Mountainview, Calif.-based Addepar announced on Thursday that it is purchasing AltX, an alternatives market intelligence platform.

Addepar hopes that the acquisition will boost its capabilities around alternative investing by enabling advisors to make better-informed decisions, said Eric Poirier, Addepar CEO, in a statement released on Thursday.

"Addepar gives wealth advisors the technology, data and services they need to deliver tailored and comprehensive solutions to each of their clients," said Poirier. "AltX's team has built awesome technology for alternatives, and it perfectly complements Addepar's solutions for family offices, RIAs, private banks, wirehouses and large allocators. This acquisition means that we offer more transparency into the alternatives portion of investment portfolios. It propels Addepar forward in building a unified data model and common language to power the financial system."

AltX’s platform uses machine learning to gather intelligence on alternative investments, incorporating reference data, public filings and news into a database of performance, holdings and key reference data for more than 17,000 funds.

Financial terms of the transaction were not disclosed

Currently, $120 billion of the more than $600 billion of assets on Addepar’s platform are comprised of alternative investments.

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