Addepar
 | This article contains promotional content. (January 2023) |
 | |
| Company type | Private |
|---|---|
| Industry | Financial technology |
| Founded | September 2009 |
| Founders |
|
| Headquarters | , United States |
Number of locations | 6 (2023) |
Area served | Worldwide |
Key people | Joe Lonsdale (Chairman) Eric Poirier (CEO)[1] |
| Products | Addepar Platform Open API |
| Services |
|
Number of employees | 800[2] (2023) |
| Website | addepar |
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
[edit]Origin
[edit]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
[edit]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
[edit]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
[edit]Open API
[edit]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
[edit]- ^ 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.
- ^ 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.
- ^ "How Addepar built an ecosystem around the ultra-high net worth investment community with CEO Eric Poirier". Tearsheet. Retrieved 26 November 2019.
- ^ "Fidelity boosts tech offerings for advisors". Financial Planning. Retrieved 26 November 2019.
- ^ Vance, Ashlee (18 October 2012). "Addepar's Software for the Super-Rich". United States: Bloomberg Businessweek. Bloomberg L.P. Retrieved 30 January 2017.
- ^ Hardy, Quentin (3 August 2014). "Wealth Managers Enlist Spy Tools to Map Portfolios". The New York Times.
- ^ 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.
- ^ Lashinsky, Adam (11 September 2012). "Money management, Silicon Valley-style". United States: Fortune. Time Inc. Retrieved 27 December 2016.
- ^ "Addepar Valued at $2.17 Billion as Investors Bet on Wealth-Management Tech". Retrieved 17 June 2021.
- ^ "Addepar CEO says investors want better returns, fear volatility". Reuters. Retrieved 26 November 2019.
- ^ "Morgan Stanley partners with Addepar to see more of clients' wealth". Reuters. Retrieved 26 November 2019.
- ^ "Addepar acquires alt investment platform". Financial Planning. 2017-05-17. Retrieved 2020-03-26.
- ^ "What's behind Addepar's latest executive hires". Financial Planning. Retrieved 26 November 2019.
- ^ "Two fintech firms providing tools for uber wealthy clients". InvestmentNews. Retrieved 26 November 2019.
- ^ 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.