SIMON Acquisition, Valuation, Funding & Investors

SIMON was acquired by iCapital Network in May 2022.

See full SIMON profile

SIMON acquisition price

Undisclosed

Acquired by iCapital Network · May 2022

Cumulative funding SIMON raised

$100M

across 1 funding round

Key investors in SIMON

  • Westcap

SIMON Overview

About SIMON

SIMON is a fintech platform, spun out from Goldman Sachs in 2018, that gives wealth managers and financial advisors technology to access structured investments, annuities, and other alternative products. The platform integrates with more than 50 product manufacturers and wealth managers and has been used by over 100,000 financial advisors, supporting tens of billions of dollars in structured product issuance annually. It was acquired by iCapital Network in 2022.


Founded

2018

HQ

United StatesUnited States

Website

simon.io

Status

Acquired

Customer focus

B2B

Revenue model

Commission, Subscription

Valuation

$800M (Jul 2021)

SIMON Acquisition

SIMON was acquired by iCapital Network for an undisclosed price on 25 May 2022.

Before the acquisition SIMON had raised $100M across 1 funding round.

iCapital Network, a fintech platform serving alternative investments with over $125 billion in assets under administration, acquired SIMON Markets, a Goldman Sachs spinoff founded in 2018 that provided a technology platform for structured investments and annuity products. SIMON had facilitated over $48 billion in issuances in 2021 and operated integrations across 50+ product manufacturers and wealth managers, with platform access to more than 100,000 advisors. The acquisition was announced on May 25, 2022, with the transaction expected to close in the second half of 2022 after regulatory approvals. iCapital completed the acquisition in late 2022. Financial terms were not disclosed by either party or any source. The deal was facilitated by Morgan Stanley and UBS as financial advisors to iCapital, with Goldman Sachs serving as exclusive advisor to SIMON. The acquisition expanded iCapital's investment menu by adding SIMON's structured investments, annuities, digital assets, and risk-managed products to complement iCapital's existing private offerings in equity, credit, real estate, infrastructure, and hedge funds.

SIMON acquisition details
AcquirerDateType
25 May 2022PE buyout

SIMON Valuation

SIMON is currently valued at $800M, based on its Series B in July 2021.

The $100M round was led by Westcap.

SIMON valuation by funding round

SIMON valuation by funding round
DateStageValuation
Jul 2021Series B$800M

SIMON Funding History

SIMON has raised a total of $100M across 1 funding round.

SIMON funding rounds

SIMON funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2021Series BWestcap (lead)$100M$800MSIMON Markets, a fintech platform spun out from Goldman Sachs in December 2018, provides digital wealth management tools for financial professionals, focusing on structured investments, annuities, and alternative solutions to streamline access and address market impediments. The platform serves wealth managers overseeing over $5 trillion in client assets, with more than 100,000 financial professionals having access, and lists 6,623 products valued at $18.5 billion, led by issuers like Goldman Sachs with $10 billion. In July 2021, SIMON raised $100 million in its Series B funding round, led by WestCap—a growth equity firm founded by Laurence Tosi, ex-CFO of Airbnb and Blackstone—with participation from existing investors. This was the first leg of a strategic round of up to $100 million aimed at advancing core offerings in structured investments and annuities, as well as supporting product enhancements and geographic expansion. WestCap Partner Kevin Marcus joined the board as part of the investment. The funding positioned SIMON for growth amid rising demand for tech-enabled wealth management, with the company reporting a 94% year-over-year increase in volume and 67% in usage around that time. SIMON later secured additional funding, including a corporate round led by Citi in February 2022, before being acquired by iCapital Network on May 25, 2022.

Who has invested in SIMON?

1 investor has backed SIMON across its funding rounds, including Westcap.

Lead investors include Westcap.


SIMON Investors

Investors in SIMON by funding rounds participated
InvestorHQRoundsRoleFirst check

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SIMON Competitors

SIMON competitors include listed companies like eFinance and Fujian Apex Software, and private ones like Korea Credit Data, Huochebang, Rivigo and Fenergo.

Public and private companies comparable to SIMON
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Korea Credit DataSouth KoreaSeoulPrivate$44M-$943M-
eFinanceEgyptEgyptPublicly listed$130M$67M$1.6B-
HuochebangChinaGuizhouPrivate--$1B-
RivigoIndiaGurgaonPrivate$77M-$1.1B13.8x
FenergoIrelandDublinPrivate--$800M-
Fujian Apex SoftwareChinaChinaPublicly listed$87M$28M$816M7.8x

SIMON Public Comps

SIMON is no longer listed, but its public comps include EverQuote, Bengo4.com, Fujian Apex Software, Mitek Systems, AUCNET, Timee, IRESS, Sinodata, Global Infotech and PEXA Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
EverQuote$693M$62M0.9x0.8x9.9x5.5x
Bengo4.com$105M$19M7.7x6.9x43.8x33.0x
Fujian Apex Software$87M$28M7.6x7.8x23.6x24.0x
Mitek Systems$180M$37M4.1x3.7x19.9x11.2x
AUCNET$412M$63M1.4x1.3x9.3x7.5x
Timee$132M$23M6.3x2.8x36.0x13.5x
IRESS$396M$103M2.1x2.3x8.2x8.3x
Sinodata$128M($8M)5.6x-(84.9x)-

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Common questions about SIMON

When was SIMON founded?SIMON was founded in 2018.
Where is SIMON headquartered?SIMON is headquartered in United States.
Is SIMON publicly listed?No, SIMON was acquired by iCapital Network in May 2022.
Who acquired SIMON?SIMON was acquired by iCapital Network in May 2022.
What is SIMON's valuation?SIMON was last valued at $800M in its Series B in July 2021.
How much funding has SIMON raised?SIMON has raised $100M across 1 funding round.
What was SIMON's last funding round?SIMON's last funding round was a $100M Series B in July 2021, led by Westcap.
Who are SIMON's investors?SIMON's investors include Westcap.
Which companies are comparable to SIMON?Companies comparable to SIMON include Korea Credit Data, eFinance, Huochebang, Rivigo, Fenergo and Fujian Apex Software.

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