Addepar Explained

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

Origin

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

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

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

Open API

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. 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]

External links

• Official website

Notes and References

1. News: Feintzeig. Rachel. Male CEOs Detail Their Work-Life Rules. 21 December 2016. Dow Jones & Company Inc. Eastern edition. Wall Street Journal. 15 June 2016. New York, N.Y., United States. B1. English.
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. Web site: How Addepar built an ecosystem around the ultra-high net worth investment community with CEO Eric Poirier . 26 November 2019 . Tearsheet.
4. Web site: Fidelity boosts tech offerings for advisors . 26 November 2019 . Financial Planning.
5. News: Vance . Ashlee . Ashlee Vance . 18 October 2012 . Addepar's Software for the Super-Rich . 30 January 2017 . Bloomberg Businessweek . United States . English . Bloomberg L.P..
6. News: Hardy . Quentin . 3 August 2014 . Wealth Managers Enlist Spy Tools to Map Portfolios . The New York Times.
7. News: Hampton . Dina . 8 March 2013 . 10 Most Influential RIA Figures Going Into 2013 and How They're Reshaping the Industry, Part 1 . 13 February 2017 . RIABiz . United States . English . RIABiz LLC.
8. News: Lashinsky . Adam . 11 September 2012 . Money management, Silicon Valley-style . 27 December 2016 . Fortune . United States . English . Time Inc..
9. Web site: Addepar Valued at $2.17 Billion as Investors Bet on Wealth-Management Tech. 17 June 2021.
10. Web site: Addepar CEO says investors want better returns, fear volatility. Reuters. 26 November 2019.
11. Web site: Morgan Stanley partners with Addepar to see more of clients' wealth. Reuters. 26 November 2019.
12. Web site: Addepar acquires alt investment platform. 2017-05-17 . Financial Planning. en. 2020-03-26.
13. Web site: What’s behind Addepar’s latest executive hires. Financial Planning . 26 November 2019.
14. Web site: Two fintech firms providing tools for uber wealthy clients. InvestmentNews. 26 November 2019.
15. News: Hobey. Erin. Addepar: With $500B in Assets & New Salesforce Partnership, Launches Open API . 29 December 2016. Crowded Media Group. Crowdfund Insider. 26 October 2016. United States. English.