iAltA Holdings, a private markets infrastructure company based in New York, has officially acquired Delio, a leading provider of white-label operating systems for private markets distribution and reporting.
Based in Cardiff, Delio provides the investment structures and operating systems that enable wealth firms, asset managers, and other distributors to digitise, distribute, and report on private market products.
Its primary offering, the Delio Core OS, leverages configurable, low-code modules and tools to commoditise the workflows needed to deliver a digital client experience within alternative investing. Currently, the infrastructure is trusted by more than 50 global financial institutions across 18 regulatory jurisdictions and supports over 12,000 end clients worldwide.
Solving systemic private market issues
Incubated and backed by WestCap, iAltA was launched in 2025 by founding partners Scott Ganeles, Bill Sherman, Bill Crager, and Laurence Tosi. The firm operates with a unique holding structure that blends foundational technologies with core shared capabilities and strategic partnerships.
Scott Ganeles, chief executive officer and founding partner of iAltA, explained the strategic rationale behind the acquisition: “We founded iAltA because we saw a tremendous market need to solve systemic issues within the private market landscape for general partners and distributors. Delio has emerged as a digital infrastructure provider of choice for financial institutions seeking to integrate alternatives into their offerings while maintaining control over client experience.”
Gareth Lewis, founder and co-chief executive officer of Delio, echoed the need for enhanced market infrastructure: “Private markets have seen tremendous growth over the past few years, but the infrastructure has not kept up the demand for access and offerings . iAltA is our ideal partner since both our organisations were founded on the principle that the markets need more seamless and effective solutions to meet the challenges of demand. This partnership will increase both our reach and our impact.”
Boosting the Welsh fintech ecosystem
Delio has long been considered a cornerstone of fintech growth in Wales. Local government officials view the acquisition as a positive step for the regional economy.
Councillor Russell Goodway, cabinet member for investment and development in Cardiff Council, welcomed the news: “Cardiff Council is delighted to have worked with the local Delio team to support their plans to create more business space in the centre of Cardiff.”
Given the fresh opportunity for local expansion, Goodway stated he hopes the acquisition “will lead to further growth in employment in the City and a strengthening of Cardiff’s leading role as a Fintech growth centre in Wales and the UK.”