Allocations acquires Lumen Advisory & Finance in $ 2.5 million transaction
Allocations builds private equity 2.0 – shifting the reins of control from the big VCs to the angel investors. The company has built an end-to-end platform for private equity products (SPV, funds and soon M&A, SPAC and family offices), disrupting the $ 2.9 trillion US private equity market and has handled more than $ 280 million in transaction volume since 2019.
Founded in 2012, Lumen represents a success for that of Utah the burgeoning tech scene as a forward-looking, tech-driven company that values communication, transparency and simplicity in its approach to accounting and tax services. Its vision is in line with that of Allocations, which is dedicated to demystifying and democratizing access to private equity. Lumen has developed the “Infinite Engine”, a technology-based accounting and tax system designed specifically for funds and SPVs of all sizes, which will continue to be deployed under the umbrella of Allocations.
The two companies have aligned themselves with creating an engineering-driven approach to private equity transactions, removing complexity and increasing standardization and overall speed of processes.
“Our raison d’être has been to reduce the time, costs and barriers to entry that the private equity industry has been hiding behind throughout its existence, and Lumen fits that picture perfectly.” said Kingsley Advani, founder and CEO of Allocations. “Lumen has the mindset, the experience and the technology to be a natural addition to our suite of capabilities. Their growth-driven goal of making things simple, standard, and automated is exactly what will accelerate access to the industry in the future.
“We are delighted to join a company that aligns so closely with our vision and values,” said Nicolas Bird, CPA, founder and president of Lumen Advisory & Finance. “Since we launched Lumen in 2012, our mission has been to design our technology and processes to make accessibility, transparency and scalability key metrics for success. Allocations does exactly what we were doing on the financial and fiscal side, but with a broader range of capabilities. ”
Bird will join Allocations as CFO.
- Allocations is a United States-based financial technology company that creates tools for economic freedom. Allocations allows investors to create one-click private equity transactions, starting with SPVs and funds.
- The company disrupts the $ 2.9 trillion Pennsylvania United States private equity and venture capital market, building tools for long-tail investors. Allocations believes that everyone should have access to low cost, simple and fast private equity tools.
- In 2019, Kingsley Advani founded Allocations, with a vision to create more economic freedom for every person. He assembled a world-class team to create an end-to-end private equity platform designed for simplicity, transparency and high speed – the fastest SPV on the platform was implemented in less than 3 hours!
- Today, Allocations has reached more than $ 250 million in transaction volume with more than 600 private funds on the platform in less than 2 years.