The financial operating system Addepar reached a major company milestone: more than $500 billion in assets on its platform.

The company recently announced this milestone – along with significant updates to its technology.

In the past year alone, the company experienced 97% year-over-year growth and added more than 85 new clients and partners to its roster, including Crescent Grove Advisors, Crow Holdings, Dynasty Financial Partners, Jefferies and Tiedemann Wealth Management.

Addepar’s technology now serves more than 200 wealth managers, family offices, and large banks.

Caroline O’Mahony, VP of Growth at Addepar, attributes this “tremendous” growth to the need for better technology within the financial services industry.

“I think that the market has quickly realized that there were a lot of things missing in Excel, which is a very prominent software tool used by a lot of our client base and also some of the incumbent systems out there,” O’Mahony told ThinkAdvisor.

Addepar solved this problem by building a unified platform that aggregates and normalizes all investment details and market data in a common language, no matter the data source, asset type or currency.

The Addepar platform is focused on three core areas of workflows for family offices, wealth advisors and large banks: data aggregation, analysis, and reporting, which also includes a client portal.

Addepar’s self-titled product came to market in 2013 as a desktop application and cloud-based platform and in 2015 launched as a web-based application and cloud-based platform.

“Being able to access your data from anywhere at any time, that’s always been a value prop for Addepar,” O’Mahony said. “Now, really, as you know, the mobile experience is a big deal. Being able to access … information from a browser application is a big deal. That was a big push that we made throughout 2014 and in 2015 started onboarding clients onto the web-based application.”

Addepar’s newest tech update is the “Addepar Open API,” which gives clients and integration partners a programmatic solution to tie Addepar’s data and calculations into a multitude of other products and systems.

Addepar points to several new client wins that highlight the demand for better technology within the industry.

During the past year, Addepar has seen both RIAs and complex family offices and large banks adopting its technology at record pace.

Firms such as Robertson Stephens, Rincon Advisors, The Fremont Group, and CAM Capital have all chosen Addepar to support their investment management and reporting needs.

Similarly, Addepar has established partnerships with service providers, like Dynasty Financial Partners, who uses its performance reporting and portfolio analysis.

In addition, Citco and iCapital Network both connect directly to Addepar’s platform to automate performance reporting for alternative investments.

To meet the demand of its growth in new clients and assets, Addepar announced that its employee headcount has reached 224.

“I think part of why we’ve been able to grow and really move quickly has been that over 50% of the folks at Addepar are focused on product engineering and design,” O’Mahoney told ThinkAdvisor.

Addepar, which is headquartered in Silicon Valley, also recently expanded is footprint across the United States by doubling its New York City office to 25,000 square feet and opening a new 25,000 square-foot Salt Lake City office.