By Alex Vuocolo
JPMorgan on Wednesday announced that it has entered an agreement to purchase Alumni, an analytics firm serving the venture capital industry.
"The strategic acquisition of Aumni solidifies J.P. Morgan’s commitment to building the leading private markets platform for companies, their employees and investors, as well as its confidence in the resilience of the venture-backed ecosystem," the company wrote in a press release.
The purchase reflects JPMorgan's broader objective to play a bigger part in the startup space. With the loss of Silicon Valley Bank, which provided a number of services to the startup sector, the bank appears ready to fill that void.
“Aumni’s market-leading data structuring and portfolio monitoring solutions, combined with the capital raising and cap table management services of Capital Connect and Global Shares, further enhances the ecosystem of digital solutions that J.P. Morgan is building for companies and investors in both growth and later-stage private markets," said Michael Elanjian, head of digital investment banking and head of Digital Private Markets at J.P. Morgan.
Notably the collapse of several mid-sized commercial banks, including Silicon Valley Bank, Signature Bank, and Silvergate Bank has sent depositors fleeing to larger banks, which has led to an influx of deposits at JPMorgan.
Alumni was founded in 2018 and provides a range of services, from proprietary data analytics to tracking of legal and economic information behind market transitions. The company has over 300 clients and has evaluated more than $600 billion dollars in investments across 17,000 companies.