London data company acquires New Jersey software firm

A London data provider has acquired an American ‘software as a service’ company as part of its investment in the wealth management industry.

Refinitiv, which is a financial markets data provider, has now completed the acquisition of New Jersey SaaS firm Scivantage.

The company said that the acquisition of Scivantage represents the next step in its journey to create next-generation digital wealth management solutions.

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, added: “Scivantage has made tremendous impact as a 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.”

This follows the news of Refinitiv’s recent acquisition by the London Stock Exchange.