Financial markets data provider Refinitiv has acquired wealth management software-as-a-service firm Scivantage for an undisclosed sum.
The deal represents the next step in Refinitiv’s plan to create digital wealth management solutions, with Scivantage’s digital client experience Wealthsqope and tax information reporting solution Maxit E2E.
By integrating these solutions, Refinitiv will expand its wealth management portal service offering, aiming to improve connectivity between advisors and clients.
Last October, Refinitiv announced a strategic partnership with SigFig to deliver financial advice technology solutions. Refinitiv itself was bought by the London Stock Exchange Group in August for approximately $27 billion.
Joe Mrak, global head of wealth management at Refinitiv, said: “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: “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.”
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