London and New York-headquartered Refinitiv has acquired Scivantage, a software as a service (Saas) provider in the fintech market.
The deal will help Refinitiv “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 and Maxit E2E, an end-to-end tax information reporting solution.
The firm offers account management, personal portfolio management, money movement, market and investments data, adviser-focused features, trading, cost basis and tax information reporting.
Keeping up with the pace
Joe Mrak, global head of wealth management at Refinitiv, 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.
“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.”
The financial terms of the deal were not disclosed.