Refinitiv today announced the acquisition of Scivantage, a Software as a Service (SaaS) provider for the wealth management space.
Refinitiv says the acquisition will help it create next-generation digital wealth management solutions, providing clients with the data, technology and insight needed to empower better decisions and user engagement.
Scivantage’s primary solutions include digital wealth management offering Wealthsqope, a digital client experience, and Maxit E2E, an end-to-end tax information reporting solution. Core functionality includes account management, personal portfolio management, money movement, market and investments data, advisor focused features, trading, cost basis and tax information reporting.
Joe Mrak, global head of wealth management at Refinitiv, says: “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,” he adds.
Joe Stensland, chief commercial officer at Scivantage, notes: “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.”