JPMorgan Chase & Co’s

(NYSE:

JPM

) asset management division will acquire fintech company

55ip LLC

under a definitive agreement. Thesongs for funerals ireland terms of the deal haven't been disclosed.

What Happened

: Post-acquisition, 55ip will continue to function as a unique entity under its brand and offer dedicated services to its existing clientele, the two companies said in a statement.

The Boston, Massachusetts-headquartered 55ip’s automated technology, ActiveTax, enables financial advisors with a tax-smart investment strategy solution, which can be implemented at scale. Some of the services offered include systematic tax-loss harvesting, tax-smart trading, and client reporting.

“Automating sophisticated strategies while also allowing for customization for tax and individual preferences is a differentiator and will be a key driver of success," JPMorgan Asset Management Solutions' Global Head Jed Laskowitz said, talking about 55ip’s potential.

Why Does It Matter

: According to

Crunchbase

, 55ip raised $10 million in a Series A financing in April 2017. At the time, the tax-focused fintech firm was estimated to have a post-money valuation between $10 million to $50 million, reports CrunchBase, based on research from PrivCo.

55ip noted that the total addressable market for asset manager and third-party strategist models is estimated to be around $3.6 trillion as per Cerulli Associates. The acquisition could result in the increased use of 55ip’s fintech by asset managers and wealth managers, a key indicator of growth.

Paul Gamble, 55ip CEO, commented that “Joining forces with J.P. Morgan will provide greater resources for our current clients and enterprise partners, accelerate our innovation and broaden access to our solutions.”

JPMorgan CEO Jamie Dimon said in February, earlier this year, that the bank was on a hunt for big acquisitions and would be "much more aggressive" going forward, CNBC

reported

at the time.

Price Action

: At the end of Wednesday's trading hours, JPM stock was $122.04 per share with a 1.97% uptick.

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