Wealth management technology provider Addepar acquired Arcus, a small tech startup that specializes in building out AI workflows, this week.
While terms of the deal were not disclosed, Arcus’s acquisition is meant to accelerate Addepar’s efforts at incorporating and extending advanced AI and machine learning both deeply into and across its platform and varying technologies.
The announcement follows the company’s recent $230 million Series G funding round, which valued the company at $3.25 billion.
Over the last 15 years since it was launched, Addepar has grown its client base to more than 1,200 wealth management firms and over $7 trillion in client assets on the platform, growing both through organic in-house development and strategic acquisitions.
Addepar, which has a wide-ranging platform, supporting everything from aggregation of illiquid and liquid assets to portfolio reporting and analytics, trading and rebalancing, client billing, client portals and mobile applications among others, will use Arcus’s underlying technology to further optimize and automate workflows to build efficiency.
With the agentic AI from Arcus, which was built to manage complex data and processes, Addepar intends to unlock additional capabilities from its existing technology and machine learning, including intelligent data management, anomaly detection, predictive insights and more streamlined data reconciliation.
Arcus has incorporated multimodal multi-step intelligence into its AI, meaning it can work with or ingest multiple types of information, including text and data, and then process that information to answer complex questions on its own by breaking them down step by step.
“The acquisition of Arcus is a leap forward in our AI strategy, embedding adaptive intelligence into the platform. This will enable dynamic, data-driven workflows that respond to real-time context across the Addepar platform,” Addepar Chief Technology Officer Bob Pisani said in a statement.
The Arcus acquired by Addepar is a separate firm from Arcus Partners, another AI-technology firm, which created Finity360 AI (among other AI tools) for managing documents, data and workflows for advisory firms in tandem with CRM.