicon Valley-style". United States: Fortune. Time Inc. Retrieved 27 December 2016.
  9. ^ "Addepar Valued at $2.17 Billion as Investors Bet on Wealth-Management Tech". Retrieved 17 June 2021.
  10. ^ "Addepar CEO says investors want better returns, fear volatility". Reuters. Retrieved 26 November 2019.
  11. ^ "Morgan Stanley partners with Addepar to see more of clients' wealth". Reuters. Retrieved 26 November 2019.
  12. ^ "Addepar acquires alt investment platform". Financial Planning. 2017-05-17. Retrieved 2020-03-26.
  13. ^ "What's behind Addepar's latest executive hires". Financial Planning. Retrieved 26 November 2019.
  14. ^ "Two fintech firms providing tools for uber wealthy clients". InvestmentNews. Retrieved 26 November 2019.
  15. ^ a b Hobey, Erin (26 October 2016). "Addepar: With $500B in Assets & New Salesforce Partnership, Launches Open API". United States: Crowdfund Insider. Crowded Media Group. Retrieved 29 December 2016.
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