Mid-market investment bank Alantra is hiring a team of 60 people after acquiring a majority stake in a specialist data analytics and artificial intelligence start-up.
The Madrid-headquartered bank, which has been steadily adding to its roster of dealmakers in the UK and Europe, has taken a majority stake in Deko Data, a tech start-up that focuses on artificial intelligence and advanced data analytics.
The size of the stake was not disclosed.
Alantra will utilise the tech start-up to help clients, primarily mid-market firms, “accelerate growth, increase efficiencies, and maximize their value across business cycles”, said Patricia Pascual Ramsay, chairman of Deko and chief operating officer of Alantra. It will also help drive “synergies” between Alantra’s investment banking and asset management arms, the bank added.
It will be used to help execute M&A deals including managing large datasets during transactions.
READ Alantra hires dealmaking veteran McGrath in latest European push
Deko currently has just 10 employees currently, but Alantra’s investment will see headcount swell to 60 people by the end of next year, a bank spokesperson said.
Investment banks have increasingly been investing in advanced analytics platforms, either through internal projects or buying off-the-shelf software. In part, this helps banks reduce grunt work for junior bankers, who have rebelled against long hours and demanded more client interaction over the past 18 months. Banks have also increased starting salaries by 30% over that period.
Alantra also acquired tech start-up urbanData in 2019.
The mid-market focused investment bank has been adding dealmakers to its European operation, despite a pull back from larger rivals.
In June, it hired JP McGrath from boutique Perella Weinberg Partners to lead its financial institutions coverage, and has been building that team.
UK chief executive Andy Currie told Financial News in June that the bank planned to bolster headcount by 80% over three years.
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To contact the author of this story with feedback or news, email Paul Clarke