The deal is the latest in a string of fintech acquisitions made under CEO Jamie Dimon. Since 2020, JPMorgan has acquired a half-dozen startups.
JPMorgan decided to buy Aumni after leading its 2021 investment round, said Elanjian. Founded in 2018 by Tony Lewis, a former corporate lawyer, Aumni is a data platform that helps users analyze and understand their holdings via a simple dashboard.Excel or similar products to track investments in portfolio companies, which can make gleaning insights into their holdings difficult, said Lewis.
"The moment you want to start performing any type of data-science inquiries into your existing investment activity, it becomes a really large undertaking to track down that information accurately, put it into Excel and perform the work," Lewis told CNBC over Zoom. "This is a problem for anyone investing in any private alternative asset; it is based on a private contract, that's where your economics and legal rights reside," he added.Investors leaned on Aumni in recent weeks after the collapse of Silicon Valley Bank sent shockwaves through the startup community, according to Lewis.
In other instances, VC investors can use Aumni to avoid errors tied to missing key details buried in legal documents.The startup has data on almost 18,000 portfolio companies valued at $3.6 trillion, Lewis said. It charges an annual subscription fee based on assets under management and the number of companies tracked, he said.
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