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.
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
Climate change doesn’t just mean more extreme weather – it also leads to billions of dollars in lost productivity, tourism, and stresses infrastructure.
It’s an annual tradition: the Fed’s banking ‘stress test.’ A year after the regional banking crisis, there are good reasons to make sure they’re prepped.
Summer is upon us, which means weddings, trips overseas, and trips to see Taylor Swift. Avoid a “Cruel Summer” with these budget-friendly tips and tricks.
