JPMorgan (JPM) has acquired AUMNI, a data platform that provides investment analytics software to increase its suite of private market solutions, according to its website. On Wednesday, March 22, the firm announced that it had reached a “definitive agreement” to buy AUMNI. The firm has not shared any of the financial details but has said that the deal is expected to close in the first half of next year.
JPMorgan calls this proposed acquisition “strategic” and said that it would help them to strengthen their commitment to build “the leading private markets platform for companies, their employees and investors.” It will also provide “confidence in the resilience of the venture-backed ecosystem.”
JPMorgan recently launched Capital Connect. It also acquired Global Shares. It continues to invest in Aumni and other private market assets. This enables the firm to offer a suite of “innovative solutions to the private market” and to make it a leader in the industry.
The biggest bank in the US is buying a five-year old data analytics provider in Salt Lake City, Utah to push further into its relationship with venture capital investors.
According to a report in CNBC, Michael Elanjian, who leads the digital private market efforts at JPMorgan, said that they want to become the digital destination for a broad spectrum of clients that include venture capitalists, startup founders and other investors and help them raise money, network as well as tap loans.
Elanjian said, “We want to be the end-to-end ecosystem provider to the venture community and the private markets.”
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After the collapse of Silicon Valley Bank venture capital investors wanted to know where portfolio companies were banking and more. They also wanted to know if they could inspect their financial books legally and more. In such scenarios Aumni can help as it has data of nearly 18,000 portfolio companies that are valued at roughly $3.6 trillion.
Tony Lewis founded Aumni in 2018. He said that this was how his company provided services on assets under management as well as the number of companies tracked, through an annual subscription fee. These services would be integrated with the private market’s platform of JPMorgan–Capital Connect.
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