Refinitiv, a financial market data platform, has acquired FinTech software-as-a-service developer Scivantage for an undisclosed amount.
The acquisition comes as part of Refinitiv’s plan to create “next-generation” digital wealth management solutions which provides clients with data, technology and insight which boost decisions and user engagement.
Scivantage has two core platform, Wealthsqope, a digital wealth management service and Maxit E2E, and end-to-end tax information reporting solution.
By incorporating Scivantage’s solution, Refinitiv will expand its wealth management portals’ service offering to enhance client centric experiences. Wealth firms will be able to receive workflow benefits for both end-client and wealth professional portal use cases, it said.
Refinitiv global head of wealth management 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.”
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