Technology and data platform for wealth, investment, and asset management, Addepar, has announced the acquisition of artificial intelligence (AI) system provider, Arcus, for an undisclosed amount.

Addepar said the deal would improve its AI capabilities across its open platform, which would deliver enhanced value to its clients globally.

The firm will accelerate its ‘technology roadmap’ to embed AI and machine learning more deeply in its platform, supported by its ongoing investment of more than $100m a year to research and development.

As part of this roadmap, Addepar will increasingly leverage AI and machine learning to provide additional capabilities, such as intelligent data management, anomaly detection, streamlined reconciliation, and predictive insights.

The acquisition will bring in expertise in multimodal, multi-step AI workflows and enable Addepar to embed advanced AI capabilities to boost investment efficiency and impact.

"Addepar has consistently invested in integrating the latest technology directly into our platform and products, empowering both our internal teams and our clients to be more productive and to make more informed decisions," said Addepar CEO, Eric Poirier.

"As the AI landscape continues its rapid transformation, Addepar is committed to staying at the forefront of advanced technology, and extending these capabilities to our clients.

“With our outsized investment in innovation, we aim to deliver intelligent, context-aware tools that empower our clients to excel in dynamic and unpredictable markets, while ensuring we and our clients continue to enforce and refine governance best practices."

Addepar chief technology officer, Bob Pisani, added: “We have fundamentally focused on building a platform that is flexible, interoperable, and future-ready.

“Our architecture facilitates seamless integration with clients' existing tools, minimising disruption and maximising long-term value.

“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."

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