Eton Solutions is a wealth management technology company with an ERP platform called AtlasFive. It is an integrated AI-based wealth management platform that serves wealth owners and institutional investors such as family offices and private equity firms, and ultra-high-net-worth individuals with complex assets, across multiple jurisdictions and multi-currency. For these wealth-owners and PE firms, the solution unifies data, streamlines workflows, offers portfolio insights, reporting, and more in one system. Pulse 2.0 interviewed Eton Solutions Executive Chairman Satyen Patel to gain a deeper understanding of the company.
Satyen Patel’s Background
Could you tell me more about your background? Patel said:
“I started my career in Fast-Moving Consumer Goods around 30 years ago. But at the turn of the century, several events, including Y2K and the dot-com crash, demonstrated there was significant room for growth in the IT software & services space, which influenced my decision to switch career paths. In 2002, I formed a PE fund with 4 partners that focused on the East-West arbitrage that existed within the IT space specifically for the insurance vertical. Over the subsequent eight years, we led and built a company across the US, UK, India, Singapore, and Australia both organically and through acquisitions. The company increased its revenue from $15M to $450M over that period to become the second-largest software and services platform used for workers’ compensation insurance in the USA together with Property & Casualty Insurance services. We led the company to an IPO and made an exit via a merger.”
“This experience reaffirmed my commitment to the IT space, and I’ve continued in it since then.”
Formation Of The Company
How did the idea for Eton Solutions come together? Patel shared:
“The idea for Eton Solutions was born out of a wealth management firm, Eton Advisors, which is a multi-family office (MFO). One of the founding partners, Robert E. Mallernee, was in the market for an all-in-one technology that could help the firm best serve its clients with investment advice while streamlining middle and back-office tasks. But they couldn’t find an integrated solution that could effectively meet all their needs. Instead, the firm would have had to buy multiple single-point solutions that needed to be cobbled together, which would have been an IT integration and data processing nightmare.”
“Instead, Rob set out to change this by building out an integrated data model driven solution that was boot-strapped with minimal resources for his own MFO. Eventually, 10 years ago he launched Eton Solutions to create an all in one solution that his MFO, and every other family office around the world, desperately needed. I first met Rob socially as part of a wine club, then became a client before discovering what he had developed for his MFO while subsequently forming Eton Solutions as a market-facing Fintech SaaS company. But the technology was not fully ready for the market yet so I joined him six years ago as an investor and as Chairman of Eton Solutions to help scale the business and bring in the capital and human resources to make the technology market ready. We started by bringing in an experienced and battle-tested Executive Leadership Team, many of whom had worked with me before in my prior IT venture to which we added talent from other established financial services companies.”
“In effect, we married the ‘Domain Knowledge Expertise’ that Rob and his team brought coupled with the ‘Integrated Data Model’ he had initially developed, together with world-class IT software development, Business Process Workflow Mapping and operations expertise, to develop the product into what it has become today.”
Core Products
What are the company’s core products and features? Patel explained:
“Our core platform, AtlasFive, centralizes entity management, portfolio management, general ledger, fund accounting, trusts, transaction processing, document storage, bill pay and more in a single system for family offices and wealth managers. This creates a single source of truth that shows ultra-high net worth families their net worth in real time with daily reconciliations on their entire portfolio, liquid and illiquid, while allowing them to drill into every layer of their finances to make informed investment decisions. Instead of relying on disconnected systems and 90-day retrospective reports, families can now make decisions using real-time data.”
“This data-rich foundation powers EtonAI, which integrates directly into wealth manager workflows to automate the manual processes that take up most of their time, from onboarding new entities to bill pay, month-end reconciliations, tax processing and more. The technology can process more than 250 document types, conduct investment research, manage and analyze portfolios, and streamline hundreds of operational tasks. Firms gain significant efficiency, enabling teams to focus on higher-value work rather than administrative tasks. Further, Eton Solutions is also among a small group of organizations worldwide that have earned ISO 42001 certification for building AI systems that meet rigorous standards for privacy, cybersecurity, transparency and bias mitigation.”
“EtonAlpha extends the platform to individuals with $15 million or more in assets, giving them a daily view of their net worth directly on their phone. Users can interact with their wealth through natural language, making it easy to ask questions and explore different aspects of their finances.”
“Additionally, this year we launched EtonAxis, a product for private equity firms and the funds industry so they can manage key multi-step workflows, including tracking entire deal lifecycles, digitally onboarding investors, securely sharing documents with external stakeholders and collaborating with portfolio companies.”
“Each of our solutions holistically aggregates and manages all liquid and alternative investment assets alongside data, reporting, and workflow processes. Our solutions are responsible for managing 147,000 entities, overseeing 225,000+ investments, $65 billion in annual bill payments, and processing more than 21.3 million transactions annually.”
Evolution Of Eton Solutions’ Technology
How has Eton Solutions’ technology evolved over the past year? Patel noted:
“Over the past year, our biggest technology transition has been from servicing just wealth managers to also going direct to consumer with our EtonAlpha product.”
“The number of ultra-high net worth individuals continues to increase, but for many, it doesn’t make financial sense to establish a family office. As a result, they manage their assets, wealth sources and all family member expenses separately through spreadsheets, accounting systems and documents. As a result, some assets–such as jewelry, art, wine collections, cars and real estate–are often not managed at all. This makes it difficult to get a holistic view of their assets in one location, understand what they’re worth, how that value is changing over time, and what decisions they should make to protect and create more wealth.”
“To help these individuals overcome their challenges, we introduced EtonAlpha. The solution enables users to interact with all their wealth data directly from their mobile app, WhatsApp, or desktop to better understand the family’s saving and spending patterns and the value of everything else they own, like art, antiques, furniture, and more. The solution is already in use by physicians, CEOs, entrepreneurs, lawyers, and more.”
Significant Milestones
What have been some of the company’s most significant milestones? Patel cited:
“Seven years ago, while we were building the initial platform, we made the strategic decision to invest in AtlasFive as a cloud-native technology platform. That decision has paid off tenfold since. It’s allowed us to scale the business at a rate that wouldn’t be possible if the solution were hosted on-premises and expand our capabilities to better serve the PE space. Additionally, this cloud-native based technology allowed us to seamlessly deploy AI on top of the foundational integrated data model to use it to its fullest potential. That has been a game-changer for us.”
“That decision about our technology nearly a decade ago was critical and has led to our substantial growth to date, including our recent $58M series C raise.”
Funding
Can you share more about your latest Series C funding round? Patel revealed:
“We closed a $58 million Series C funding round last year led by Navis Capital Partners. The funding came on the heels of us quadrupling our revenue and expanding our client base by 340% across 15 countries over the past three years.”
Future Investment
What do you plan on investing in over the next year? Patel disclosed:
“The new funding will help fuel our product innovation and AI development as we expand our suite of products targeting the PE and Funds industry. Their challenges and pain points are similar, and it is a segment at least 10 times larger than our core total addressable market.”
“The investment is also helping us as we democratize our product by serving a broader range of ultra-high net-worth individuals with our EtonAlpha product. It’s bringing technology earmarked originally for billionaires and making it available to anyone with $15 million and above in assets at a price-value that should make AtlasFive ubiquitous with the ultra-high net worth individuals anywhere in the world.”
“The products we have invested in aim to serve single-family offices, multi-family offices, private equity firms, funds, registered investment advisors, trusts, accounting firms, business managers and global private banks.”
Differentiators
What are your key differentiators? Patel affirmed:
“Most solutions on the market are single-point solutions. There are solutions to help family offices or PE firms manage their clients (CRM’s), document management platforms, there are solutions to help with tax preparation, there are solutions to track investments and drill down to uncover portfolio makeup – but there is no solution that houses all these capabilities and more under one roof – a single source of truth. That is what we do.”
“We then take it a step further and deploy AI use cases on top of this holistic data foundation so wealth managers can ask questions about their organizational data and gain new insights using Large Language Models and other AI tools.”
“Additionally, beyond wealth managers, we offer the same technology to ultra-high-net-worth individuals, too.”
Future Company Goals
What are some of the company’s future goals? Patel concluded:
“One of our most significant goals in the near term is to capitalize on the growing total addressable market that we service across the globe. The growth of ultra-high-net-worth families and individuals has resulted in a significant expansion of family offices globally, with the number of single-family offices, according to a study by Deloitte, expected to reach 10,720 by 2030. And that is just one portion of our market as we expand into additional markets beyond family offices.”
