Mon, 02 Mar 2026 | BUSINESS SALE
Delio, a Cardiff-based provider of white-label operating systems for private markets distribution and report, has been acquired by iAltA Holdings, a US-based company backed by investment firm WestCap.
Delio, which was founded by Gareth Lewis (pictured above), provides operating systems and investment structures used by wealth firms, asset managers and other distributors to distribute, digitise and report on private market products.
The company’s Delio Core OS leverages configurable, low-code tools and modules to commoditise the technologies and workflows required to support a market leading digital client experience within alternative investing. As a result, the company is seen as an ideal addition to the growing suite of services provided by iAltA.
Delio founder and co-Chief Executive Gareth Lewis commented: "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."
Launched last year by founding partners Scott Ganeles, Bill Sherman, Bill Crager and Laurence Tosi, iAltA is a New York-based private markets infrastructure business. Chief Executive Scott Ganeles says the firm was founded to address “a tremendous market need to solve systemic issues within the private market landscape for general partners and distributors.”
“Delio”, Ganeles said, “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."
In the year to March 31 2025, Delio Ltd reported turnover of £3.4 million, roughly level with the year prior, while cutting operating losses from £2 million to around £469,000. The year was described by directors as one of “material progression towards our goal of achieving profitability and becoming cash generative.”
Cardiff Council has worked with Delio to support the firm’s aim of creating more business space in Cardiff city centre. Cllr Russell Goodaway, cabinet member for investment and development in Cardiff Council, said that he hopes the acquisition by iAltA “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."
Find out more about M&A in the UK financial services sector
Acquisitions by US-based buyers are defining UK dealmaking
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