La Jolla-based alternative investments provider Altegris plans to merge with Artivest, an alternative investment tech firm in New York.
Once combined, the firm – which intends to operate under the Artivest name – will have 100 employees and service more than $3 billion in capital from offices in San Diego and New York, making it one of the largest independent alternative investment platforms.
Terms of the deal were not disclosed.
James Waldinger, CEO and founder of Artivest, said teaming up with Altegris in 2017 led to this year’s decision to merge.
“After we formed a commercial relationship with Altegris last year, we realized our strategic goals align and our value propositions are highly complementary," Waldinger said. "Altegris will expand our investment, operations, and distribution capabilities, immediately amplifying the power of our technology – and vice versa.”
After the merger is complete, Waldinger will be CEO; Martin Beaulieu, executive chairman and CEO of Altegris, will serve as executive chairman; and Matt Osborne, founder and chief investment officer of Altegris, will continue as CIO, overseeing investment research and management, including oversight of the Altegris family of funds, which will retain the Altegris name.
Venture capitalist Peter Thiel was Artivest's earliest angel investor. His firm, Thiel Capital, will take a seat on the company's board following the merger. Thiel, a founder of PayPal and Palantir, was also Facebook's first outside investor.
Artivest said it will remain privately held by employees and outside investors including Aquiline Capital Partners, Genstar Capital, KKR and Thiel Capital.
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