The transaction reflects how the busy space around private markets and alternative investments is driving demand for data and financial reporting.
New York-headquartered iCapital, the fintech
platform for alternative investments, yesterday said it has
agreed to buy Mirador,
a business delivering data aggregation and financial
reporting.
With the acquisition, iCapital said in a statement that it will
expand its data management and reporting capabilities to serve
clients in the wealth management, family office, endowment, and
foundation segments.
The financial terms were not disclosed. More than 180 employees
of Mirador are expected to join iCapital.
“Mirador has set the industry standard for managing data with
leading third-party performance reporting providers,” Lawrence
Calcano, chairman and CEO of iCapital, said.
“This acquisition further enhances and broadens the service model
iCapital delivers through our market-leading alternative
investment operating system and allows us to deliver on our goal
of creating a reliable end-to-end data management capability for
the industry,” he continued.
Mirador’s services cover include consolidated financial
reporting, private investment support, offline and alternative
investment data management, K-1 document management, and
compensation management for wealth management firms. Mirador also
has a technology consulting team offering custom wealth
technology solutions.
With so much focus on the need for wealth managers to put money
into alternative/private market assets –
see here – iCapital’s deal looks like an attempt to raise its
data and reporting game.
Morgan Stanley and Goodwin Proctor are serving as advisors to
iCapital. Raymond James and DBM Legal Services are serving as
advisors to Mirador.
iCapital has $180.92 billion in global platform assets and
employs more than 1,200 people around the world. In Mirador’s
case, it was founded in 2015 and is headquartered in Stamford,
Connecticut, with offices in the US and UK.
(This news service has asked a number of industry observers and
figures to comment on this transaction; it may update this
article in due course. If you want to comment, email tom.burroughes@wealthbriefing.com)
