iCapital, a global fintech platform that focuses on alternative investing, has acquired SIMON, a technology company that handles structured investments and annuity products and had more than $48 billion in issuances last year. The two firms announced the deal Wednesday.
SIMON helps advisors streamline their workflow and helps them bring scale to their annuities and insurance distribution. iCapital services more than $125 billion in assets.
The deal will expand iCapital’s investment menu and augment its technical capabilities, education offerings and support services for wealth managers, the company said. SIMON offers a digital suite of tools to the advisor, on-demand education, real-time data and analytics, and life-cycle management.
Under the agreement, Jason Broder, CEO of SIMON, will join iCapital as managing director, head of iCapital Solutions, and as a member of the operating committee. In this capacity, he will oversee the integration of the platforms, market development and sales of iCapital’s technology offerings.
The transaction is expected to close in the second half of 2022.