iCapital To Acquire Wealthtech Firm Mirador

The Purchase Will Enhance iCapital’s Operating System And Data Management Capabilities, It Says.
Lawrence Calcano, Chairman & CEO, iCapital; Joseph Larizza, CEO & President, Mirador
Lawrence Calcano, Chairman & CEO, iCapital; Joseph Larizza, CEO & President, Mirador
Jeff Berman, Contributing Editor & Reporter, Wealth Solutions Report
Jeff Berman, Contributing Editor & Reporter, Wealth Solutions Report

iCapital is acquiring wealthtech firm Mirador, a provider of investment data aggregation and financial reporting of alternative and traditional investments, as part of a definitive agreement they entered into, the companies said Tuesday.

Mirador also has a technology consulting team that offers custom wealth technology solutions.

The acquisition will help iCapital expand its data management and reporting capabilities to create an “enhanced technology experience for clients” in the wealth management, family office, endowment and foundation segments of the financial services market, the firms said.

Financial terms of the agreement were not disclosed.

As part of the transaction, more than 180 Mirador employees are expected to join iCapital when the deal closes, which is expected in around 30 days, iCapital said.

Morgan Stanley & Co. and Goodwin Proctor are serving as advisors to iCapital, while Raymond James and DBM Legal Services are serving as Mirador’s advisors.

“Mirador has set the industry standard for managing data with leading third-party performance reporting providers,” according to Lawrence Calcano, Chairman and CEO of iCapital.

The acquisition will further enhance and broaden the service model that iCapital delivers through its alternative investment operating system and allow it to “deliver on our goal of creating a reliable end-to-end data management capability for the industry,” he said.

Integrating Mirador’s financial reporting capabilities will create a “holistic solution for both wealth and asset managers,” he added.

“Mirador and iCapital share a commitment to provide the wealth management community with easier access to alternative investments,” according to Joseph Larizza, CEO and President of Mirador.

“By combining Mirador’s data aggregation, comprehensive reporting capabilities, and customizable service model with iCapital’s scale, global reach, and industry-leading technology solutions, we will offer clients of both firms a robust suite of enhanced resources,” Larizza said.

He added: “Together, we meet clients precisely where they are and provide an experience without rival when integrating alternatives into investment portfolios.”

iCapital had $180.9 billion in global platform assets as of Feb. 29, it says. The firm employs over 1,200 people globally and has 13 offices.

Mirador was founded in 2015 and has four U.S. offices and its London and Edinburgh offices overseas.

Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.

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