According to its website, JPMorgan has added financial analytics software provider AUMNI to its portfolio of private market solutions. The company revealed that it had struck a “definitive agreement” to purchase AUMNI on March 22. The company has not disclosed any financial information, but it has stated that the deal is anticipated to be completed in the first half of 2019.
In order to strengthen their dedication to creating “the leading private markets platform for companies, their employees, and investors,” JPMorgan described the planned acquisition as “strategic.” Additionally, “confidence in the resilience of the venture-backed ecosystem” will be given.
Capital Connect was recently introduced by JPMorgan. Additionally, it bought Global Shares. It keeps making investments in Aumni and other properties on the black market. As a result, the company can provide a variety of “innovative solutions to the private market” and become a champion in the sector.
The largest US bank is purchasing a five-year-old data analytics company in Salt Lake City, Utah, in an effort to strengthen its ties with startup capitalists.
Michael Elanjian, who oversees JPMorgan’s efforts in the digital private market, was quoted as saying in a CNBC report that the company wants to become the go-to digital destination for a wide range of clients, including venture capitalists, startup founders, and other investors and assist them in raising capital, networking, and accessing loans.
Elanjian declared, “We want to be the venture community and the private markets’ end-to-end ecosystem provider.”
Venture capital investors wanted to know where portfolio businesses were banking and more following the failure of Silicon Valley Bank. They also wanted to know if it was permissible for them to look at their financial records. Aumni can be useful in these situations as it has information on nearly 18,000 portfolio businesses with an estimated value of $3.6 trillion.
Aumni was established in 2018 by Tony Lewis. He claimed that this was how his business offered services related to the number of companies tracked as well as the assets under management for an annual subscription charge. These services would be incorporated into JPMorgan Capital Connect’s private market platform.
CWEBÂ has provided some information for this story.
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