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.
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Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
