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Addepar, Inc. is a cloud based American wealth management software platform for RIAs (registered investment advisors) specializing in data aggregation, analytics, and portfolio reporting.[3] Addepar's clientele is primarily high-net-worth and ultra-high-net-worth individuals and companies.[4][5]
In 2003, Peter Thiel founded Palantir Technologies along with four other founders, including Joe Lonsdale. In 2009, Lonsdale launched Addepar with Jason Mirra, another Palantir employee.[6][7] One of their earliest clients was Mark Zuckerberg.[8] The company name is based on a line in Ovid’s Metamorphoses meaning “Add a little to a little and you’ll have a great amount.”[9]
In 2013, Addepar sought to transition out of start-up mode, replacing Lonsdale and Michael Paulus with new CEO Eric Poirier previously of Palantir and hiring a COO to start building out the company's management.[10]
In 2017, Addepar received a $140 million round of funding from Valor Equity Partners.[11] The same year, Addepar partnered with Morgan Stanley, providing software that consolidated information and tailored reporting about the assets of high net-worth Morgan Stanley clients.[12]
In May 2017, Addepar acquired AltX, a machine learning platform aimed at alternative investments.[13]
In 2019, Addepar launched a mobile app for its portfolio management software.[14][15]
In September 2016, Salesforce.com announced their partnership with Addepar for Salesforce's Wave Financial Services Cloud for financial advisers, making it easier to see across asset classes and produce a single visual for their clients.[16] One month later, Addepar released their Open API to provide "a programmatic solution to tie Addepar’s data and calculations into a multitude of other products and systems."[16]
