Case studiesWealth-tech carve-out

A wealth-tech turnaround, mapped to the dollar.

ALPHA underwrote a full carve-out of a wealth-tech unit: repair the data platform, cut millions in annual cost, and add eight figures of new revenue — every capability in the stack, mapped to the dollar.

An ALPHA carve-out · every capability engaged
Target
Wealth-tech unitAnalytics arm of a global services multinational
Cost to recreate
$30–40MTo rebuild what ALPHA brings pre-built
Identified savings
~$4MAnnual, at conservative estimates
The thesisWealth-tech Carve-out

The right assets, the wrong owner: a once-sterling brand starved of technology.

The target was a performance-and-analytics unit inside a large services multinational — a tech business that was never the parent's core asset, and so suffered years of underinvestment in its own infrastructure. Aging technology had begun driving customer attrition. The unit ran eight products on duplicated data pipelines and two overlapping calculation engines, served US clients only because it couldn't process multiple currencies, and was mid-way through a slow, "legacy-taxed" platform migration that had become a mega-application rather than a true platform.

ALPHA's thesis was simple: the assets were strong and the brand was trusted; what it needed was our platform. Rebuilding that platform from scratch would have cost the unit an estimated $30–40M over several years. We already had it.

The situation

  • Chronic technology underinvestment inside a non-core corporate unit.
  • Rising customer attrition tied to aging systems.
  • US-only reach — no ability to process multi-currency transactions.
  • Eight products on duplicate pipelines and two calculation engines.
  • A stalled platform migration carrying a growing "legacy tax."

The plan

  • Replace the data platform with OpenFinance: one data backend, one unified API, multi-currency by design.
  • Consolidate two calculation engines into one and retire redundant pipelines.
  • Add Northfield risk and analytics as an entirely new product line to cross-sell.
  • Distribute with Market76's big-data engine — the BlackRock-validated strategy.
  • Open the platform to proprietary and third-party "factories" as a marketplace.
The value we underwroteWealth-tech Carve-out

Lower cost, new revenue, a re-rated business.

$2.6M
Recurring annual cost cut — data production −90%, IT −15%
~$12M
New annual revenue — Northfield analytics at a 10% attach across ~1,000 clients (~$120k each)
$30–40M
Platform value delivered pre-built, versus recreating it
6×+
Revenue multiple for a re-rated next-gen wealth-tech platform

These are diligence-stage projections — conservative by design — from the underwriting that shaped the plan. Where the parties went on to run ALPHA services, realized impact tracked these projections on a pro-rata basis.

Why it took the whole platformWealth-tech Carve-out
Information · OpenFinance

One data backend

A single unified data platform and API replaces duplicate pipelines and one-off connections — multi-currency out of the box, opening international clients that had asked for it.

Science · Northfield

A new revenue line

Institutional-grade risk and analytics become a product the unit never had — the core of the eight-figure revenue upside.

Personalization · Market76

Efficient distribution

The big-data marketing engine — validated at BlackRock (7.5× the traction of any other tool, $148M raised on 12 emails) — replaces five salespeople dialing for demand.

Platform · marketplace

Room to grow

Proprietary and third-party factories plug in at the data layer, turning a rigid mega-application into a platform that can partner, build, or buy.

TopicsWealth-tech Carve-out
Information Personalization Science OpenFinance Market76 Northfield Risk QA Reconciliation Harmonization Brokerage Fintech Performance Evaluation View Narrative Data Lake Systems Integration Risk Models Optimization Galaxy Multi-Currency COGS Acquisition

Every capability, underwriting one turnaround.

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The target and its parent are not named. Figures are diligence-stage projections from the underwriting that shaped the plan; where the parties subsequently ran ALPHA services, realized impact tracked the projections on a pro-rata basis. Published to show how the analysis holds together — cost structure, revenue paths, and platform architecture — and how the full ALPHA stack underwrites a turnaround.