Press Release March 18, 2025
Alkymi Leverages Google Cloud to Securely Transform Data Workflows for Investment Managers Globally
Initial deployment in the Middle East supports data sovereignty, captures strong regional demand for private markets investments
NEW YORK, March 18, 2025 /PRNewswire/ -- Alkymi, the leading solution for private markets data and workflows, today announced the secure deployment of its platform for asset and wealth management firms as part of an integration with Google Cloud. Leveraging Google Cloud advanced infrastructure and technology — including Gemini AI models, Document AI, and agentic AI — Alkymi will deliver seamless cloud migration, enhanced operational efficiency, and innovative industry solutions tailored to the unique needs of financial firms.
Private market assets are set to grow at a rapid pace worldwide, with Bain & Company forecasting a 9% to 10% compound annual growth rate (CAGR) that could see assets under management (AUM) reach between $60 and $65 trillion by 2032. This growth rate is more than double that of public markets, positioning private assets to constitute 30% of total AUM within the next decade.1 Investments in private assets create complex data challenges and operational bottlenecks for asset managers struggling to manage massive amounts of portfolio, risk, customer, transaction, and operational data within their firms. Alkymi meets this industry challenge with an AI-powered data platform that transforms accounting, performance, risk, and valuations workflows.
Alkymi is launching its first Google Cloud deployment in Damman region in Saudi Arabia, leveraging Google Cloud Sovereign Controls to meet the region's stringent data security, privacy, and compliance requirements. Within this environment, Alkymi will have access to the Arabic-language models in Google Gemini that are being enhanced in a partnership with the Public Investment Fund. Google Cloud's commitment to supporting and accelerating the AI-driven digital transformation goals of Saudi Arabia aligns with Alkymi's expansion into the region, addressing the stringent regulatory needs of our clients.
Alkymi's new multi-cloud support offers clients more flexibility and expands Alkymi's global reach, enabling financial firms worldwide such as SimCorp, Northwestern Mutual, and Strategic Investment Group to securely deploy mission critical workflows on the platform. Alkymi's clients will also benefit from air-gapped deployments, SOC2 compliance, and horizontal scalability to handle high-volume workflows.
"Wealth and asset Managers are looking for ways to capture the full value of their investment data, transforming their data into a competitive advantage. We are excited to partner with Google Cloud to leverage AI technologies such as Gemini AI models within the workflows on our SaaS service and private clouds," said Harald Collet, CEO of Alkymi. "Within the Middle East, Google Cloud's powerful data sovereignty capabilities enable Alkymi to uniquely meet our clients strict data residency and security requirements, which has been an obstacle for many investment managers."
Bader Almadi, General Manager of Google Cloud in Saudi Arabia, said: "This collaboration between Alkymi and Google Cloud underscores our commitment to empowering financial institutions in Saudi Arabia and the wider Middle East with secure, compliant, and innovative cloud solutions. By leveraging Google Cloud's Dammam region, including our Sovereign Controls and advanced AI capabilities like Gemini, Alkymi can address the critical data residency and security requirements of investment managers, accelerating the adoption of AI-powered workflows for private markets and fueling regional growth."
With Alkymi's AI-powered platform now supported on Google Cloud, financial firms can securely leverage the most advanced cloud technologies, whether in the Middle East or globally.
About Alkymi
Alkymi is the first end-to-end solution for turning your private markets data into actionable insights. With AI-powered document workflows, Alkymi is transforming how the private markets industry accesses their data—empowering leading firms like SimCorp, Northwestern Mutual, and Strategic Investment Group to scale their investments, service more clients, and respond faster to changing markets.
For more information, visit www.alkymi.io.
Contact:
Maria Orlova
media@alkymi.io
1 Bain & Company, 'Avoiding Wipeout: How to Ride the Wave of Private Markets,' August 2024.
