Fintech provider Refinitiv acquires SaaS developer Scivantage
Refinitiv, provider of global financial markets data and infrastructure, announced yesterday the acquisition of Scivantage, a Software as a Service (SaaS) developer in the fintech market.
Refinitiv has been committed to wealth management industry and the acquisition is a step towards creation of next-generation digital solution, providing data and technology to drive user engagement.
Refinitiv’s acquisition of Scivantage will strengthen the fintech provider’s relationship with broker dealers, prime brokerage, clearing firms & bank-brokerage firms. Its customers customers will benefit from full front-to-back office technology solutions.
The acquisition will bring Refinitiv Scivantage’s digital wealth management offering Wealthsqope and end-to-end tax information reporting solution Maxit E2E. Among the core functionality are account management, personal portfolio management, money movement, market & investments data, advisor focused features, trading, cost basis and tax information reporting.
The integration of Scivantage’s solutions will expand Refinitiv’s wealth management portals’ service offering, improve client service and connectivity between advisors and their clients. End-client and wealth professional portal use cases will realize the workflow benefits of wealth firms.
Joe Mrak, Global Head of Wealth Management at Refinitiv, commented:
In what continues to be a transformational wealth management environment, our customers increasingly rely on us to provide the data, analytics and digital technology solutions that enable their growth. We have an excellent history of collaboration with Scivantage, working together on both tax reporting and client portal solutions. Refinitiv’s best in class BETA self-clearing platform is already connected to Scivantage’s systems.
Acquiring Scivantage at this stage affords a tremendous opportunity for us to work together on our shared goal of creating next-generation digital wealth management solutions that enhance the overall customer experience. Scivantage’s deep roots, knowledge and capabilities will enhance our wealth management portfolio of solutions, and we welcome our esteemed new colleagues to the Refinitiv family.
Joe Stensland, Chief Commercial Officer at Scivantage stated:
Scivantage has made tremendous impact as a Software as a Service (SaaS) innovator in the fintech market. Our digital solutions continue to move the industry forward and enable our customers to deliver a better client experience. Being part of the Refinitiv family will enable our growth through integration into Refinitiv’s broad portfolio of wealth management solutions.