Alternative investment platform iCapital has reached an agreement to acquire Mirador, a fintech company that provides investment data aggregation and financial reporting for alternative and traditional investments.
With this acquisition, iCapital will expand its data management and reporting capabilities. Mirador enables clients and advisors to aggregate asset reporting regardless of where the asset is located.
Mirador’s client base includes advisors serving high net worth investors, family offices, endowments and foundations. The company provides comprehensive financial reporting, private investment support, offline and alternative investment data management, K-1 document management and payroll management to wealth management firms. Mirador also has a technology consulting team that provides customized wealth technology solutions.
“If you think about what we’ve done over the past decade, we’ve been building the technology infrastructure to provide access to alternatives and automate the entire process over the lifecycle of the investment. iCapital Chairman “One of the pain points is data infrastructure and how data gets from one place to another,” said Lawrence Calcano, CEO. “Mirador does a great job providing a white-glove service to ensure data can be delivered as we seek to solve industry pain points.” This data is crucial. By acquiring Mirador, we not only solved the technology needs, but also the data needs. “
One area where consolidation could help is in large telecommunications companies, bureaus/departments and regulators that have grown through acquisitions and need to consolidate investment data and reporting.
“We continue to win mandates from large RIAs that have grown in size due to organic and acquired growth,” Calcano said. “They have large existing portfolios that need to be ported to a common framework. What Mirador does Things have been very valuable in servicing customers who ask us to carry their back books in addition to their front books.”
The two companies began discussing a merger in 2023. They found that the two companies had some customer overlap, with both companies serving about 40 companies, and could now provide integrated solutions to those companies. However, many other companies only use iCapital or Mirador, which will create cross-selling opportunities.
“While we both serve the wealth management and RIA communities, half of our clients go directly to families,” said Mirador CEO and President Joseph Larizza. “We look forward to expanding this service to families, and we think this will be a completely Different market segments to which we can launch our comprehensive services.”
As part of the transaction, more than 180 of Mirador’s employees are expected to join iCapital. Terms of the agreement were not disclosed.
Morgan Stanley & Co. LLC and Goodwin Proctor LLP are serving as advisors to iCapital. Mirador is being advised by Raymond James and DBM Legal Services LLC.
