Refinitiv, a UK-based financial data and infrastructure provider, has acquired US financial technology company Scivantage for an undisclosed price.
The acquisition is said to be the next step for Refinitiv in creating the next-generation digital wealth management solutions. It will help the UK firm to offer its clients with the data, technology, and insight that are required to help them make better decisions and provide improved user engagement.
Scivantage had developed a digital wealth management offering called Wealthsqope to provide a digital client experience. The US fintech company also developed an end-to-end tax information reporting solution called Maxit E2E.
The core functionality of Maxit E2E includes account management, personal portfolio management, market and investments data, money movement, trading, advisor-focused features, cost basis and tax information reporting.
The addition of Wealthsqope and Maxit E2E are expected to bolster Refinitiv’s relationship with prime brokerage, broker-dealers, clearing firms and bank-brokerage firms.
Scivantage chief commercial officer Joe Stensland said: “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.”
Acquisition of Scivantage enables Refinitiv to further expand the services of its wealth management portals
Through the integration of Scivantage’s solutions, Refinitiv has further broadened the service offering of its wealth management portals. Refinitiv expects wealth companies to realise the workflow benefits through end-client and also wealth professional portal use cases.
Refinitiv wealth management global head Joe Mrak said: “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.”
Refinitiv is in the process of being acquired by The London Stock Exchange Group (LSEG) for $27bn. The all-stock deal, which was announced in August 2019, is slated to be completed during the second half of this year, subject to certain closing conditions and approvals.
